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 that the "One Time" performer "had a specific vision for how he wanted it to look.