German chancellor Angela Merkel has been named the most powerful woman in the world for the second time in a row - while the Queen has moved up the list.
Forbes' 2016 ranking of the world's most powerful women put US presidential candidate Hillary Clinton second for the second consecutive year, while Federal Reserve chair Janet Yellen overtook Melinda Gates to take the third spot.
They were followed by General Motors chief executive Mary Barra, and International Monetary Fund managing director Christine Lagarde - who began her second term running the fund earlier this year.
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Women from the US took up 51 spots, followed by China, which had nine women on the list.
By contrast, the UK's most powerful woman - the Queen - managed a mere 29th position, although that's up from 41st last year. She was followed by Nicola Sturgeon, who made her first appearance on the list in 50th place.
Also among the six Britons Bank of England deputy governor Minouche Shafik, who took 59th place, up from 66 last year.
The women on the list control nearly $1 trillion in (£691.3bn) in revenues, Forbes said. It added it had taken into account money, media presence, influence and success at implementing change to put it together.
The top 20
|2||Hillary Clinton||Presidential candidate||US|
|3||Janet Yellen||Chair||Federal Reserve||US|
|4||Melinda Gates||Cochair||Bill & Melinda Gates Foudation||US|
|5||Mary Barra||CEO||General Motors||US|
|6||Christine Lagarde||Managing director||International Monetary Fund||France|
|10||Ana Botin||Chair||Banco Santander||Spain|
|12||Park Geun-hye||President||South Korea|
|13||Michelle Obama||First Lady||US|
|15||Angela Ahrendts||Senior VP||Apple||US|
|16||Abigail Johnson||CEO||Fidelity Investments||US|
|19||Federica Mogherini||Foreign policy chief||European Union||Italy|