Javid, a former banker who rapidly rose through the ranks in Prime Minister David Cameron's Conservative Party, was to collect his award at a ceremony in London later today.
Judges of the Power List, compiled by the Asian Media and Marketing Group, put Pakistani teenage education activist Yousafzai second. The 17-year-old won the accolade last year.
Opposition Labour lawmaker Keith Vaz, who heads parliament's influential Home Affairs Committee, came third, while 1D vocalist Malik came 10th.
Javid said: "Culture is more than a privilege. It's at the core of who we are and how we define ourselves.
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"If you're not engaged with our cultural life, you're not engaged with our national life. And in 2014, too many Britons are culturally disenfranchised."
Javid's father Abdul arrived in Britain from Pakistan in 1961 with 1 pound in his pocket.
Kalpesh Solanki, managing editor of the Power List said it recognises the achievements of "exceptional individuals who have excelled and broken through barriers".