The magazine said Putin remains at the "height of his power" despite his switch from president to premier, but criticized his "antipathy for free speech and other civil liberties," saying he "controls the media and imprisons or exiles his enemies."
Russia's oil wealth has enabled Putin to "rebuild its military, restore its pride, and re-assert itself in world affairs," the magazine said.
Putin's successor in the Kremlin, Dmitry Medvedev, does not feature in the list. However, Russian oligarch and Chelsea FC owner Roman Abramovich climbed from 30th to 8th place, one spot above "actors and activists" Angelina Jolie and Brad Pitt.
The Russian premier, a newcomer to the Vanity Fair ranking, was picked as 'Person of the Year' by Time Magazine last December for leading Russia's resurgence on the global stage.
Vanity Fair, a magazine dedicated to "culture, fashion, and politics," is running an exclusive photo shoot with teen pop star Miley Cyrus in its current edition.
