By Mandi Bierly
Updated August 24, 2011 at 09:38 PM EDT

Forbes has released its annual list of The 100 Most Powerful Women, and while German Chancellor Angela Merkel tops it (Secretary of State Hillary Clinton is up three spots from last year to No. 2, while 2010’s No. 1, First Lady Michelle Obama, dropped to No. 8, and Congresswoman Michele Bachmann makes her debut at No. 22), the big news is that Lady Gaga, who fell from No. 7 to No. 11, now tops Oprah Winfrey, who slid from No. 3 to No. 14. The good news for Winfrey: She’s still above Secretary of Homeland Security Janet Napolitano (No. 15), Google SVP of Advertising Susan Wojcicki (No. 16), and Argentinian President Cristina Fernandez (No. 17).

A sample of others making the cut: Facebook COO Sheryl Sandberg sits at No. 5, New York Times executive editor Jill Abramson at No. 12, Beyoncé Knowles at No. 18, Co-Chair of Disney Media Networks and President of Disney-ABC Television Group Anne Sweeney at No. 25, Sony Pictures co-chair Amy Pascal at No. 28, Angelina Jolie at No. 29, Huffington Post Editor-in-Chief Arianna Huffington at No. 31, Sarah Palin at No. 34, Christine Amanpour at No. 44, Diane Sawyer at No. 47, Ellen DeGeneres at No. 55, Twitter’s VP of International Strategy Katie Jacobs Stanton at No. 56, Gisele Bündchen at No. 60, J.K. Rowling at No. 61, Ann Curry at No. 66, and Anna Wintour at No. 69. See the complete list here.