(The Hill) — It's time to write Taylor Swift's name atop the list of the world's wealthiest female music artists — the "Shake it Off" singer is now in the No. 1 spot, according to Forbes. The business magazine estimated in an update this week that Swift's net worth comes in at $1.6 billion. The staggering figure surpassed the amount amassed by the previous holder of the title, Rihanna, who Forbes reported is worth $1.4 billion. The 34-year-old, who made headlines last month with her high-profile endorsement of Vice President Kamala Harris, reportedly became a billionaire last year partly due to earnings from her worldwide "Eras" tour. Singer Cissy Houston, mother of Whitney Houston, dies at 91 According to Pollstar data, the critically-acclaimed tour brought in over $1 billion in 2023, making it the highest grossing of all time. The concert trade publication noted that Swift accomplished this feat in just eight months after performing 60 shows. The tour is projected to gross over $1 billion again this year, per Pollstar estimates. Taylor Swift performs at Wembley Stadium as part of her Eras Tour June 21, 2024 in London. Republican presidential nominee former President Donald Trump, aided by images generated by artificial intelligence, accepted an endorsement from Taylor Swift that he never actually received. (Photo by Scott A Garfitt/Invision/AP, File) Beyond touring, Swift's extensive music catalog, which features 11 studio albums and re-recorded "Taylor’s Versions" of her earlier work, has greatly contributed to her growing wealth. Her catalogue is now valued at approximately $600 million, Forbes reported. The pop star also has an impressive real estate portfolio, estimated at around $125 million. On Forbes's list of the world's billionaires, Swift took 2,117th place.  Her wealth comes in second among entertainers only to Jay-Z. The rapper and business mogul's net worth totals $2.5 billion, the publication reported.  Nexstar's Ashleigh Jackson contributed to this story.