Oprah Winfrey has regained the top spot on Forbes magazine's annual most powerful celebrities list.

The TV personality has been a runner-up for the past two years, but on Wednesday it was revealed that Oprah has regained her crown.

It is the fifth time the 59-year-old star has topped the prestigious list of 100 celebrities, beating out stiff competition from the likes of chart superstars Lady Gaga, Beyoncé and Madonna.

Jennifer Lopez – who was No. 1 last year – dropped to 12th place in this year's rankings.

Oprah made an estimated $77 million between June 2012 and June 2013, down from last year's $165 million. However, despite not being the highest earner on Forbes magazine's list, "her money, mixed with strong fame scores in metrics like press mentions and social networking power, pushed her to the top," said Forbes writer Dorothy Pomerantz.

"She still wields an enormous amount of power, which is really what we look for in our fame matrix. She is taking this cable network and turning it around just through the sheer force of her will, her connections and her ability," Pomerantz continued.

Lady Gaga ranked second on the list, despite having to cut her tour short because of a hip injury.