German Chancellor Angela Merkel is the most powerful woman in the world, according to Forbes magazine.

The U.S.-based Forbes says Merkel is "head of the one real global economy in Europe and is the 'undisputed' leader" of the European Union. The business magazine ranks U.S. Secretary of State Hillary Clinton in second place, followed by Brazilian President Dilma Rousseff in third.

Others included on Forbes’ annual list of the 100 most powerful women include U.S. First Lady Michelle Obama at number eight, International Monetary Fund head Christine Lagarde at number nine, pop music sensation Lady Gaga at number eleven, and Britain's Queen Elizabeth at number forty-nine.

Forbes said the women on the list - mainly politicians, businesswomen and media and entertainment personalities - had achieved their power through money and strength, as well as through successfully using social media to extend their influence, RFE/RL reported.