Taylor Swift has been named the Highest Paid Woman in Music with earnings of a staggering $170 million

Entertainment attorney Lori Landew told Forbes magazine: "She has been building her fan base for years, and that fan base crosses multiple market segments.

"It's this ability to appeal to younger and older audiences, and those in between, that makes Taylor such a sure bet with both concert promoters and brands who want to affiliate with her and with the community she has cultivated."

The 26-year-old singer's fortune was more than double that of second-placed Adele, whose ranking on Forbes' annual list came with earnings of $80.5 million thanks to astonishing sales of her third album '25'.

Pop veteran Madonna took third place on the list with $76.5 million. Like Taylor, much of her revenue came from performing live, with her 'Rebel Heart' world tour grossing $170 million.

Rihanna was narrowly behind in fourth place with $75 million, and Beyonce's $54 million saw her take fifth position.

Katy Perry - who took the top slot last year - was placed sixth with $41 million, just ahead of Jennifer Lopez with $39.5 million.

Britney Spears, Shania Twain and Celine Dion rounded out the top 10.

Lady Gaga, Mariah Carey, Miranda Lambert and Fleetwood Mac's Stevie Nicks and Christine McVie all made the top 10 in 2015 but dropped out this year.

Forbes' top 10 Highest-Paid Women in Music of 2016:

1. Taylor Swift ($170 million)

2. Adele ($80.5 million)

3. Madonna ($76.5 million)

4. Rihanna ($75 million)

5. Beyoncé ($54 million)

6. Katy Perry ($41 million)

7. Jennifer Lopez ($39.5 million)

8. Britney Spears ($30.5 million)

9. Shania Twain ($27.5 million)

10. Celine Dion ($27 million)