German Chancellor Angela Merkel on Wednesday (Aug. 23, 2011) in Belgrade. Andrej Isakovic /AFP/Getty Images hide caption toggle caption Andrej Isakovic /AFP/Getty Images The Two-Way Merkel Back At No. 1 On Forbes' List Of World's Most Powerful Women August 25, 2011 First lady Michelle Obama, who ranked No. 1 last year, is now at No. 8. The increasing importance of some, including Secretary of State Hillary Rodham Clinton, made for changes in the rankings.