Merkel retains title of world’s most powerful woman

German chancellor Angela Merkel has been named as the most powerful woman in the world by business magazine Forbes for the third year running.

Brazilian president Dilma Rousseff is second in the list, and Melinda Gates, co-chairman of the Bill and& Melinda Gates Foundation is third.

The 10th annual ranking sees the Queen, who at 87 is the oldest on the list, drop 12 places from last year, while US first lady Michelle Obama — who was number one in 2010 — moved up three places from last year to fourth place.