Oscar-winning actress Gwyneth Paltrow on Wednesday (April 24) was named the world's most beautiful woman for 2013 by People magazine, knocking pop singer Beyonce out of the top spot.

The 40-year-old mother of two credits a five-day-a-week exercise regimen for keeping her in shape as she grows older.

It is the fourth time Paltrow, who is married to Coldplay singer Chris Martin, has been named to the magazine's annual beautiful people issue, but the first time landing the coveted cover as most beautiful woman.

Paltrow reprises her starring role as Pepper Potts in the action film "Iron Man 3," which opens next month.

She won an Oscar for her role as William Shakespeare's muse in the 1998 film "Shakespeare in Love."