Madonna is the richest woman in music, according to Forbes' first-ever Cash Queens of Music list released Wednesday.

The 49-year-old Material Girl topped Forbes list of the top-earning female musicians, raking in $72 million between June 2006 and June 2007. The pop-star earned the bulk of that from her Confessions tour which was the highest-grossing tour for a female artist and earned $260 million worldwide. Her endorsement deal with retailer H&M, money earned from record sales and a deal with NBC to broadcast her concert performance at London's Wembley Stadium also contributed. said it compiled the list by examining concert grosses, merchandising revenue, album sales and other revenue from clothing lines, fragrance deals and endorsements. The 20 women on Forbes' Cash Queens list earned a combined $420 million between June 2006 and June 2007.

Barbra Streisand came in second with $60 million, thanks to her comeback tour of North America and Europe. Tickets for the 65-year-old crooner were $300 per person, the most expensive ticket price for 2007.

Celine Dion, 39, snagged third place with $45 million, due to her successful A New Day five-year show in Las Vegas. The star wrapped up the show last December in Caesars Palace where an estimated 3 million fans saw her live.

Colombian-born Shakira, 30, landed in the fourth spot as she banked $38 million, followed by Beyonce with $27 million thanks to her L'Oreal, American Express and Samsung endorsements. Gwen Stefani came in at No.5 with $26 million, followed by Christina Aguilera ($20 million), Faith Hill ($19 million), the Dixie Chicks ($18 million) and Mariah Carey ($13 million).

Britney Spears also secured her spot in the list at No.14, although she didn't tour or release any new music (Blackout came out after June 2007) but managed to bank $8 million from previous hits and strong sales of her perfume, Curious, which grossed $55.4 million in 2006.

American Idol's Carrie Underwood and Nelly Furtado brought in $7 million each; Fergie, Jennifer Lopez and Sheryl Crow secured $6 million each; and Norah Jones banked $5.5 million.