Collectively, the 30 listed musicians earned more than $1.8 billion this year
Madonna, whose recent "Rebel Heart" tour grossed $170 million, was fourth with $76.5 million.
Barbados-born Rihanna, who earned $75 million made it to the fifth spot.
Calvin Harris, the world's highest paid DJ in 2015 was ninth in the list with $63 million.
Veteran rock band AC/DC had $67.5 million in the bag, stood seventh.
The English-Irish pop band, One Direction which brought in $110 million, grossing $200 million-plus for its recent On The Road Again Tour was second on the list.
American country singer and songwriter, Garth Brooks was sixth with $70 million
Rolling Stones, the English rock band, earned $66.5 million and held the eight spot.
Music mogul Diddy earned $62 million and was tenth is the Forbes' list.
Ranking third was "Hello" singer Adele, 28, with $80.5 million, her highest earnings total yet.
With earnings of $170 million from touring, recordings, endorsements and other income, Swift, 26, earned the title of 2016's highest-paid musician.