Editors at Forbes estimated the 29-year-old singer made $185 million (£148 million) in pre-tax earnings in the year beginning 1 June 2018.
Swift last topped Forbes' Celebrity 100 list in 2016, when her pre-tax earnings were calculated to be $170 million (£136 million).
The bulk of Swift's earnings were attributed to the success of her "Reputation" stadium tour, which, according to editors at Forbes, is the highest-grossing tour in U.S. history.
Swift's fortune is likely to get even bigger when her new album "Lover" - her first release under new record label Republic Records - comes out in August.
Meanwhile, West returned to the list after a four-year absence. Forbes estimated his pre-tax earnings at $150 million (£120 million), driven mostly by his popular Yeezy sneaker line, putting him in third place.
The 42-year-old's placing comes three years after he claimed on Twitter he was $53 million (£42 million) in debt.
His sister-in-law, beauty mogul and reality TV star Kylie Jenner, is ranked second on the list, earning an estimated $170 million (£136 million) thanks to her best-selling Kylie Cosmetics business. West's wife and Jenner's sister, Kim Kardashian, also ranked at number 26.
The news of Swift's huge earnings comes after she accused West's manager Scooter Braun of "stripping her of her life's work," after the music mogul acquired her former record label Big Machine, including the rights to her first six albums.
Forbes Top 10 World's Highest-Paid Celebrities of 2019