Gwyneth Paltrow, the timeless beauty and Oscar-winning actress, has been named the World's Most Beautiful Woman of the year by People magazine on Wednesday. Other beauties that have shared the coveted titled include Angelina Jolie, Jennifer Aniston, Halle Berry and Julia Roberts.

Paltrow, 40, known for her tall, svelte figure, gorgeous blonde hair and sparkling blue eyes, says she truly feels beautiful when she is with her family.

"Around the house, I'm in jeans and a T-shirt. I don't really wear makeup. That's what they're used to," she told People Magazine in the interview. As for her husband, Chris Martin, "He'll make a joke about it. If I've gotten fully dressed up, he'll be like, 'Oh, wow! You're Gwyneth Paltrow!' Because he's used to seeing me in like baggy shorts and frizzy hair."

Apart from acting, Gwyneth Paltrow also has a popular website called Goop which features fashion advice, healthy living tips and wholesome recipes. She is also a New York Times bestselling author with two cookbooks to her name, My Father's Daughter, and her second one, It's All Good.

Paltrow credits her workout routine for keeping her looking youthful and less tired. "It makes me look younger and feel strong," says the actress, who does the Tracy Anderson Method five days a week. "When I first started, I thought, 'I'll never be good at this. This is a nightmare!' But now it's like brushing my teeth, I just do it."

Paltrow says she wants to instill a good body image on both of her children, especially her daughter who is now starting to become interested in makeup.

"When we're home sometimes, she'll put on mascara. And sometimes I'll let her wear something out to dinner - but just a little dab."

"Also having a father who adores you the way that he adores her is very good for your body image. The more we can love her and let her be who she is, the more confident she'll feel."

Beyonce Knowles was the most beautiful women voted by People magazine in 2012, and Jennifer Lopez got the title in 2011.