Taylor Swift named Forbes' highest paid woman in music for 2016

LOS ANGELES, Nov. 3 (UPI) -- Taylor Swift has taken the number one spot atop the Forbes annual highest paid women in music list, ahead of Adele and Madonna.

The list, released Wednesday, has the "Shake It Off" singer earning $170 million over the past year thanks in part to her lucrative 1989 tour and her various endorsement deals with Keds, Diet Coke and Apple.

Coming in second place is Adele, who earned $80.5 million in 2016 due in large part to sales from her best-selling album 25.

Rounding out the rest of the top five is Madonna, close behind Adele with $76.5 million; Rihanna, who took in $75 million and Beyonce, who earned $54 million.

Forbes notes that they expect Beyonce to come in higher for next year's list due to her high-grossing Formation world tour which could not be factored into this year's earnings. The highest-paid women in music list measures income earned from June 1, 2015 to June 1, 2016 before taxes and management fees.

Last year Swift came in second with $80 million behind Katy Perry who had earned $135 million. Now Perry has dropped down into the number six spot with $41 million.

Swift was last seen during Wednesday's CMA Awards show in Nashville where she presented Garth Brooks with the Entertainer of the Year award.