The Telegraph reported that Gates has been named the 10th most powerful man in the world, ahead of the likes of Rupert Murdoch, Hillary Clinton and Steve Jobs.
Forbes has praised him for his work in coaxing 40 of the world's richest people to pledge the majority of their wealth to charities and good causes.
Apple's chief Steve Jobs is recognised by Forbes for his "insane" creativity and ability to "transform multi-billion dollar industry every few years" with his latest must-have devices, such as the iPhone and iPad.
Larry Page and Sergey Brin, co-founders of Google, appear jointly at number 22 in the list, while Mark Zuckerberg, the social network's founder, is ranked 18 places lower, at 40 on the Forbes Powerful People List for 2010.
Wikileaks' controversial editor-in-chief and "genius provocateur" Julian Assange is at number 68 on the list.
"Governments and corporations with dirty laundry should be afraid, very afraid," noted Forbes.
The top 10 in Forbes list:
1. Hu Jintao
2. Barack Obama
3. Abdullah bin Abdul Aziz al Saud
4. Vladimir Putin
5. Pope Benedict XVI
6. Angela Merkel
7. David Cameron
8. Ben Bernanke
9. Sonia Gandhi
10. Bill Gates