GERMAN CHANCELLOR ANGELA Merkel has been named the most powerful woman in the world by Forbes magazine – for the fifth time.

US Secretary of State, Hillary Clinton, came second, while Brazilian President Dilman Rousseff was third on the list.

Moira Forbes, president and publisher of ForbesWoman, said:

Our list reflects the diverse and dynamic paths to power for women today, whether leading a nation or setting the agenda on critical issues of our time.

Caroline Howard, Forbes writer, said that the women on the 2011 list “were chosen not just for being on top but for being smack in the middle of Richter-registering events – and more.”

She described the women as having power that derives not just from “money and might” but also reach and influence.

Merkel is seen as the leader of EU and the person who could help improve the Eurozone’s economic ills.

She was the first woman appointed to the role of  Chancellor of Germany, in 2005, and has been the chairperson of the Christian Democratic Union (CDU) since 2000.

In 2007, Merkel was named President of the European Council.

That year, she chaired the G8 summit, making her the second woman to do so – the first was Britain’s Margaret Thatcher.

Merkel also sits at number six on the Forbes list of powerful people.

This isn’t her first time to top Forbes’ most powerful women list – she also scooped the top spot in 2006, 2007, 2008 and 2009.

Her run was broken by American First Lady Michelle Obama last year.

Joining Merkel on the list were Oprah Winfrey (14), Beyoncé Knowles (18), Michelle Obama (8) and Lady Gaga (11).

Woman described as ‘notable drop-offs’, who Forbes says left the limelight in 2011, included Martha Stewart and Maria Shriver.

As for women to watch, the Duchess of Cambridge, actress and writer Kristen Wiig, and the ‘Oprah Winfrey of the Arab world’, Nashwa Al Ruwaini, are among those who could find themselves on the list in 2012, says Forbes.

Earlier this week, Merkel was awarded with the Emperor Otto Prize for her contribution to greater European integration and stronger European values in the Cathedral of Magdeburg.