Beyonce Named Highest Paid Woman in Music by Forbes Magazine

Beyoncé has been named the highest paid woman in music in 2014.

The singer's earnings for the year so far have been estimated at $115 million, according to Forbes magazine.

The figure is almost double what she raked in 2013, with most of her earnings stemming from her world tour.

"Beyonce played 95 shows during our scoring period, bringing in an average of $2.4 million per city," said Forbes, citing data from the Pollstar trade magazine

The R&B singer's self-titled album released last December and endorsement deals pushed her earnings up further assuring her the top spot.

The 33-year-old has now moved from fourth place in the Forbes super rich list ahead of pop star Taylor Swift, 24, with earnings of $64 million. The Shake It Off singer jumps up one spot from last year to No. 2.

In 2009, Beyonce credited her success to her strong work ethic. She told Forbes: "Like everyone else, you work really hard and you want it to be great; you want your friends to like it. What makes me feel comfortable is practice and knowing I'm prepared."

While Queen Bey tops the chart, pop singer Pink, 35, climbed up from number 8 in 2013 to number three in the ranking with $52 million.

Most of Pink's income was generated by her concert tour after she played a massive 85 concerts, grossing over $1 million per city.

Rihanna, 26, with $48 million and Katy Perry, 30, who earned an estimated $40 million, made it into the top five, while last years highest earner Madonna, 56, failed to make the top 10 in 2014.

Lady Gaga, 28, slumped from No. 2 in 2013 to ninth place this year with estimated earnings of $33 million.

Her recent album ArtPop failed to match the success of previous records The Fame and Born This Way.

Controversial star Miley Cyrus found herself at joint seventh position with Celine Dion with earnings of $36 million, largely stemming from her Bangerz world tour.

Forbes compiled the list after estimating pre-tax income calculated for the 12 months from June 2013 to 2014 based on record sales, concert tickets, touring information merchandise sales and interviews with concert promoters, lawyers and managers.

It also looked at data from the Pollstar, the RIAA (Recording Industry Association of America) and tracking firm Nielsen SoundScan.

10 HIGHEST-PAID WOMEN IN MUSIC

1. Beyoncé - $115 million

2. Taylor Swift - $64 million

3. Pink - $52 million

4. Rihanna with - $48 million

5. Katy Perry - $40 million

6. Jennifer Lopez - $37 million

7. Miley Cyrus - $36 million, tie

7. Celine Dion - $36 million, tie

9. Lady Gaga - $33 million

10. Britney Spears - $20 million