German Chancellor Angela Merkel has topped Forbes’ annual ranking of the world’s most powerful women for the ninth time in a row.

The U.S-based magazine annually publishes a list of the 100 most powerful women in the world.

The German leader was closely followed by European Central Bank head Christine Lagarde, U.S. Speaker of the House of Representatives Nancy Pelosi, and new president of the European Commission Ursula von der Leyen.

Guler Sabanci from Turkey, the first woman to run her family business Sabanci Holding, ranked 73rd.

Queen Elizabeth II is at the 40th position, while Ivanka Trump, the

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