German chancellor Angela Merkel has been named as the most powerful woman in the world for the third successive year by business magazine Forbes.
Brazilian President Dilma Rousseff was ranked second with Melinda Gates, co-chairman of the Bill and Melinda Gates foundation in third.
According to the Independent, the Queen, rankedat 40, is the oldest woman on the list and has dropped 12 places from last year.
US First Lady Michelle Obama, who was number one in 2010, has moved up three places from last year to fourth.
According to Forbes, this year's index represents women who are pioneers in politics, business, media, humanitarian concerns, entertainment and the technology industry.
The list features a number of women who are listed as a result of their wealth, with all ranked by money, media presence and impact.
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Women in the entertainment industry are also listed, with Americans Beyonce Knowles in 17th place, Angelina Jolie in 37th, and Lady Gaga in 45th after dropping 31 places.
Former US secretary of state Hillary Clinton, who was awarded second position behind Merkel last year, dropped down to fifth place.
Women who gained top ranking in technology were Facebook CEO Sheryl Sandberg in sixth place, IBM chief executive Virginia Rometty in 12th and recently appointed Yahoo! chief executive Marissa Mayer in 32nd.
The list features women from 26 countries who between them boast 153 million Twitter followers, with 16 of them founders of their own businesses.
There were 15 newcomers this year's list, including South Korean president Park Geun-hye in 11th place, Tory Burch, chief executive of Tory Burch in 69th and Spanx founder Sara Blakely in 90th, the report added.