The Material Girl singer amassed her fortunes thanks to her highly successful MDNA tour.
While her latest album was deemed a flop by critics, Madonna proved she still had a massive fan base. Her supporters eagerly flocked to the pop diva's concerts, to hear classic tunes such as Lucky Star and Like A Virgin.
On top of her tour earnings, Madonna raked in her millions from sales of clothing, fragrance and various investments, according to Forbes.
Lady Gaga is said to be following in the pop icon's footsteps, and while she ranked tenth on Forbes' rich list, the Applause singer's career seems to be heading in the same million-making direction as Madonna's.
The Vogue singer's top spot this year compares with her previous peak in 2009 when Madonna gained £70million, but falls short of last year's first place, secured by Oprah Winfrey with £106million.
Ranked second on the list was director Steven Spielberg who earned an estimated £64.5million, thanks to his blockbuster hit Lincoln and his roster of classic films such E.T. and Jurassic Park continuing to bring in the cash.
Music mogul Simon Cowell, 50 Shades of Grey author E.L. James and radio personality Howard Stern tied third place with £61million in earnings.
Other celebrities that made it in the top ten include Jerry Bruckheimer and Michael Bay.