The singer took home £71m in 2014 but Madonna, who came first last year, failed to even make the top 10.
Beyonce has become the highest paid woman in music this year after earning £71.8m ($115m).
The Drunk In Love singer took home double what she pulled in last year after performing to millions on a world tour.
The 33-year-old rose from fourth place in 2013 and was firmly ahead of Taylor Swift, who came second in Forbes magazine’s list with earnings of £40m ($64m).
Beyonce also earned millions from her On The Run tour with her husband Jay Z.
Swift has had huge success this year
Swift’s new album 1989 has sold nearly 1.3 million copies in the US in its first week, making it the biggest album release in 12 years.
Pop singer Pink, 35, climbed from number eight in 2013 to third with £32.7m ($52m).
“Beyonce played 95 shows during our scoring period, bringing in an average of $2.4m per city,” said Forbes, citing data from the Pollstar trade magazine.
Barbados-born Rihanna, 26, with £30m ($48m) and Katy Perry, 30, who earned an estimated £25m ($40m), complete the top five on the annual list.
Madonna, 56, who was at number one last year, failed to make the top 10 in 2014.
Lady Gaga, 28, slumped from number two in 2013 to ninth place this year with estimated earnings of £20m ($33m).
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.
The top 10:
- Taylor Swift
- Katy Perry
- Jennifer Lopez
- Miley Cyrus (tie)
- Celine Dion (tie)
- Lady Gaga
- Britney Spears
Source: Sky News