Forbes Executive Vice President Moira Forbes told FOX Business' Maria Bartiromo that this year's list is a true testament to women in power.
"Women's power and influence is growing on the global stage," Forbes said. "...This year, four of the top spots are women in policy and political decision making. That's a first for us on the list."
"The economic might has never been stronger of these women."
According to Forbes, the list was compiled based on categories including finance, tech, media and entertainment, politics and policy.
"We look at hard things such as money, power, constituents you oversee," Forbes said. "But also, are you driving transformational change, impact? Are you really driving global conversations on the most critical issues of the day?"
Forbes said the progress being made over the past decade, regarding women in charge of the world's largest businesses, has been "extraordinary."
"For example, there are three women who are dominating the defense industry, running the largest defense companies," she said. "Two women are at the helm of the world's largest exchanges. Women overseeing over $2 trillion in annual revenue, over 700,000 employees."
Here are the top five most powerful women on Forbes' list:
Angela Merkel, Germany
Chancellor of Germany
Angela Merkel was elected as the first female German chancellor in 2005 and is currently serving her fourth term.
Merkel has achieved pulling Germany out of a financial crisis and continues to lead Europe’s largest economy.
Christine Lagarde, France
European Central Bank President
Christine Lagarde was elected as the first female European Central Bank (ECB) president in 2019.
At a time where uncertainty remains in global economics, Lagarde has control over all European monetary policy.
For the last decade, Lagarde was also the first woman in charge of the International Monetary Fund as managing director.
Nancy Pelosi, United States
Speaker of the U.S. House of Representatives
Nancy Pelosi is serving her third (nonconsecutive) term as the 52nd House speaker and the highest-ranking elected woman in the U.S.
In 2019, Pelosi launched impeachment proceedings against President Trump, the fourth ever in the nation's history.
Pelosi was inducted into the National Women’s Hall of Fame in 2013.
Ursula von der Leyen, Germany
European Commission President
Ursula von der Leyen was appointed as the first female president of the European Commission in 2019.
Her position oversees legislation impacting more than 700 million Europeans.
From 2005 to 2019, von der Leyen served in Angela Merkel’s cabinet, including a stint as Germany’s defense minister.
Mary Barra, United States
General Motors CEO
Mary Barra has served as GM’s CEO since 2014 and has invested billions into the future of transportation.
The 2018 Global Report on Gender Equality ranked GM as No. 1 since it’s only one of two global businesses with no gender pay gap.
Barra earned $21.9 million in 2018, according to Forbes, making her the highest-earning leader of Detroit's Big Three automakers.