Taylor Swift No. 1 on Billboard's 2014 "Money Makers" list

Taylor Swift performs on the European leg of her blockbuster "Red" tour on Feb. 7, 2014, in Berlin, Germany.
Andreas Rentz/Getty Images
Singer-songwriter Taylor Swift earned more money last year than any other recording artist in the music industry.

The seven-time Grammy Award-winner has topped Billboard's 2014 "Money Makers" list.

Swift, 24, made nearly $40 million in 2013, thanks in part to physical and digital sales of her 2012 album, "Red." But most of the profits came from her Red Tour, which pulled in more than $30 million in the U.S. alone over a six-month period.

Another country star, Kenny Chesney, came in at No. 2 on the music magazine's annual list, with earnings of almost $33 million.

Crooner Justin Timberlake landed in the No. 3 position, launching a successful comeback in 2013 with his "The 20/20 Experience" album and two tours, one of which featured Jay Z (who came in at No. 16 this year).

Rockers Bon Jovi and The Rolling Stones rounded out the top 5.

Click here to find out who else made the list.

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    Ken Lombardi is an entertainment reporter for CBS News. He has interviewed over 300 celebrities, including Clint Eastwood, Oprah Winfrey and Tom Hanks.