The 17-year-old singer topped People magazine's annual list after earning a reported $53 million in the last year, beating the likes of Miley Cyrus ' who shot to fame playing the title character in Disney TV show 'Hannah Montana' ' and his girlfriend Selena Gomez.
Justin's earnings are thought to have increased after the success of his 3-D concert movie, 'Never Say Never', and from sales of his new perfume Someday.
Miley, 18, took home a cool $48 million, while 19-year-old Selena banked just $5.5 million in comparison.
Will Smith's children Jaden and Willow made $9 million combined, while Jonas Brothers star Nick Jonas racked in an impressive $12.5 million.
And it seems Justin has been keen to spend some of his hard-earned cash as he recently splashed out $25,000 on a necklace.
The 'Baby' hitmaker also had a hand in designing his new piece of jewellery which is based on animated 'Family Guy' talking baby Stewie Griffin - voiced by Seth McFarlane - and features 12 carats of rubies and diamonds.
Beverley Hills jeweller Jason Arasheben helped Justin create the necklace, revealing the 'One Time' performer "had a specific vision for how he wanted it to look".