NEW YORK (Reuters) - German Chancellor Angela Merkel topped the Forbes list of the world's most powerful women, which is dominated by politicians, businesswomen and leaders in media and entertainment. US Secretary of State Hillary Clinton was second, followed by Brazilian President Dilma Rousseff. "Our list reflects the diverse and dynamic paths to power for women today, whether leading a nation or setting the agenda on critical issues of our time," said Moira Forbes, president & publisher of ForbesWoman, said. Eight heads of state and 29 CEOs made Forbes' roster of the 100 most powerful women released on Wednesday. They have an average age of 54 and collectively control $30 trillion. Twenty two are single. "Across their multiple spheres of influence, these women have achieved power through connectivity, the ability to build a community around the organizations they oversee, the countries they lead, the causes they champion and their personal brands," Forbes added. Merkel was cited as the head of the one real global economy in Europe. Clinton was lauded for deftly dealing with Middle East revolutions and WikiLeaks revelations in her second year on the job, while Rousseff made history as the first woman to lead Latin America's largest economic power. Rounding out the top five were the CEO of PepsiCo US Indra Nooyi and Facebook COO Sheryl Sandberg. Lady Gaga and The New York Times' recently appointed executive editor, Jill Abramson, came in at No. 11 and 12. Gaga was also the youngest member of the list at age 25, while Britain's Queen Elizabeth, who ranked No. 49, was the oldest at 85. Sonia was on 7th. US First Lady Michelle Obama, who last year held the top spot, dropped to No. 8 in the current ranking.