Musician Taylor Swift arrives at the 2014 Vanity Fair Oscars Party in West Hollywood, California March 2, 2014.[Photo/Agencies]

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Taylor Swift has reclaimed the top position on Billboard's annual list of music money makers, a title she held in 2012 but relinquished last year to Madonna.

Twenty-four-year-old Swift earned $39.7 million in 2013 from a combination of music sales, royalties and touring. Country star Kenny Chesney came in second place and Justin Timberlake came in third. Swift's global Red Tour helped her top the money makers, with six months in the US bringing in an estimated $30 million. The tour also boasted three hefty sponsorship deals.

Swift's album sales were eighth in the list of best-selling records in the US last year. Meanwhile, Chesney enjoyed his seventh chart-topping album in 2013 while Timberlake received an ecstatic welcome back from his fans after a seven-year break from music.

Other notable mentions that made the list include rock acts Bon Jovi and the Rolling Stones, rounding out this year's top five. Beyonce's surprise album at the end of the year earned her sixth place while Maroon 5's Adam Levine took seventh.