Lady Gaga and Taylor Swift are the top-earning women in music, according to Forbes' annual report, released on Wednesday.

Gaga, 25, made a whopping $90 million, while Swift, 22, earned $45 million.

Katy Perry, Beyoncé Knowles and Rihanna round out the top five.

The Forbes report was compiled with data from Pollstar, the Recordign Industry Association of America (RIAA), and interviews with industry experts including lawyers, managers, concert promoters and the artists themselves, according to the magazine.

Figures were tallied between May 2010 and May 2011.

Gaga, who released her second studio album Born This way in May, averaged $1.3 million a night while on tour, Forbes reported. Swift, on the other hand, grossed $1 million per night on the road.

The Forbes list is the latest honor the country superstar can add to her list. Swift has been graced with several awards and titles in recent months, including the CMA Entertainer of the Year, the AMA Artist of the Year and Billboard's Woman of the Year. Swift is also up for three Grammy awards in February, including Best Country Solo Performance. Gaga is up for two awards, including Album of the Year.

Perry, 27, recently wrapped her California Dreams tour, which earned more than $25 million. The Teenage Dream singer also became the first artist to tie Michael Jackson's longstanding record of having the most number one singles from the same album. If Perry's latest single, The One That Got Away, reaches number one, the record books will crown a new winner.   

Click through to find out who made Forbes' top-earning women in music list, led by Lady Gaga and Taylor Swift.