Vanity Fair's best dressed

The Obamas, Carla Bruni-Sarkozy, Brad Pitt and the Princess of Spain amongst 50 of Vanity Fair's Best Dressed List.

It doesn't take a lot of money or power to be on Vanity Fair's annual Best Dressed List.

But it certainly doesn't hurt.

Just ask the First Ladies of the United States and France.

Michelle Obama has a penchant for choosing gowns from up-and-coming designers - such as Jason Wu - and catapulting them onto the international fashion stage.

Also, there's Carla Bruni-Sarkozy -- the former supermodel-model-turned wife of French president Nicolas Sarkozy.

She likes to pay homage to Parisian fashion by turning to one of her most coveted designers Christian Dior.

And speaking of designer patriotism comes Princess Letizia of Spain.

When asked what her favourite places were to bag bargains, she said Spanish high street retailers Zara, Mango and Massimo Dutti.

Other women on the list included Penelope Cruz, Anne Hathaway and Alicia Keys.

For the men, Barack Obama makes his debut on the list.

As the U.S. Commander-in-Chief, Barack keeps his style simple with mostly dark suits and crisp white shirts.

No surprise for the men is James Bond himself Daniel Craig, as well as global citizen and actor Brad Pitt.

Angelina Jolie however was nowhere to be found after scoring on the list the past two years.

This year, to reflect the ongoing financial crisis around the world and to prove that being fashionable doesn't mean having to cost a fortune, candidates were asked where they bag bargains.

Michelle Obama cited American retailer J. Crew while Barack said his favourite place was "the Secret Service employees' store".

The magazine didn't say whether or not the American president was joking.

The September issue of Vanity Fair featuring two different covers of Farrah Fawcett and Michael Jackson is out now in the United States and next week in Europe.

Cindy Martin, Reuters

The Vanity Fair Best Dressed List includes:

INTERNATIONAL BEST-DRESSED LIST: WOMEN

CHIARA CLEMENTE, Filmmaker

PENELOPE CRUZ, Actress

KATHY FRESTON, Writer

AGNES GUND, President Emerita of MoMA (Museum of Modern Arts, New York)

ANNE HATHAWAY, Actress

ALICIA KEYS, Singer, songwriter, actress

H.R.H. PRINCESS LETIZIA OF ASTURIAS

KELLY RIPA, Co-host of Live! with Regis and Kelly

H.H. SHEIKHA MOZAH OF QATAR, Wife of H.H. the Emir of Qatar Sheikh Hamad bin Khalifa Al Thani, unesco special envoy for basic and higher education

LIZZIE TISCH, Private banker

INTERNATIONAL BEST-DRESSED LIST: MEN

TIKI BARBER, NBC correspondent, Founder of Tiki Ventures

ARPAD BUSSON, Financier

DANIEL CRAIG, Actor

MATTEO MARZOTTO, Entrepreneur, Chairman to ENIT (the Italian state tourist board)

BARACK OBAMA, President of the United States

OGDEN PHIPPS II, Private-equity Investor

BRAD PITT, Actor

ROO ROGERS, Environmental Entrepreneur, Co-founder of OZOlab

ALEJANDRO SANTO DOMINGO, Investor

CY TWOMBLY, Artist

HALL OF FAME

LILIANE BETTENCOURT, Principal Shareholder of L'Oréal

COUNT MANFREDI DELLA GHERARDESCA, Art Adviser, Curator

CATHERINE DENEUVE, Actress and Model

LAPO ELKANN, creative entrepreneur; Founder and President, Italia Independent and Independent Ideas; founding partner and owner, LA Holding

RENÉE ZELLWEGER, Actress

FIRST LADIES

CARLA BRUNI-SARKOZY, Singer and First Lady of France

MICHELLE OBAMA, First Lady of the United States

FASHION PROFESSIONALS

GEORGINA CHAPMAN, Co-founder and designer, Marchesa

TORY BURCH, Designer

MATHILDE MEYER-AGOSTINELLI, Director of communications, Prada France

DAVID LAUREN, Senior vice president, advertising, marketing, and communications, Polo Ralph Lauren

CANDY PRATTS PRICE, Executive fashion director, Style.com

RACHEL ROY, Designer

STACEY BENDET, Designer and founder, Alice & Olivia

FRANCA SOZZANI, Editor in chief, Italian Vogue and L'Uomo Vogue

ALI HEWSON, Co-founder, Edun fashion label and Nude skin care

SIBLINGS

JANE LAUDER, General Manager, Origins, and AERIN LAUDER, Senior Vice President and Creative Eirector, Estée Lauder

STAVROS NIARCHOS and EUGÉNIE NIARCHOS, Jewelry Designer for Gaia Repossi

COUPLES

PALOMA CUEVAS, Jewelry Designer for Yanes, and ENRIQUE PONCE, Professional Bullfighter

DIANA TAYLOR, Managing Director, Wolfensohn & Co., and MICHAEL BLOOMBERG, Mayor of New York City; Founder, Bloomberg L.P.

NATALIA VODIANOVA, Fashion Model, and JUSTIN PORTMAN, Artist

SHELLEY WANGER, Editor, Knopf and Pantheon, and DAVID MORTIMER, President, the American Assembly

FASHION ORIGINALS

PETER BEARD, "Escapist"

DUCHESS OF ALBA

NICKY HASLAM, Interior Designer

IKÉ UDÉ, artist, Founder of Arude magazine

BRUCE WEBER, Photographer, Artist, Filmmaker