South Korean President Park Geun-hye was named the 11th most powerful woman in the world by Forbes magazine on Tuesday, one notch below U.S. first lady Michelle Obama.

German Chancellor Angela Merkel topped the list of the world’s 100 most powerful women, followed by former U.S. Secretary of State and presidential hopeful Hillary Clinton, Bill Gates’ wife Melinda Gates and Federal Reserve Board Chair Janet Yellen.

Park was in 11th place after Michelle Obama and was followed by talk show host Oprah Winfrey.

The magazine said Park oversees the world’s 14th-largest economy in a nation bordering the nuclear-armed North Korea, but the economy has continued on a downward trend just like her approval ratings.

“Despite these shadows, Park recently signed a Canada-Korea free trade agreement, an environmental cooperation treaty with China and Japan, and has called for a Northeast Asia nuclear safety body,” the magazine said.

The fifth to 10th places were taken by General Motors CEO Mary Barra, IMF chief Christine Lagarde, Brazilian President Dilma Rousseff, Facebook COO Sheryl Sandberg, YouTube CEO Susan Wojcicki and U.S. First lady Michelle Obama.

Newcomers include U.S. pop star Taylor Swift, in at number 64 and the youngest of the bunch at 25.

The annual list of the world’s 100 most powerful women includes leaders in eight categories ― technology, politics, business, finance, media, entertainment, philanthropy and billionaires.

Clinton, who in April announced her second run for the White House, was listed at No. 6 last year, but as U.S. secretary of state she also ranked No. 2 to Merkel in 2011 and 2012.

“Come next year’s U.S. elections, Merkel could lose her title for the first time since 2010 to the one person with a credible and mathematical chance of ‘leading’ the world,” wrote Forbes.

Even if Clinton wins the Democratic nomination for the White House, she has no chance of being elected U.S. president until November 2016 ― after Forbes publishes its 2016 most-powerful women list.

Forbes has put the German chancellor on the list 10 times in the past 12 years, nine of them as most powerful woman. Merkel was first elected in 2005 and won a historic third term in 2013.

Geographically speaking, the United States dominates the list. Fifty-nine on the list are Americans, including several immigrants.

There are 18 from the Asia-Pacific region, headed by Park, with 12 from Europe, four each from Latin America and the Middle East and three Africans, Forbes said.

Other newcomers include EU foreign policy chief Federica Mogherin at No. 36; U.S. Attorney General Loretta Lynch at No. 34; and incoming Guardian editor-in-chief Katharine Viner at No. 80.

The magazine said the list features eight heads of state and one monarch, who govern nations with a combined gross domestic product of $9.1 trillion and 15 billionaires with a total net worth of more than $73.3 billion.

The top-ranking billionaire this year is Oprah Winfrey at No. 12 with a personal net worth of $3 billion.

From news reports