Meg Whitman has overseen eBay's global expansion

In the process the eBay boss overtook Carly Fiorina, Hewlett-Packard chief executive, who has topped the poll every year since it started in 1998.

eBay has had a highly successful year, significantly boosting its profits and expanding its business into India.

Third spot was taken by Andrea Jung, chairman of Avon Products.

FIVE MOST POWERFUL 1: Meg Whitman, eBay 2: Carly Fiorina, Hewlett-Packard 3: Andrea Jung, Avon Products 4: Anne Mulcahy, Xerox 5; Marjorie Magner, Citigroup

The magazine ranks the businesswomen using a range of factors.

Criteria include the size of their employer, its importance in the global marketplace, their influence within the company and their social and cultural significance.

Others to feature in the poll's Top Ten include television personality turned media entrepreneur Oprah Winfrey and two senior executives from financial services giant Citigroup, Marjorie Magner and Sallie Krawcheck.