Forbes magazine says the presidents of Argentina and Chile are among the 100 most powerful women in the world.
The business magazine listed Argentina's President, Cristina Fernandez de Kirchner, as world's 13th most powerful woman.
It reported Chile's President, Michelle Bachelet, as the world's 25th most powerful woman.
Forbes gave the top spot to German Chancellor Angela Merkel for a third straight year.
U.S. Secretary of State Condoleezza Rice ranked seventh. Rice dropped three slots compared to last year, edged out by, among others, the chief executive of Kraft Foods.
Forbes says the women on the list control about $26 trillion worldwide.
The list includes females who work in politics, business, the media, and non-profit organizations.