The Forbes list of Most Powerful Women in the world for 2011 was released on Wednesday, Aug. 24.

German Chancellor Angela Merkel topped the Forbes list of the world's most powerful women, which is dominated by politicians, businesswomen and leaders in media and entertainment.

U.S. Secretary of State Hillary Clinton, who came close to defeating President Obama when he sought the Democratic nomination in 2008, was second, followed by Brazilian President Dilma Rousseff.

Our list reflects the diverse and dynamic paths to power for women today, whether leading a nation or setting the agenda on critical issues of our time, said Moira Forbes, president & publisher of ForbesWoman, said in a statement.

Across their multiple spheres of influence, these women have achieved power through connectivity, the ability to build a community around the organizations they oversee, the countries they lead, the causes they champion and their personal brands, Forbes added.

Rounding out the top five were the CEO of PepsiCo U.S. Indra Nooyi, who oversees the $60 billion food and beverage empire, and Facebook COO Sheryl Sandberg, who was credited with preparing the booming social network's IPO that could bring in as much as $100 billion.

India's Congress party leader Sonia Gandhi was ranked at No. 7.

Forbes said women on the list achieved power not only through money and might, but, thanks to social media, through reach and influence.

Start the slideshow to see the names of the woman who topped the world ranking of the most powerful women in the world, and a glance at who they are.

Europe Debt Crisis
German chancellor Angela Merkel answers questions during a news conference. REUTERS/Ivan Milutinovic
Hillary Clinton
U.S. Secretary of State Hillary Clinton joins countless celebrities posting "It Gets Better" videos and going purple for Spirit Day. REUTERS/Larry Downing
Dilma Rousseff Rank 3
Brazil's President Dilma Rousseff speaks during the ceremony of the inauguration of new Agriculture Minister of Brazil, Mendes Ribeiro, at the presidential palace in Brasilia August 23, 2011. REUTERS/Ueslei Marcelino
4.Indra Krishnamurthy Nooyi Chairman and CEO of PepsiCo Inc.
Chairman and CEO of PepsiCo Inc. Indra Nooyi speaks at a panel discussion "Wellness in the Workplace: Obesity and Other Bottom-Line Issues" at the 2009 Milken Institute Global Conference in Beverly Hills, California, April 27, 2009. REUTERS/Fred Prouser
Sheryl Sandberg
Sheryl Sandberg, chief operating officer of Facebook. REUTERS/Kimberly White
Melinda Gates Rank 6
Melinda Gates makes remarks during the opening reception of the Bill and Melinda Gates Foundation's campus in Seattle, Washington, June 2, 2011. REUTERS/Marcus Donner
Sonia Gandhi
Chief of Indian National Congress party's Sonia Gandhi REUTERS/Utpal Baruah
Michelle Obama Rank 8
U.S. first lady Michelle Obama gestures as she boards her plane in Gaborone at the end of her week-long trip to Africa June 26, 2011. REUTERS/Charles Dharapak/Pool
IMF head Christine Lagarde
IMF head Christine Lagarde REUTERS/Eric Vidal
10.Irene Rosenfeld Chief Executive Officer of Kraft
Chief Executive Officer of Kraft, Irene Rosenfeld, arrives for a meeting with Britain's Business Secretary Peter Mandelson at the Cabinet Office in central London, February 2, 2010. Kraft Foods sealed its 11.7 billion pound ($18.6 billion) takeover of Cadbury after 71.73 percent of the British group's shareholders accepted a deal to create the world's biggest confectioner. REUTERS/Suzanne Plunkett
Facebook Pepsico Hillary Clinton Social networks