The 49-year-old singer has topped the first Cash Queens of Music list, compiled by Forbes.com, after raking in $72 million between June 2006 and June 2007.
The 'Hung Up' singer's personal fortune was boosted by her successful 'Confessions Tour', which generated a staggering $260 million worldwide.
Madonna also benefited financially from working with high street fashion chain H+M, general record sales and her deal with US broadcaster NBC for the rights to air her concert from London's Wembley Arena.
Barbra Streisand, 65 - who was the oldest performer on the list - finished second with $60 million.
The 'Woman In Love' star remains one of the most successful female entertainers in the world, having sold more than 145 million albums worldwide.
Celine Dion, 39, came third with $45 million.
The 'My Heart Will Go On' singer's fortune was boosted by her five-year Las Vegas residency, which ended last December. Her 'A New Day' show grossed more than $400 million since it opened at Caesars Palace in March 2003.
Shakira and Beyoncé Knowles - who collaborated on hit song 'Beautiful Liar' last year - rounded out the top five with $38 million and $27 million respectively.
Gwen Stefani, Christina Aguilera and Mariah Carey all feature in the top 10.
The top 20 women on the list earned a combined fortune of $420 million.
The list was compiled by examining the artist's concert grosses, merchandising revenue, album sales and additional revenue from clothing lines, fragrance deals and endorsements.
Only 'active' artists - those who released an album or film or toured during the specified period - were considered.
Forbes' Cash Queens of Music full list is available online at www.forbes.com.
TAGS: Music Madonna