Lady Gaga has knocked Oprah Winfrey off the top spot in Forbes magazine’s annual Celebrity 100 list which ranks artists based on earnings, media visibility and social media popularity.

The eccentric pop star has moved up four places since 2010 thanks to her earnings over the past year – believed to be around $90 (£55.6m).

The ranking also takes into account her 32 million Facebook fans and 10 million Twitter followers.

Lady Gaga’s achievement coincides with the impending release of her much-anticipated album Born This Way.

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“Lady Gaga beat Oprah this year because of her social media power,” said Forbes editor Dorothy Pomerantz said.

“She’s the best example of how celebrities will need to manage their careers in the coming years.”

Justin Bieber is a newcomer on the list this year in third place thanks to his earnings of $53m (£32.7m).

In fourth place are Irish rock band US with earnings of $195m (£120.5m).

Sir Elton John comes in fifth place, making him the highest ranking Brit.

Simon Cowell is in ninth place.