NEW YORK -- German Chancellor Angela Merkel was Wednesday named the world's most powerful woman by Forbes Magazine, putting her at the top of the prestigious list for the third year in a row.

Merkel soundly beat the likes of US Secretary of State Condoleezza Rice, who fell from fourth place last year to seventh place, and former US first lady and Democratic presidential contender, Senator Hillary Clinton, who was ranked 28th by the magazine -- three places lower than last year.

Runner-up in the rankings was the little known Sheila Bair, head of the Federal Deposit Insurance Corporation (FDIC), the US agency that "maintains the stability and public confidence in the nation's financial system by insuring deposits, supervising financial institutions, and managing receiverships."

The third-place finisher was another unknown, Indra Nooyi, chief executive of US softdrink giant, PepsiCo, who was one of 54 business leaders on the list.

Argentine President Cristina Kirchner, one of 23 politicians on the list, is in 13th place.

Other notable women on the list include French Economy, Finance and Employment Minister Christine Lagarde, in 14th place; Italian-born Sonia Gandhi, head of the Indian National Congress Party, ranked 21st; and Queen Rania of Jordan, in 96th place.

Six of the top 10 women are American, with the remaining four from Germany, Australia, Singapore and France.