Relative Powers

[Boromir88]

But if we think about it, fear should actually place the Nazgul and the Ring and other such entities high on a list of 'power', instead of low. Power isn't just about the ability to wield a sword or cast a spell, it's also about the ability to control, and fear is a major weapon in achieving this end -

And of course I would agree, fear can be a powerful weapon. Saruman also uses it sometimes, his manipulating abilities help him out a bunch. But, I would put those who don't show fear, and are fearless (like Gandalf and Glorfindel seem to be) above the WK. That's what makes the WK so strong, and there are very few who don't show any fear for the WK, but for those few who would qualify in the "not fearing" category I would put above him.