Mogherini, who became the EU's high representative for foreign affairs in 2014 against an onslaught of criticism, came 19th among the 100 “most powerful women in the world” ranked by the magazine, 17 places higher than in 2015.
Mogherini, who works on behalf of 500 million EU citizens, was credited for her role in helping to broker a historic missile agreement between Iran and six world superpowers in July 2014.
The mother of two, who turns 42 on June 16th, has also represented the EU on issues ranging from the Ukrainian crisis, the Israeli-Palestinian conflict and the influx of migrants to Europe.
Mogherini, the daughter of film director Flavio Mogherini, stepped into the role in November 2014 after being appointed by the EU's 28 nation bloc, a decision that was tainted with criticism not only for her lack of experience but also because of her decision to meet Russian President Vladimir Putin on her first overseas visit as Italy's foreign minister earlier in the same year.
German Chancellor Angela Merkel ranked number one in the Forbes list, followed by Hillary Clinton; Janet Yellen, chair of the US Federal Reserve; Melinda Gates, co-chair of the Bill and Melinda Gates Foundation, and Mary Barra, the CEO of General Motors.