German chancellor Angela Merkel remains Forbes’ most powerful woman in the world for the fifth year running – recognised for taking on massive global issues this year like Mediterranean migrants, Russian sanctions, Eurozone stability, anti-terror raids and the tragic Germanwings crash.

Hillary Clinton came in second on the magazine’s annual list – rising from her spot at number six in 2014.

Forbes even recognised pop singer Taylor Swift with a debut entry, ranked 65 out of 100 and identified as the second most powerful woman in music, after undisputed queen Beyoncé Knowles.

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There are 19 new entries to 2015’s list, including many firsts – Loretta Lynch, the first African-American woman to be US attorney general, Janet Yellen, the first female chair of the Federal Reserve, and Folorunsho Alakija, the first self-made African billionaire.

‘Tay Tay’ made a swift move into this year’s list. Photo: Getty

More female entrepreneurs and women working in technology made the list than ever before.

Forbes’ top ranking billionaire this year was Oprah Winfrey at number 12, who has a personal net worth of $3 billion, Forbes reported.

Ana Patricia Botin, the newly installed chair of Banco Santander, is the top woman in finance at number 18, while Anna Wintour, Conde Nast artistic director, rules the media sector at number 28.

Notable dropouts include Aung San Suu Kyi and Lady Gaga, both of whom failed to make the cut this year.

Below are Forbes’ top ten most powerful women. See the full list here.

1. Angela Merkel, Chancellor of Germany

2. Hillary Clinton, US Presidential candidate

3. Melinda Gates, Co-chairwoman, Bill and Melinda Gates Foundation

4. Janet Yellen, Chairwoman, US Federal Reserve Bank

5. Mary Barra, CEO, General Motors

6. Christine Lagarde, Managing Director, International Monetary Fund

7. Dilma Rousseff, President of Brazil

8. Sheryl Sandberg, CEO of Facebook

9. Susan Wojcicki, CEO of Youtube

10. Michelle Obama, US First Lady