"She advises the leader of the world's largest superpower and has an unparalleled level of trust with and access to the president," Forbes says in explaining her selection, adding that "she has served two other U.S. presidents, George H.W. Bush and Ronald Reagan. For all of these reasons, and more, Rice, 50, is the most powerful woman in the world."

The magazine also notes that Condi is a potential 2008 presidential candidate as a "long shot."

Still, history could be in the making.

"... a run by Rice for the presidency would make history in the U.S.," Forbes says.

The Forbes rankings are made using a complex formula based on a composite of visibility (measured by press citations) and economic impact.

The latter, in turn, reflects three things: résumé (a prime minister is more powerful than a senator); the size of the economic sphere over which a leader holds sway; and a multiplier that aims to make different economic yardsticks comparable. For example, a politician is assigned a GDP number but gets a low multiplier, while a foundation executive is assigned the foundation's assets but gets a high multiplier.

Forbes editors did their tabulations and here is how the big girls stack up:

The Top Ten

1. Condoleezza Rice

2. Wu Yi, China's vice premier for health

3. Yulia Tymoshenko, Ukraine's prime minister

4. Gloria Arroyo, Phillipines' president

5. Margaret Whitman, eBay CEO

6. Anne Mulcahy, Xerox CEO

7. Sallie Krawcheck, Citigroup CFO

8. Brenda Barnes, Sara Lee CEO

9. Oprah Winfrey, 'nuf said

10. Melinda Gates, Bill's wife

Notably absent from the list was New York Senator Hillary Rodham Clinton, arguably the most influential Democrat in the United States.

Editor's note:
Condi Rice for president? Find out the details – Click Here Now
Breaking: Dick Morris Says It’s Condi vs. Hillary in 2008 – Click Here Now