Taylor Swift has been named Top Money Maker of 2013.

The I Knew You Were Trouble singer earned $39.7m from a combination of music sales, royalties, and touring last year, placing her ahead of Beyonce, Justin Timberlake and The Rolling Stones on Billboard Magazine's annual list.

Taylor previously held the title in 2012, before being beaten to the top spot by Madonna last year.

However, the 24-year-old singer's Red Tour helped her to get ahead on the list this year, with six months in the US bringing in a reported $30m.

The staggering sum is notwithstanding the three sponsorship deals which accompanied the tour - due to lack of data - but the trade publication estimates the deals totted up seven figures.

Kenny Chesney has risen to second place, while Justin Timberlake sits behind in third, following his chart comeback last year with The 20/20 Experience, his first album in seven years.

Rock acts Bon Jovi and The Rolling Stones round up the top five coming in fourth and fifth place respectively.

Dressed to impress: our top 10 Taylor Swift fashion moments 10 show all Dressed to impress: our top 10 Taylor Swift fashion moments 1/10 Grammy glam Taylor Swift's gold Gucci metallic gown shone on the red carpet at the Grammys 2014 2/10 Flowing A strapless Carolina Herrera gown for the Golden Globes 2014 (Photo by Christopher Polk/NBC/NBC via Getty Images) 3/10 Fit for a prince Taylor's Reem Acra gown caught Prince William's attention 4/10 Short and sweet Taylor rocks a mini-dress from Julien Macdonald and matching Jimmy Choo sandals at the 2013 American Music Awards (Picture: Frederic J. Brown/AFP/Getty) Frederic J. Brown/AFP/Getty 5/10 Secret style Taylor flew the flag for Britain at the Victoria's Secret 2013 Fashion Show in New York Anthony Behar/REX 6/10 So right in red Wearing an Ellie Saab number in her favourite colour at the 47th annual CMA Awards Evan Agostini/Invision/AP 7/10 So chic Doing it her way in an Elie Saab dress, Giuseppe Zanotti shoes and Neil Lane jewelry at the Brits 2013 (Ian West/PA Wire) PA 8/10 Bejeweled Looking hot in an emerald green Jenny Packham cocktail dress in BBC Radio 1 Teen Awards 9/10 Sizzling Another Elie Saab dress, Jimmy Choo shoes, Ofira earrings, and a single Lorraine Schwartz ring Getty 10/10 Classic Keeping it simple in a white Ralph Lauren gown at the People's Choice Awards 2013 Getty 1/10 Grammy glam Taylor Swift's gold Gucci metallic gown shone on the red carpet at the Grammys 2014 2/10 Flowing A strapless Carolina Herrera gown for the Golden Globes 2014 (Photo by Christopher Polk/NBC/NBC via Getty Images) 3/10 Fit for a prince Taylor's Reem Acra gown caught Prince William's attention 4/10 Short and sweet Taylor rocks a mini-dress from Julien Macdonald and matching Jimmy Choo sandals at the 2013 American Music Awards (Picture: Frederic J. Brown/AFP/Getty) Frederic J. Brown/AFP/Getty 5/10 Secret style Taylor flew the flag for Britain at the Victoria's Secret 2013 Fashion Show in New York Anthony Behar/REX 6/10 So right in red Wearing an Ellie Saab number in her favourite colour at the 47th annual CMA Awards Evan Agostini/Invision/AP 7/10 So chic Doing it her way in an Elie Saab dress, Giuseppe Zanotti shoes and Neil Lane jewelry at the Brits 2013 (Ian West/PA Wire) PA 8/10 Bejeweled Looking hot in an emerald green Jenny Packham cocktail dress in BBC Radio 1 Teen Awards 9/10 Sizzling Another Elie Saab dress, Jimmy Choo shoes, Ofira earrings, and a single Lorraine Schwartz ring Getty 10/10 Classic Keeping it simple in a white Ralph Lauren gown at the People's Choice Awards 2013 Getty

Meanwhile, Beyonce's surprise self-titled album released in December has earned her sixth place, with her gruelling 132-date The Mrs. Carter Show World Tour bringing in an estimated $19.9m in the US leg alone.

More Taylor Swift stories









Billboard's Top 10 music money makers 2013

Taylor Swift - $39.7m

Kenny Chesney - $32.9m

Justin Timberlake - $31.5m

Bon Jovi - $29.4m

Rolling Stones - $26.2m

Beyonce - $24.4m

Maroon 5 - $22.3m

Luke Bryan- $22.1m

Pink - $20m

Fleetwood Mac - $19m