Taylor Swift is 2016's highest paid musician

Taylor Swift is the highest paid musician of 2016, according to a new Forbes magazine list.

The Shake It Off singer earned $170 million in the 12 months before June (16), making it the most lucrative year of her career. Taylor also ranks as the highest paid celebrity of the year.

Much of the 26-year-old's 2015/2016 fortune comes from her 1989 tour, album sales, and endorsements.

Swift is followed on the new Forbes list by ex-boyfriend Harry Styles' band One Direction, which earned $110 million to become the top-selling boy band of all time. Adele comes in at number three with $80.5 million .