Merkel has won the accolade ten times now, having also had a run of success from 2006-2009.
The magazine notes that no other woman runs an economy as large as that of Germany (the fifth largest in the world).
While Merkel directly controls the €2.9 trillion GDP of the Federal Republic, she “hugely influences” the €14.3 trillion economy of the European Union, Forbes notes.
Merkel's role in tackling the refugee crisis is also singled out as proof of her influence on world politics.
But breathing down the Chancellor's neck in second place is Hillary Clinton, the woman who is almost certain to be the Democrats' nominee for the US presidential elections later this year.
“Should she win the presidential race, she'll be a strong contender for No. 1. If not, she may drop down or fall off the list altogether,” Forbes say.
With Clinton's hands on the levers of the world's largest economy - and the nuclear button - in Washington for at least four years, surely that would mean only one thing - Angie's time as queen of Forbes listings will be up.