Kraft Foods Chief Executive Irene Rosenfeld, who led a hostile $18 billion takeover of Britain’s Cadbury, came in second, followed by talk show host and media mogul Oprah Winfrey, who is ending “The Oprah Winfrey Show” next year after 25 years to launch her cable network OWN.

German Chancellor Angela Merkel, elected for a second term last year, was the fourth most powerful woman, while Secretary of State Hillary Clinton, who was put in charge of brokering Middle East peace, rounded out the top five.