Taylor Swift has topped Billboard's new Money Makers list after earning more than $35 million in 2011.

The Grammy Award winner was the biggest earner on the list, which was released on Friday on the publication's website.

The 22-year-old pop country star is riding on the success of albums Fearless and Speak Now and her recent tour.

Rock band U2 came in a close second with earnings of $32 million following their monumental 360-degree tour.

Kenny Chesney was next in line having made more than $29 million, followed by Lady Gaga at $25 million and Lil Wayne at $23 million.

Others in top ten included Sade, Bon Jovi, Cline Dion and Jason Aldean.

Billboard's sixth annual Money Makers list also included British singer Adele who came in tenth, with earnings of more than $13 million last year.

The list is based on US income sources from tours, album sales and publishing royalties but does not factor in sponsorships, merchandise sales or synchronisation deals.

Billboard's Money Makers list 2012, top ten:

1. Taylor Swift $35.7 million

2. U2 - $32.1 million

3. Kenny Chesney - $29.8 million

4. Lady Gaga - $25.4 million

5. Lil Wayne - $ 23.2 million

6. Bon Jovi - $19.8 million

7. Sade $16.4 million

8. Cline Dion - 14.3 million

9. Jason Aldean - $13.4 million

10. Adele - $13 million