EU's Ursula von der Leyen tops Forbes' list of world’s most powerful women

European Commission President Ursula von der Leyen has topped Forbes' annual list of the world's most powerful women, with European Central Bank President Christine Lagarde in second.

“Today’s most powerful women are leading on the world stage across every industry and sphere of influence,” said Moira Forbes, Executive Vice President, Forbes, in a press release.

“In a year marked by uncertainty and volatility, women’s power is being leveraged beyond economic and political might to transform industries and solve society's most urgent issues.”

Both European leaders rose in the annual rankings due to their critical role in galvanizing EU member states to support Ukraine following the Russian invasion.

Von der Leyen, who replaces novelist and philanthropist MacKenzie Scott as No. 1, said that supporting Ukraine comes at a high cost but freedom was "priceless".

The 19th ranking from Forbes sees a higher number of women in banking, with Kristalina Georgieva at the International Monetary Fund to Janet Yellen at the U.S. Treasury both on the list.