The magazine, which is celebrating 60 years of publishing in Europe, handed British actresses Judi Dench, Glenda Jackson, Helen Mirren and Vanessa Redgrave the top honours in its business and culture category.
The darlings of the silver screen beat African writer Chinua Achebe and premier fashion designer Coco Chanel for the title.
JK Rowling, author of the best-selling Harry Potter series, came in at number 12 behind sculptor Henry Moore.
Russian Nobel Prize winner Aleksandr Solzhenitsyn topped the list in the leaders and rebels section, which gave Margaret Thatcher the 11th spot for her achievement in becoming the UK's first woman prime minister.
The musical genius of rock singers Bono and Bob Geldof also appear to have made an impact, with the duo allocated the fourth position in the section for inspirations and explorers.
The profiles of the heroes were written by Time Magazine's staff and guest writers, including Sir Richard Branson, Jacques Chirac and Gordon Brown.
Michael Elliott, editor of Time International, said: "We couldn't be more proud of the quality of the writers and celebrities we persuaded to join us for this special issue.
"This issue is a wonderful way to celebrate our 60th anniversary and has inspired us to go on to even greater things."
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