Gwyneth Paltrow named "World's Best Dressed Woman" by People

Gwyneth Paltrow arrives on the red carpet for the 84th Annual Academy Awards on Feb. 26, 2012, in Hollywood, Calif.

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(CBS News) People has crowned Gwyneth Paltrow as the "World's Best Dressed Woman" of 2012.

The magazine announced Wednesday that the Oscar winner has topped its annual best-dressed list.

Pictures: Gwyneth Paltrow

Paltrow, 39, was chosen by People for her simple, elegant style that avoids fashion's quirkier trends, according to Reuters. The magazine's list was compiled by its 42 million readers, editors and fashion bloggers.

Paltrow's stylist, Elizabeth Saltzman, told People that the actress was not a slave to trends. "She doesn't do fringe. She has a uniform. It's simple, not overdone," Saltzman said.

Others who made this year's list include Emma Stone, chosen as the star with the best red carpet style, and Britain's Kate, Duchess of Cambridge, who was hailed as the woman with the best classic style.

Rihanna, who was praised for taking the most fashion risks, also made the cut, as did Jennifer Lawrence, who was named the best dressed star under 25.

Andrew Garfield, Brad Pitt, Colin Firth, Robert Pattinson and brothers Chris and Liam Hemsworth all made the men's list, Reuters reports.

For more on the list, head to People's website. The magazine's annual "Best & Worst Dressed" issue hits newsstands Friday.