Europe might like to think of itself as a global leader in gender equality. Yet when it comes to corporate power, the picture is less flattering. Women still lead only a small minority of the continent’s largest companies. In Fortune’s 2025 ranking of Europe’s 500 biggest businesses, just 38 companies—7.6% of the total—had female chief executives.
That lack of representation is reflected in Fortune Most Powerful Women list. Now in its 29th year, the ranking recognizes the world’s most influential female business leaders. Of the 100 women featured this year, only 20 are based in Europe, with France and the U.K. accounting for the lion’s share (six each).
For the women who do make the cut, their roles offer a revealing look at where power and influence are concentrated across the continent. Rather than leading a wave of newer tech companies—like comparable U.S. lists—many sit at the helm of businesses that have long formed the backbone of Europe’s economy: banks, energy groups, telecommunications operators, and luxury houses.
This year’s ranking also shows just how often a finance background serves as a route to the top. Seven of the women featured have served in senior finance roles, including chief financial officer positions, reflecting the premium European companies place on capital allocation and operational discipline.
