SINGAPORE – DBS group chief executive officer Tan Su Shan came in sixth globally and first in Asia on Fortune’s 2026 Most Powerful Women in Business list, which recognises female leaders commanding boardrooms, markets and industries globally.
The annual list, now in its 29th year, was released on May 27 and features 100 women from the corporate world.
Collectively, these women lead 94 companies employing 11.8 million people and generating US$7.3 trillion (S$9.34 trillion) in annual revenue. They also hold 180 board seats in 20 countries and territories.
Topping 2026’s ranking is Ms Jane Fraser, chair and chief executive officer of Citigroup, who is five years into taking over the banking group’s top role. She made history in 2021 as the first woman to lead a major Wall Street bank.
Ms Tan is one of two Singapore-based executives on the list. The other is Ms Png Chin Yee, chief financial officer of Temasek International, who placed 77th.
Fortune had also named Ms Tan as Asia’s most powerful woman in business in 2025. The publication noted that since taking over as CEO of DBS, she has steered it through challenges such as renewed trade tensions and the rise of alternative financial products such as cryptocurrencies.
Fortune highlighted that Ms Tan made history in 2025 as the first woman to lead DBS, South-east Asia’s largest bank by assets. She succeeded long-time chief executive Piyush Gupta, who led the bank for 15 years.
Under her leadership, Fortune noted that DBS posted a record net profit of $10.7 billion in 2025 despite a stronger Singapore dollar and a challenging interest rate environment. The bank’s market capitalisation also crossed US$100 billion for the first time, placing it among the world’s 25 largest banks by market value.
DBS recently noted that under Ms Tan’s leadership, the bank has continued to deliver a strong financial performance despite a challenging operating environment marked by macroeconomic uncertainty and interest rate headwinds.
Before becoming CEO, she oversaw DBS’ consumer banking, wealth management and institutional banking businesses, which together accounted for about 90 per cent of the bank’s revenue.
Fortune said its most powerful women list in 2026 features women leading some of the world’s largest companies, including firms on the Fortune 500 and Global 500 lists.
However, it noted that women still head only about 11 per cent of Fortune 500 companies, meaning corporate influence is not measured solely by a CEO title.
The list also features women seen as influential through other forms of leadership, including executives on track to get top jobs and founders who have built significant businesses.
Fortune’s editors assessed candidates on several factors, including the size and health of the businesses they lead, their record of innovation, the influence they wield, the trajectory of their careers and their broader impact on society.
By geography, the United States had the highest number of women on the list with 10, followed by China with nine, and France and Britain with six each.
The Asia-Pacific region accounts for 20 executives on the list. Besides Ms Tan, there are Qantas CEO Vanessa Hudson, Naver Corporation president and CEO Choi Soo-yeon and Huawei CFO Meng Wanzhou.
In terms of sector, Fortune noted that technology and finance continue to dominate the rankings, although women are increasingly breaking through in traditionally male-dominated sectors such as energy, where BP CEO Meg O’Neill ranked 16th.
The publication also pointed to the growing prominence of women in artificial intelligence, for instance, Ms Fidji Simo, who oversees AGI deployment at OpenAI, coming in at 28th on the list.
The top 10 on Fortune’s 2026 Most Powerful Women in Business list are:
1. Jane Fraser, chairperson and CEO, Citigroup (US)
2. Mary Barra, chairperson and CEO, General Motors (US)
3. Lisa Su, chairperson and CEO, AMD (US)
4. Julie Sweet, chairperson and CEO, Accenture (US)
5. Ana Botin, executive chairperson, Banco Santander (Spain)
6. Tan Su Shan, CEO and director, DBS Group (Singapore)
7. Thasunda Brown Duckett, president and CEO, TIAA (US)
8. Grace Wang, chairperson and CEO, Luxshare Precision Industry (China)
9. Reshma Kewalramani, president and CEO, Vertex Pharmaceuticals (US)
10. Abigail P. Johnson, chairperson and CEO, Fidelity Investments (US)
