"New Zealand Prime Minister Jacinda Ardern (No.32) vanquished a first and second wave of a virus in her country by implementing strict lockdown and quarantine procedures," ForbesWomen editor Maggie McGrath said.
The Prime Minister was placed above Queen Elizabeth II, who was at number 46.
This is not the first time Ardern was named in the list - in 2019 she was placed at 38th and in 2018 she was placed at 29.
Topping the list for the 10th time is Germany's first female and current Chancellor Angela Merkel, followed by Christine Lagarde, who in 2019 became the first woman to head the European Central Bank.
Forbes named German Chancellor Angela Merkel the Most Powerful Woman. Photo / File
"Her leadership is marked by her steely reserve, from standing up to Donald Trump to allowing more than a million Syrian refugees into Germany."
Merkel is then followed by US Vice President-elect Kamala Harris, who is at No. 2.
"One month after the debate, Senator Harris became the first woman, first Black American and first Asian American to be elected vice president - an unprecedented trifecta of firsts for California Senator Harris."
Forbes provides specific lists such as "Politics & Policy", in which Ardern was named 7th behind women such as Angela Merkel, Kamala Harris and Nancy Pelosi.
