Taylor Swift has been named Forbes’ most powerful woman of the year. — AFP pic

Dec 6 — Fresh from being named Time‘s Person of the Year finalist, singer Taylor Swift has been declared world’s most powerful woman by business magazine Forbes.

The 33-year-old, who came in fifth in the overall standing, was at number 79 on the same list last year, reported Daily Mail.

“With a record-breaking world tour, the ability to move economies and a US$1.1 billion net worth, the 33-year-old entertainer ranks among the most influential women on the planet,” Forbes wrote of the pop star.

The year has been a roller coaster ride for Swift that saw her embarking on her record-breaking Eras Tour and her romance with American football star Travis Kelce.

Swift achieved billionaire status in October as a result of her historic tour that grossed close to US$850 million following 66 shows in the US.

Her net worth grew to US$1.1 billion after she earned US$190 million — after tax — during the first leg of her tour.

She will be travelling to Europe and Asia next year for her tour.

The publication also cited the economic benefits of a city hosting an Eras show where on average, fans spent about US$1,300 on lodging, food, and retailers during her two Denver concerts – providing US$140 million to Colorado’s gross domestic product.

Carolyn Sloan, a labour economist and professor at the University of Chicago, told the publication that Swift was akin to a big corporation, essentially, operating in many sectors.

“Her audience has skewed so young and so female for so long that people may have underestimated how big this thing could be, economically. I don’t think anybody doubts that today.”

Forbes also cited the success of her Eras Tour concert, released in October where the accompanying tour movie earned US$93 million during its opening weekend and worldwide made over US$250 million

It was also recently reported that Swift became the first living artist to have five albums in Billboard 200 top 10 simultaneously.