Website hosting company Endurance International Group CEO and founder Hari K Ravichandran (38) has been ranked 19th, while asset management firm Altisource Asset Management (AAMC) CEO Ashish Pandey (38) is ranked 20th.
Ravichandran's firm has a market cap of USD 2.1 billion and that of Altisource is USD 1.8 billion. He is an MBA from the Wharton and studied electrical engineering at Stanford.
Pandey has served as a Director and the Chief Executive Officer of AAMC since December 2012. He holds a Masters of Business Administration from Indian Institute of Management.
"Its been said that youth is wasted on the young, but the still-fresh faces on this list have done anything but squander their earlier decades.
"Some began their careers with dorm room innovations, others rose through the ranks with record speed, but whatever their path, everyone on this list made it to the top before their 41st birthday," Forbes said.
The 20 CEOs on the list head publicly-traded companies with the highest market capitalisations.
For the third consecutive year, Page has topped the list.
In the past year, the search giants record-high stock prices nudged Pages personal net worth above to USD 30 billion.
The youngest CEO on the list is Facebook founder Mark Zuckerberg, 29, remains in the second place.
For the second consecutive year, Yahoo CEO Marissa Mayer, 38, holds third place and remains the only woman on this list.
In her less than two years as CEO, earlier with Google, has made "changes and waves in equal measure," Forbes said.
Eight CEOs are new to the list this year, including Burger King Worldwide head Daniel Schwartz, 33, who is one of the youngest on the list.
Since taking the position in June last year, Schwartz has focused on expanding the brand internationally, forming partnerships in India and France and opening the fast food chains first location in Brunei.