Forbes named German Chancellor Angela Merkel the most powerful woman of 2018, the Independent reported. 

UK PM Theresa May ranked second, leaving behind Christine Lagarde, managing director of the International Monetary Fund (IMF).

Merkel, who has held the post of Chancellor since 2005, announced that she would not be re-elected in 2021, but she still remains the de facto leader of Europe.

Russian Central Bank chair Elvira Nabiullina took the 49th place, leaving behind American singer Beyoncé, and EU top diplomat Federica Mogherini (67).