Jane Fraser Tops Fortune's 2026 Most Powerful Women in Business List

A new name at the top

Jane Fraser, chair and chief executive of Citigroup, is No. 1 on Fortune's 2026 Most Powerful Women in Business list, the first new leader of the ranking since 2024. Fraser took Citi's top job in 2021 as the first woman to run a major U.S. bank.

The 2026 list covers leaders at 94 companies with a combined 11.8 million employees and $7.3 trillion in annual revenue, working across 20 countries and territories.

What Fraser is being measured on

Citi remains a global consumer and institutional bank under a multi-year simplification. Fortune's ranking treats scale, balance-sheet reach and staying power as the story, not a single quarter.

The wider bench

After the United States, mainland China, France and the United Kingdom supply the next-largest groups on the list. Fraser's rise is a bank story that now sits at the top of a global ledger of women running very large firms.