Britney Spears has been crowned the highest-earning female musician by bosses at Forbes magazine.

The Toxic hitmaker has brought in a whopping $58 million between May, 2011 and 2012 due to the combined sales from her latest album, Femme Fatale, and her new perfume, Fantasy Twist.

Spears edged out country beauty Taylor Swift to earn the title - the 22 year old came in a close second with $57 million in earnings thanks in part to her role as the face of CoverGirl cosmetics and her massively-successful Speak Now World Tour.

R&B singer Rihanna came in third after receiving an estimated $53 million pay check, followed by last year's winner Lady Gaga ($52 million) and Katy Perry ($45 million).

Beyonce ($40 million) and Madonna ($30 million) also made the top 10.