The tech company - whose chips are used by the likes of Apple and Samsung - is one of only five British firms in the list of 100.
Drinks giant Diageo came in at 27th, drugs company Reckitt Benckiser Group was at 35th, medical suppliers Smith & Nephew reached 51st place and oil and gas firms BG Group came 91st.
It’s pretty bad news for Apple: once hailed as a king of innovation, the computer giant has plummeted to number 79 on the list, tumbling from 26th last year and 5th spot in 2011.
Chief executive Tim Cook, who has come under pressure to restore the company’s creative kudos, must be hitting his team over the head with a rolled up copy of the magazine.
Forbes ranks the companies by looking at the difference between market capitalisation and net present values of cash flows, as well as investors’ opinions – all of which are collated to create an ‘innovation premium,’ score.