Fortune Most Powerful Women

This year marks the 25th Anniversary of the Most Powerful Women list. It also happens to be the most competitive in this ranking's history. Rather than compile separate international and domestic versions as we've done in some form since 2000, we combined our candidates to come up with one definitive list-a more accurate reflection of the global nature of business today. That meant fewer spots, even as the world hit a record-high number of female Global 500 CEOs. The result: All the women on this list either are CEOs or very likely will be either at their current company or a competitor.

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For the second year in a row, CVS Health chief Lynch ranks No.1 on the Fortune Most Powerful Women list. Not only does Lynch have the distinction of running the highest-ranking Fortune 500 company ever to be led by a woman, the same holds true for the Global 500, where CVS ranked No. 10 this year. The company generated $292 billion in revenue in 2021, a 9% jump year over year, while profits climbed 10% to nearly $8 billion. Wall Street likes what it sees: Since Lynch took over in February 2021, CVS shares are up 42%, outpacing the S&P 500's 2% rise. The company continues its efforts to become a one-stop shop for health care following its role in the COVID vaccination campaign; it administered over 59 million jabs and delivered more than 32 million tests in 2021 alone. Lynch is also focusing on customers' mental health, implementing a program to reduce suicide attempts among its Aetna members (see our Change the World list for more).

CVS Health CEO Karen Lynch, who runs the highest-ranking Global 500 company ever to be led by a woman, repeats this year at No. 1. Jessica Tan, co-CEO of Chinese insurance and tech giant Ping An, is our most highly ranked international MPW (No. 5) and is one of 12 women based outside the U.S. to appear on this year's list. Six women have never appeared on any MPW ranking prior to this year-including several who are newly in the driver's seat, such as Cummins CEO Jennifer Rumsey (No. 45) and Marta Ortega, the new head of Spanish fast-fashion retailer Inditex (No. 33; see our story in this issue).