Forbes Magazine has just named "Material Girl" Madonna as the world's Richest Self-Made Musician, and the artist also ranks 28th in their list of America's Richest Self-Made Women.

The 56-year-old singer, record producer, and even designer has a reported net worth of $520 million this year, according to the magazine's June 15 issue, and she beat out other artists "by a wide margin."

The article deemed her as "one of the top pop divas of all time," adding that "her tours have grossed an estimated $1.2 billion over the years, including $305 million from her 2012 MDNA tour. That helped her earn an estimated $125 million during the ensuing 12-month period during which FORBES calculated celebrity earnings, more than any other musician."

More things are lined up for Madonna that is sure to increase her net worth, the magazine noted. " Look for another bump when she goes on the road with her latest album, Rebel Heart, in August," it said.

Meanwhile, the person topping the list of the richest self-made women is Elizabeth Holmes of Theranos, which is a privately held health technology and medical laboratory services company based in Palo Alto. She has an estimated wealth of $4.5 billion.

Other celebrities included in the list are television host and media mogul Oprah Winfrey (#5, $3 billion), designers Tory Burch (#17, $1 billion), Donna Karan (#31, $450 million), Diane Von Furstenberg (#31, $450 million), Vera Wang (#34, $400 million), novelist Nora Roberts (#39, $340 million), and singer Beyonce (#49, $250 million).

Throughout her entire career, Madonna has dabbled into singing, songwriting, acting, and even business. She is known to reinvent both her music and image, and more often than not, she earns criticism for her transformations.

She is well-known as the "Queen of Pop" and has written and produced several number one songs such as "Into the Groove," "Papa Don't Preach," "Like a Prayer," "Vogue," "Frozen," "Music," "Hung Up," and "4 Minutes." She has sold over 300 million records worldwide and the Guinness World Records recognizes her as the best-selling female recording artist of all time.

Her acting career, on the other hand, did not receive the same positive response as compared to her songs, but she did strike out for her role in the 1996 film "Evita," since it earned her a Golden Globe Award for Best Actress.

Madonna also ventured into fashion design and children's books because of her children.