Earlier today (November 4), Forbes magazine unveiled its list of the top-earning women in music of 2014 and superstar Beyoncé has topped it at No.1 after raking in a phenomenal $115 million over the past 12 months. 

'Shake It Off' beauty Taylor Swift has earned a whopping $64 million, which is the biggest financial year of her career to date, and puts her one place behind at No.2. In third place is P!nk with earnings of $52 million and over the past year she performed a total of 85 concerts, grossing over $1 million per city. 

26-year-old Bajan hitmaker Rihanna is close behind at No.4 with $48 million and Katy Perry rounds off the Top 5 with enviable earnings of $40 million, which come from her CoverGirl cosmetics and Pop Chips endorsements along with sales of her latest fragrance, Killer Queen. 

Forbes magazine published a statement that explains how earnings were calculated and it reads: "Our figures are calculated by looking at income from touring, record sales, publishing, merchandise sales, endorsements and other ventures. Management and attorney fees are not deducted. Earnings are calculated from June 2013 to June 2014 and based on data from Pollstar, the RIAA and Nielsen SoundScan, and from interviews with managers, lawyers and executives."

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Watch Beyoncé's music video for 'Pretty Hurts' below: