The 25 year old singer and songwriter has become the youngest woman ever to be included on the Forbes list of The World's 100 Most Powerful Women.
She's included at number 64 in the list because, Forbes says, she "has not onlybroken record sales and captivated the world with her fantastically honest lyrics, but she has proven herself as an impressive businesswoman".
Swift, who's 1989 album was her third consecutive release to sell one million copies in its first week, is described by the business bible as a "bona fide cross-genre, global megastar".
Forbes said she has changed the nature of celebrity by posting personally on Twitter and Instagram and making time to engage with her fans - called "Swifties".
It also cited her controversial decision to pull her music from the streaming service Spotify.
"There's no denying that she's one of the most significant cultural influencers of our time," Forbes said.
Joining Swift on the Forbes list are fellow celebrities Oprah Winfrey, the most powerful woman in entertainment ranking 12, Beyonce at 21 and Ellen DeGeneres at number 50.
Also making the cut are Angelina Jolie at number 54 on the list and Sofia Vergara at number 57.
The world's most powerful woman remains German Chancellor Angela Merkel followed in second place by Hilary Clinton.
First Lady Michelle Obama is in tenth place on the list, while former New Zealand Prime Minister Helen Clark is at No. 23 and Queen Elizabeth II is at 41.
Other powerful woman listed include Facebook's Sheryl Sandberg (8), Vogue's Anna Wintour (28), media publisher Arianna Huffington and designer Tory Burch.
