The "Shake It Off" singer earned $170 million, most of which came from her 1989 World Tour.
According to the magazine, which publishes the list annually, Swift's tour grossed $200 million in North America, and around $1 billion total.
Swift, 26, also has endorsement deals with Diet Coke, Keds and Apple.
Others who made the list include Swift's ex, Calvin Harris (No. 21 with $63 million) and, according to the Associated Press, Adele (No. 9 with $80.5 million), Madonna (No. 12 with $76.5 million), and Rihanna (No. 13 with $75 million).
Last year's highest-paid musician, Katy Perry, took the 63rd spot with $41 million, The AP reported.
The full list will be published later today.