Lady Gaga leaps onto the new Forbes list of the world's 100 most powerful women at #7. The magazine says she made a whopping $62 million last year and reinvigorated the music industry.

Talk show queen Oprah Winfrey comes in at #3 and Hillary Clinton at #5.

Beyonce actually beats out Speaker of the House Nancy Pelosi. The 29-year-old pop star is listed at # 9, while Pelosi is rated at #11.

Sarah Palin is on the list at #16.
 
Arianna Huffington came in at #28, but was given the place of honor on the magazine's cover. She just nosed out Madonna, who came in at #29.

So who did the magazine name the world's most powerful woman?

Michelle Obama is #1. Forbes says she has made the office of First Lady her own.