Most powerful women in the world: Nirmala Sitharaman leads India’s presence on Forbes list

Nowhere is this more visible than in technology. The AI boom has sparked one of the biggest infrastructure spending waves in modern corporate history, with S&P 500 tech companies investing over $400 billion every year. Power has shifted to those who control the hardware and systems that make AI possible. One such key figure is Lisa Su, CEO of AMD (ranked No. 10), whose company sits at a crucial point in the global semiconductor supply. Her decisions directly affect how fast AI companies can grow and whether they can deliver on the promises made to investors and governments.

Forbes compiled its 22nd annual ranking using four major factors: money, media presence, impact, and sphere of influence. Political leaders were measured by the size of their country’s economy and population, while corporate leaders were judged by company revenue, valuation and workforce. Media visibility also played a role across the board. The final list includes 100 women, 17 of them new, who together control an estimated $37 trillion in economic power and influence the lives of over one billion people.

A similar concentration of power can be seen within America’s biggest tech firms, often referred to as the ‘Magnificent Seven’. Women hold key financial roles at four of these giants. Ruth Porat (No. 12), president and chief investment officer at Alphabet, along with CFOs Colette Kress at Nvidia (No. 37), Amy Hood at Microsoft (No. 16), and Susan Li at Meta (No. 41), collectively oversee companies worth more than $8 trillion. Their financial decisions are shaping how quickly AI expands and how stable that growth will be over the next decade.

The AI race has also created new billionaires. Daniela Amodei (No. 73), cofounder and president of Anthropic, joined the list as a newcomer after her company reached a staggering $183 billion valuation. She stands out as one of the few women who hold both founding equity and executive power in a cutting-edge AI company.

Meanwhile, Sarah Friar (No. 50), CFO of OpenAI, manages the finances of the company that kicked off the global AI competition. While these roles can create immense wealth, opportunities, especially founding roles, are still rare for women.

Politics tells a similar story of power under pressure. Technology and infrastructure have become matters of national survival. In October, Sanae Takaichi (No. 3) made history as Japan’s first female prime minister, taking charge of a $4.2 trillion economy. Her leadership comes at a time when Japan is grappling with semiconductor security, defence shifts and demographic challenges, decisions that will shape both regional and global stability.

Across the world, women leaders are stepping in at critical turning points. European Commission president Ursula von der Leyen (No. 1) and European Central Bank chief Christine Lagarde (No. 2) are navigating Europe through overlapping crises involving energy, defence and monetary policy. In North America, Mexico’s President Claudia Sheinbaum (No. 5) is central to the region’s manufacturing shift driven by nearshoring. And as the race for rare earth minerals heats up, leaders like Namibia’s Prime Minister Netumbo Nandi-Ndaitwah (No. 79) are gaining global importance.

Indian women on the World’s Most Powerful list

India has a small but influential presence on this year’s list of the world’s most powerful women, with just three Indian women making it to the top 100. Leading the group is Finance Minister Nirmala Sitharaman, who ranks 24th, reflecting her continued influence over India’s economic policy and global standing.

At 76th place is Roshni Nadar Malhotra, CEO of HCL Corporation, making her one of the most powerful business leaders worldwide. Rounding off the trio is biotech pioneer Kiran Mazumdar-Shaw, founder of Biocon, who features at 83rd position for her long-standing impact on India’s pharmaceutical and healthcare sectors.

Here’s a complete list of the Top 10 World’s Most Powerful Women