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.
- Daily Mail