The World's Most Powerful Women in 2018

German Chancellor Angela Merkel retains the top spot on the list for the 8th year in a row. While she recently stepped down as head of the Christian Democratic Union (CDU) and is not running for reelection in 2021, her leadership of Europe's largest economy makes her the defacto female leader of the free world. While the next three years will be marked with uncertainty, she may well be less a lame duck than a leader determined to leave a legacy. With her future decided, she can focus the tenacity she exhibited in navigating economic and political turmoil on healing the rifts and creating a more integrated EU.

May inherited the Brexit turmoil from former Prime Minister David Cameron when he resigned after the UK's referendum to leave the EU was decided. She has tirelessly spent the past two years negotiating the exit, facing pushback from both pro and anti-European factions in her own party and the opposition. With her plan to exit the EU approved by European leaders, the history-making move is one step closer to reality. She is now working to gain the approval of Parliament, pledging to fight for a unified Britain and in her own words "a Brexit that delivers on the result of the referendum."

Christine Lagarde, the Managing Director of the International Monetary Fund (IMF), takes third place on the list, rising from eight last year as a stabilizing force advocating for reducing global trade conflicts. Rounding out the top five are GM CEO Mary Barra (No.4) and Fidelity Chairman and CEO Abigail Johnson (No. 5).

In notable departures, we see Hillary Clinton (No. 65 in 2017) off the list. While her stunning loss to Donald Trump in the 2016 U.S. Presidential election spurred a rise in women running for office, without an active political role or book...