Forbes has named Angela Merkel, Germany’s first female chancellor as the world’s most powerful woman in 2008, topping the table for the third consecutive years.

The annual most powerful women ranking studies and lists down women based on their career achievements, their impact on business and economy, influence in politics and global media coverage.

Every year Forbes makes a list of 100 of them, with this year’s combined list controlling more than a staggering $25 trillion worldwide.

Sheila Bair, head of the Federal Deposit Insurance Corp. (FDIC), made an impressive entry into the top 100 list, shooting straight up to second place. Prior to the current appointment, she also held key positions as Dean’s Professor at University of Massachusetts, Vice President of the New York Stock Exchange (NYSE) and Secretary to Department of Treasury.

Indian-born Indra Krishnamurthy Nooyi (Indra Nooyi), the CEO of PepsiCo, who helped the company doubling its profits only after a year taking over as the head, ranks third. Nooyi was also recently listed as the highest paid female CEOs in America for the year 2008. Another highly paid woman CEO, Angela Braly of Wellpoint, was fifth.

The 6th to 10th positions are occupied by Cynthia Carroll (Chief of Anglo American PLC), Irene Rosenfeld (CEO of Kraft), Condoleezza Rice (US Secretary of State), Ho Ching (CEO of Temasek Holding and wife of Singapore’s Prime Minister Lee Hsien Loong), Anne Lauvergeon (Head of Areva) and Anne Mulcahy (CEO of Xerox Corporation).