Best Dressed: Gwyneth Paltrow arrives at the 84th Academy Awards in Hollywood, California, February 26, 2012. (Photo by Reuters)

Catherine, the Duchess of Cambridge, smiles during a ceremony naming an orchid hybrid in honour of her and Prince William at the National Orchid Garden in the Singapore Botanic Gardens September 11, 2012. (Photo by Reuters)

Emma Stone arrive at the 2011 Vanity Fair Oscar party in West Hollywood, California February 27, 2011. (Photo by Reuters)

Television personalities Kim Kardashian (L) and Kourtney Kardashian arrive at the grand opening of the Kardashian Khaos store at the Mirage Hotel and Casino in Las Vegas, Nevada December 15, 2011. (Photo by Reuters)

Miranda Kerr (R) and Orlando Bloom pose on arrival at the Metropolitan Museum of Art Costume Institute Benefit celebrating the opening of the exhibition "Alexander McQueen: Savage Beauty" in New York May 2, 2011. (Photo by Reuters)

Reese Witherspoon poses for a portrait while promoting the film "How Do You Know" in New York December 5, 2010. (Photo by Reuters)

Rihanna arrives at the 54th annual Grammy Awards in Los Angeles, California February 12, 2012. (Photo by Reuters)

Actress Gwyneth Paltrow was named the "World's Best Dressed Woman" of 2012 by People magazine on Wednesday, wowing the celebrity magazine with a simple elegant style that avoids some of fashion's quirkier trends.