Mrs Merkel clung to the top spot again for the seventh consecutive year ahead of Britain’s Prime Minister Theresa May who ranked as number two on the list.
The 63-year-old German was awarded the honour for the twelfth time altogether. It comes as she faces fierce opposition at home for the poor election results that let a far-right party – Alternative for Germany – into parliament.
But Germany is the world’s fourth largest economy and the largest led by a woman.
Mrs May came in second place with the challenge of Brexit placing her firmly among the world’s most powerful women in politics.
The Prime Minister’s negotiating position with Brussels at the helm of Brexit has guaranteed her a place at the forefront of the list.
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However, one woman who was knocked from her perch was Hillary Clinton. She had been ranked as number two last year, but dropped 63 places on the list.
She faced a tumultuous year after the 2016 US elections handed victory to her male Republican rival Donald Trump, despite his lack of political experience.
Forbes said this “year’s top women in politics are at the forefront of efforts to reshape and retain global alliances.”
However, they controversially ranked Mr Trump’s daughter, Ivanka, at number 19, while Nikki Haley, US Ambassador to the United Nations was featured at number 43.
Despite the fact that America has never elected a woman as president, Forbes praised the emergence of women leaders internationally.
It placed Jacinda Arden, 37, New Zealand’s new leader at number 78.
And Queen Elizabeth II was at number eight after celebrating 65 years on the throne.
Moira Forbes, executive vice-president of Forbes Media said: “Whether leading multibillion-dollar companies, governing countries, transforming an industry, or setting the agenda on critical issues of our time, collectively these women are making a lasting impact on our global footprint.”