The European Central Bank chief, who came 11th in the 2015 Most Powerful People list, was credited by the US magazine for fending off economic stagnation across the EU over the last year with his aggressive programme of quantitative easing.
He also escaped unharmed when an activist from Femen, a radical feminist protest group, stormed into an ECB press conference in April and showered him with...confetti.
A former chief of the Bank of Italy, the 68-year-old was nicknamed ‘Super Mario’ for his heroic ability to navigate the murky world of Italian politics.
He might have come 11th, but his grip on power slipped four notches from last year's 8th place, a position which has been pipped by the UK Prime Minister David Cameron.
Draghi was the only Italian to make it into the list of 73 people, although Pope Francis retained his number four spot.
For the second year running the US magazine considered Russian President Vladimir Putin to be the most powerful person in the world.
Putin's position at the top of the charts was explained by the fact that “he is one of the few people in the world powerful enough to do what they want – and to see it through.”
German Chancellor Angela Merkel made it to number two, one place ahead of US President Barrack Obama.