But the list of the 300 people who make up "The New Establishment" reveals that the traditional holders of power, such as the aristocracy, Whitehall and the clergy, have given way to figures from the media and business.

Rupert Murdoch: The only way is up

The six-month study, commissioned by The Observer newspaper and Channel 4, only places three Britons in the top five, with Australian media magnate Rupert Murdoch second and American Microsoft boss Bill Gates third.

Fourth is Peter Mandelson, the man who engineered New Labour's 1997 landslide election victory, and Chancellor Gordon Brown is ranked fifth.

Surprisingly, only seven women make the top 100, less than the total number - 13 - of virtually unknown investment bankers.

The Queen: Pipped by Gerhard Schroeder

Other prominent foreign figures include German Chancellor Gerhard Schroeder - who comes in ahead of the Queen - US Federal Reserve Chairman Alan Greenspan and Disney Chief Executive Officer Michael Eisner.

Pop culture has its say with writer Irvine Welsh, Oasis frontman Noel Gallagher and The Rolling Stones' Mick Jagger.

Their contribution to the top 100 is dwarfed, however, by the representatives of 30 global corporations and FTSE 100 companies, who massively influence British finance, often from overseas.

Mick Jagger: Cultural icon

Graduates of Oxford and Cambridge Universities are also heavily represented, proving that the "old" Establishment has not lost its grip on power altogether.

The list was compiled by a committee consisting of Labour peer Lord Hattersley, Editor-in Chief of The Observer Will Hutton, banker Peter Middleton, the Hon Sara Morrison, Lambeth Council Chief Executive Heather Rabbatts, scientist Susan Greenfield and commentators Kate Thornton and Peter York.