Kristen Stewart has been named the highest paid actress in Hollywood.

The 22-year-old Twilight star raked in $34.5 million in the past year helped by her recent hit, "Snow White and the Huntsman".

Forbes magazine also acknowledges how integral the brunette beauty is to the success of the vampire movie franchise.

"The star becomes indispensable," the financial publication noted. "And the studio has to pay up."

Coming in second place is Cameron Diaz who brought in $34 million in the past 12 months. She appeared in not so successful, "What to Expect When You're Expecting", but had a surprise hit with "Bad Teacher".

Oscar winner Sandra Bullock was number three on the chart with $25 million in earnings between May 2011 and May 2012.

Angelina Jolie was at the top of last year's list but came in fourth this time with $20 million.

Charlize Theron, Julia Roberts, Sarah Jessica Parker, Meryl Streep, Kristen Wiig and Jennifer Aniston also placed in the top 10.

Although the women make a substantial living, Forbes claims that they are still paid significantly less than Hollywood's leading men.

"The 10 women who make up our list earned a total $200 million compared to the $361 million brought in by our top 10 men," Forbes reported.

Forbes magazine 2012 list of highest paid actresses:

1. Kristen Stewart, $34.5 million

2. Cameron Diaz. $34 million

3. Sandra Bullock, $25 million

4. Angelina Jolie, $20 million

5. Charlize Theron, $18 million

6. Julia Roberts, $16 million

7. Sarah Jessica Parker, $15 million

8. Meryl Streep, $12 million

9. Kristen Wiig, $12 million

10. Jennifer Aniston, $11 million