Forbes revealed its annual Celebrity 100 list on Wednesday, and Jennifer Lopez has been named the most powerful celebrity of 2012.

The 42-year-old singer and actress replaced Lady Gaga, who landed the top spot in 2011, and was acknowledged for her role as an "American Idol" judge, her Kohl's clothing line and for earning a reported $52 million over the past year.

Dorothy Pomerantz, who compiles the annual list, takes a number of factors into consideration when ranking the most powerful celebrities in Hollywood including pretax yearly income and fame exposure.

It is therefore no surprise that reality TV personality Kim Kardashian, who often frequents the cover page of various tabloid magazines, made it onto list landing at no. 7 after earning a whopping $18 million over the past 12 months.

Not surprisingly, Gaga, Rihanna and Justin Bieber- arguably among the biggest names in pop music- also made the cut.

Oprah Winfrey, who runs the struggling OWN network, landed the no. 2 spot and despite her network's financial losses earned a reported $165 million over the past 12 months.

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Wealthy entrepreneur Donald Trump and renowned producer Simon Cowell were also added to the
"most powerful" list.

More surprising entries included widely condemned commentator Rush Limbaugh, who earned $69 million and scored the no. 19 spot along with Glenn Beck, who earned a reported $80 million- he came in at no. 23.

A number of athletes also made the cut including Tennis stars Serena Williams ($13 million), #77, Maria Sharapova ($26 million), #71 and Rafael Nadal ($33 million), #47.

The top 10 list below is:
1. Jennifer Lopez: $52m; 2. Oprah Winfrey: $165m; 3. Justin Bieber: $55m; 4. Rihanna: $53m; 5. Lady Gaga: $52m; 6. Britney Spears: $58m; 7. Kim Kardashian: $18m; 8. Katy Perry: $45m; 9. Tom Cruise: $75m; 10. Steven Spielberg: $130m.