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This is the 18th year Fortune has ranked the Most Powerful Women in business outside the U.S. GlaxoSmithKline CEO Emma Walmsley takes the top spot this year, ending the four-year reign of Banco Santander Executive Chair Ana Botin. The 50 global businesswomen here represent 19 countries and a variety of industries. By Erika Fry, Carson Kessler, Ellen McGirt, McKenna Moore, Polina Marinova, and Claire Zillman. Click here for our methodology.

Click here to see the U.S. Most Powerful Women list.

1 Emma Walmsley CEO GlaxoSmithKline U.K. 49
2 Ana Botín Executive Chair Banco Santander Spain 57
3 Isabelle Kocher CEO Engie France 51
4 Dong Mingzhu Chairwoman and President Gree Electric Appliances China 64
5 Shemara Wikramanayake CEO Designate Macquarie Group Australia 57
6 Chua Sock Koong Group CEO Singapore Telecommunications Singapore 61
7 Alison Cooper CEO Imperial Brands U.K. 52
8 Ho Ching Executive Director and CEO Temasek Singapore 65
9 Wan Ling Martello EVP and CEO of Asia, Oceania, and Sub-Saharan Africa Nestlé Switzerland 60
10 Isabel Ge Mahe VP and Managing Director, Greater China Apple China 44
11 Gillian Tans CEO, Booking Holdings The Netherlands 48
12 Wang Fengying Vice Chairman and General Manager Great Wall Motor China 47
13 Lucy Peng CEO, Lazada Alibaba China 45
14 Maria Ramos CEO Absa South Africa 59
15 Wu Yajun Chairwoman Longfor Group China 54
16 Maggie Wei Wu CFO Alibaba China 50
17 Anne Richards CEO Designate Fidelity International U.K. 54
18 Veronique Laury CEO Kingfisher U.K. 53
19 Ann Cairns Vice Chairman Mastercard U.K. 61
20 Joey Wat CEO Yum China Holdings China 47
21 Mayra González President and Managing Director, Nissan México Nissan Mexico 41
22 Olga Naumova CEO Magnit Russia 46
23 Nancy McKinstry Chairman and CEO Wolters Kluwer The Netherlands 59
24 Jessica Uhl CFO Royal Dutch Shell The Netherlands 50
25 Jean Liu President Didi Chuxing China 39
26 Dominique Senequier President Ardian France 65
27 Ornella Barra Co-COO Walgreens Boots Alliance U.K. 64
28 Evelyn Bourke CEO Bupa U.K. 53
29 Lubna Olayan Deputy Chairperson and CEO Olayan Financing Saudi Arabia 63
30 Fama Francisco President, Global Baby Care and Feminine Care Procter & Gamble Switzerland 50
31 R. Alexandra Keith President, Global Hair Care and Beauty Procter & Gamble Switzerland 50
32 Jane Jie Sun CEO Ctrip China 49
33 Birgitte Bonnesen CEO and President Swedbank AB Sweden 62
34 Wei Sun Christianson Co-CEO, Asia-Pacific; CEO, China Morgan Stanley China 62
35 Elizabeth Gaines CEO Fortescue Metals Group Australia 54
36 Han Seong-Sook CEO Naver South Korea 51
37 Carolyn McCall CEO ITV U.K. 57
38 Belinda Wong CEO, Starbucks China Starbucks China 47
39 Rachel Duan SVP, GE; President and CEO, GE Greater China General Electric China 48
40 Adaire Fox-Martin Executive Board; Global Customer Operations SAP Germany 54
41 Güler Sabancı Chairman Sabancı Holding Turkey 63
42 Margarita Louis-Dreyfus Chairperson of Supervisory Board Louis Dreyfus Holding Switzerland 56
43 Rakefet Russak-Aminoach President and CEO Leumi Group Israel 52
44 Cheung Yan Chairwoman Nine Dragons Paper China 61
45 Yang Huiyan Vice Chairman Country Garden Holdings China 37
46 Nayla Hayek CEO, Harry Winston; Chairman, Swatch Harry Winston; Swatch Group Switzerland 67
47 Alice Vaidyan Chairman and Managing Director General Insurance Corporation of India India 59
48 Linda Hasenfratz CEO Linamar Corp. Canada 52
49 Nunu Ntshingila Head of Africa Facebook South Africa 54
50 Melanie Kreis CFO Deutsche Post DHL Germany 47

Ana Botín

Executive Chair, Banco Santander, 57
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Juan Medina—Reuters

Botín helms the Eurozone’s largest bank by market capitalization, and Banco Santander performed solidly in 2017 with revenues and profits climbing 5.6% and 8.8% respectively. Those results were helped along by the Spanish bank’s global presence—results in Brazil, Mexico and Spain were especially strong—and a laser focus on cultivating loyal customers (up 24% by the bank’s count). Even so, investors have fretted about the bank’s struggling U.K. business and its lower-than-ideal capital ratios, sending the stock down 29% in the 12 months ending Aug. 30. Botín meanwhile is pushing the bank into blockchain and other technologies and is speaking up more on digital platforms herself these days: she’s become a regular on Twitter, and she explained why she’s a feminist on LinkedIn earlier this year.

Personal Information

Country Spain
Previous Rank 1
Newcomer? -

Company Financials

Millions ($)
2017 Profits 7,461.0
2017 Revenues 87,400.9
Market Value as of 08/30/18 ($M) 80,842.5

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