A woman looks at the painting 'The Banquet of Gina and Ginia' by artist Warren Lane at the Bald Archy Prize exhibition in Sydney April 6, 2013. The portrait depicting Australia's iron ore magnate Gina Rinehart eating a chocolate cake as her daughter Ginia
IN PHOTO: A woman looks at the painting 'The Banquet of Gina and Ginia' by artist Warren Lane at the Bald Archy Prize exhibition in Sydney April 6, 2013. The portrait depicting Australia's iron ore magnate Gina Rinehart eating a chocolate cake as her daughter Ginia looks on won the 2013 Bald Archy Prize. REUTERS/Daniel Munoz (AUSTRALIA - Tags: SOCIETY) Reuters

Gina Rinehart has been named Australia’s most powerful woman in the U.S.-based business magazine Forbes. The iron ore billionaire and executive chairman of Hancock Prospecting was ranked 37th on the list.

Despite making it in the prestigious Forbes World’s Most Powerful Women list, Rinehart has fallen 10 places in the ranking in the last 12 months. While Forbes did not disclose the reason for movements in ranking, Rinehart’s decline may be due to the fall in her wealth. SMH reports that Australia’s richest woman is worth $15.8 billion from $22.5 billion based on Forbes’ valuations. Rinehart’s wealth also declined due to her earlier sale of her interests in Fairfax, which is also the publishing of The Age, The Australian Financial Review and Sydney Morning Herald.

One of the main criteria for an individual to be included in the Forbes’ list is the “spheres of influence and impact.” Forbes examines how a potential candidate can actively and successfully use power within the organisation, sector and the international stage.

Rinehart is the only Australian on the Forbes list after the former Westpac chief Gail Kelly has already retired. Julia Gillard, the former prime minister of Australia, has previously made it in the list of powerful women.

Aside from influence, financial resources remain important criteria for selection. Rinehart is currently preparing to begin production at her Roy Hill mine in Western Australia worth $10 billion.

German Chancellor Angela Merkel takes the top spot followed by U.S. presidential candidate and former First Lady, Hillary Clinton. International pop star Taylor Swift has joined the ranks of the world’s most powerful women for the first time. She is a new entry on the list at 64. Swift is also the youngest person in the Forbes list at 25, reports Sky News.

Melinda Gates, the co-chairman of the Bill and Melinda Gates Foundation, is in third place. Both Clinton and Gates have been recognised as powerful women since the list began in 2004. Queen Elizabeth retains her status as the oldest at 89 years of age. Sheryl Sanberg, the COO of Facebook, is in eighth place while Michelle Obama, the current U.S. First Lady, is ranked tenth.

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