Taylor Swift beats Adele, Rihanna, Beyonce to tops Forbes' highest-paid women in music list, earning $170 MILLION in one year

Taylor Swift has smashed her competition to be named the richest female musician, according to Forbes' Highest-Paid Women in Music list for 2016. See list after the cut

The 26-year-old US pop star has amassed earnings of 170 million US dollars (£137.8 million) over the past year, meaning she has earned more than double her nearest competitor Adele.

1. Taylor Swift - $170m (£137.8m)

2. Adele - $80.5m (£65.2m)

3. Madonna - $76.5m (£62m)

4. Rihanna - $75m (£60.8m)

5. Beyonce - $54m (£43.8m)

6. Katy Perry - $41m (£33.2m)

7. Jennifer Lopez - $39.5m (£32m)

8. Britney Spears - $30.5m (£24.7m)

9. Shania Twain - $27.5m (£22.3m)

10. Celine Dion - $27m (£21.9m)

The British singer took home 80.5 million US dollars (£65.2 million) to come second on the list.

Adele followed Taylor with $80.5m, though her numbers were particularly impressive since her earnings largely come from album sales

Swift's takings are mainly due to her 1989 World Tour raking in a quarter of a billion dollars, 200 million US dollars (£162.5 million) of which was made in the US alone.

She also has lucrative endorsement deals with brands such as Diet Coke, Apple and Keds.

Forbes' media and entertainment editor Zack O'Malley Greenburg said: 'Taylor has completely overtaken everyone on our list due to the phenomenal success of her 1989 World Tour.

Adele's silver-prize earnings are not to be scoffed at, though, as she is one of the few musicians whose earnings largely come from album sales.

The 28-year-old Grammy and Oscar winner's latest album 25 has been a huge global success, and her current world tour has only added to her overall takings.

Madonna comes in third place with 76.5 million US dollars (£62 million) earned over the past year, and Rihanna follows closely behind with 75 million US dollars (£60.8 million).

Last year's number one Katy Perry lands in sixth place for the year after her Prismatic World Tour came to an end in October last year.

Perry's earnings for 2015 were 135 million US dollars (£109.4 million) but for the 2016 period, she slipped down to 41 million US dollars (£33.2 million).

The top 10 list is completed by solo music artists Beyonce, Jennifer Lopez, Britney Spears, Shania Twain and Celine Dion.

Forbes estimated the pre-tax income of personalities from June 1 2015 through to June 1 2016 from a variety of sources, including data from Pollstar, Nielsen and the Recording Industry Association of America, as well as interviews with managers, lawyers and some of the stars themselves.