Australia’s wealthiest person, mining magnate Gina Rinehart, has fallen down the rankings on the annual Forbes Most Powerful Women list.

Mrs Rinehart is ranked 27th this year, after achieving 16th place on last year’s list.

The German Chancellor, Angela Merkel, has been named the world’s most powerful woman for the fourth year in a row.

Westpac’s chief executive, Gail Kelly has edged into 56th place, up from 62nd last year.

Julia Gillard was in 28th place on last year’s list, but her loss of the prime ministership has knocked her out of the top 100 in 2014.