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According to Forbes, Swift raked in a whopping $57 million between May 2011 and May 2012.
Bieber came in a close second, amassing $55 million in the same period, while Rihanna, in third place, pulled in $53 million.
Also read: Taylor Swift Goes From Country Girl to Broadway Baby in "Speak Now"
Recession? What recession?
Forbes compiled the list based on album and concert sales, movie pay, profit participation, endorsements and advertising work, based on estimates from managers, agents and other show-biz insiders. Athletes were not included in the list.
Swift's most recent album, 2010's "Speak Now," has sold more than 4 million copies. The 22-year-old also has endorsement deals with CoverGirl, Sony and Target, and struck a deal with Elizabeth Arden to launch a fragrance, Wonderstruck, last year.
Read below for the top five celebrity earners under 30 over the past year. For the full Top 10, visit Forbes.
1. Taylor Swift (age 22) — $57 million
2. Justin Bieber (age 18) — $55 million
3. Rihanna (age 24) — $53 million
4. Lady Gaga (age 26) — $52 million
5. Katy Perry (age 27) — $45 million