Beyonce knocked Oprah off the top spot thanks to her sell out tour, hit album and numerous endorsement deals.

Athough Beyonce was not the highest earner on the list, her media presence and in social media pushed her to the top spot.

LeBron James, the NBA basketball player, jumped from 16th place last year to second. 

He earned an estimated £42m thanks to basketball, endorsement deals and the sale of headphone maker Beats Electronics to Apple for £1.7bn.

James was a small part-owner of the business alongside Dr Dre who came third in the list. He earned £362m in 2014, and climbed from 63rd spot to 3rd.

Thanks to the sale of Beats, Dr Dre earned more money in the past 12 months than any other person in the history of the list.

Oprah, who topped the list last year, dropped down to 4th place on this years list with an estimated $82 million in earnings.

The top 10 most powerful celebrities are:

1. Beyonce
2. LeBron James
3. Dr Dre
4. Oprah Winfrey
5. Ellen DeGeneres
6. Jay Z
7. Floyd Mayweather
8. Rihanna
9. Katy Perry 
10. Robert Downey Jr

You can see the full list of most powerful celebrities on the Forbes website.