Jennifer Lopez has been named the world's most powerful celebrity by Forbes magazine.

Lopez shot up the 100-strong list from her position at number 50 last year in rankings based on a combination of earnings, press coverage and internet presence.

Lady Gaga, who was last year's number one, toppled from her perch to come in at number five on this year's list. Oprah Winfrey was second on the list, followed by 18-year-old Justin Bieber at third and Rihanna at fourth.

Forbes said that a great many of the celebrities on their list showed business acumen as well as talent. "Numerous celebrities are leveraging their fame to make early-stage investments or launch start-ups themselves," Forbes said.

The publication also cited Bieber as an example, who they say is "also a serious investor, with stakes in a dozen companies that appeal to his tech savvy, including a chunk of Spotify".

Lopez's success as a judge on American Idol, a resurgence in her music career, and a public divorce from Marc Anthony in combination with a number of lucrative endorsement deals have sent JLo's financial star shooting, according to AFP.

"While she hasn't stormed Silicon Valley just yet, Jennifer Lopez is a state-of-the-art celebrity success story," Forbes said. "With $52-million in earnings over the last 12 months and a massive amount of fame, Lopez lands at number one on our Celebrity 100 list for the first time."