Swift’s massive pay packet comes courtesy of her hugely successful 1989 World Tour as well as deals with Diet Coke, Keds and Apple.
Boyband One Direction came in second place with $145 million, author James Patterson came in third with $112 and soccer star Cristiano Ronaldo and personality Dr. Phil McGraw rounded out the top five with $116 million apiece.
Other notable stars on the list were Adele who came in ninth place with $105 million, Madonna at No. 12 with $100 million, Rihanna at No. 13 with $99 million.
Katy Perry, who was last year’s highest paid female, fell down to 63rd place with $54 million.
Swift’s ex, Calvin Harris, also made the list, coming in at 21 with $83 million, which would have seen them as the highest earning couple had they not split.
However it was Jay Z and Beyoncé who took that title with $141 million between them.
Kim Kardashian, who came in at 42 on the list with $67 million and covers the annual issue thank to her hugely successful app Kim Kardashian: Hollywood which earned $212 million.
"Such a tremendous honor to be on the cover of @forbes! I never dreamed this would happen & know my Dad would be proud," the star wrote on Twitter, before adding "#NotBadForAGirlWithNoTalent".