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The magazine won the 2010 gold award in the Best Single Issue category in a contest which attracted more than 500 nominations from the US, Canada, the UK, India, New Zealand and South Africa.
The winning issue was Leadership's 300th edition - a notable achievement in itself - published in December 2009.
In making their decision the judges commented: "A slick, well-laid-out- magazine that features the leaders of South Africa from many different walks of life. It's an eye-candy magazine but the articles offer blunt, honest opinions from that country's leaders on a variety of subjects."
In accepting the award Leadership editor Robbie Stammers said: "We feel very privileged. The team works very hard and to be recognised by our peers at this level is very satisfying."
Leadership is the flagship in the list of business magazines published in Cape Town by Cape Media Corporation. Said managing director Robert Arendse: "It is good to see that South Africa can lead the way even in such a highly competitive industry as ours."