Angelina JolieAFP/Getty Images

Angelina Jolie has been knocked off the top perch in the list of Hollywood's highest female earners.

So who replaced her on the top spot this year?

Kristen Stewart - at 22 the youngest Hollywood star in the top ten - beat off tough competition to lead the Forbes list of highest-paid actresses. The Twilight star made a cool $34.5 million (£21.9 million) between May 2011 and May 2012.

The largest chunk of her earnings came from the 'Twilight' series for which she was paid £7.9 million per movie, on top of a slice of the film's earnings. The actress, who shot to fame as Bella Swan in the Twilight films, also stars in 'Snow White and the Huntsman'.

Forbes Los Angeles bureau chief Dorothy Pomerantz said: "Kristen Stewart is an up-and-coming star. She is earning a lot of money from one of the most successful franchises of all time. This is who you would expect to see right now. This year you are seeing somebody young and at the brink of potentially great stardom sitting on the top of the list."

Hot on her heels, Cameron Diaz came second with $34 million thanks to her surprise hit with 'Bad Teacher'. She made a clever deal to take home a nice chunk of the film's profits, in return for a lower upfront payment. Oscar winner Sandra Bullock came third with $25 million.

Jolie, who came top last year along with Sarah Jessica Parker of Sex and the City fame, slipped down the list and ended up in the fourth spot with earnings of $20 million. Even when she is not starring in a big studio flick, Jolie still earns millions from residual payments from older movies and endorsement deals for companies like Louis Vuitton. She made her directorial debut with 'In the Land of Blood and Honey' about the horrors of the Bosnian war, which won her favourable reviews as well as threats after the film premiered in Sarajevo in February.

Stewart's co-star in 'Snow White and the Huntsman' Charlize Theron, who also appears in 'Prometheus,' was in fifth place with an $18 million salary.

Julia Roberts, Parker, Meryl Streep, Kristen Wiig and Jennifer Aniston make up the rest of the top ten.

Parker, whose 2011 film 'I Don't Know How She Does It was a bit of a flop with $30 million worldwide box office takings, slipped to seventh place with a $15 million salary.

"She is almost earning more from her perfume and endorsement deals right now than from entertainment. That is true of a lot of women. They have these outside deals that are very lucrative. Angelina Jolie earns a lot from residuals, as does Sarah Jessica Parker," Pomerantz said.

Despite the big bucks, the gender pay gap extends to Hollywood. The top 10 actresses made $200 million between them, according to Forbes - dwarfed by the $361 million made by the 10 highest-earning male stars.

"It is nowhere near what men are making," Pomerantz said. "I think it will be a while until women see salary parity, if it ever happens. Women are paid less in every industry, not just in Hollywood."

Click here to view the full list. Forbes included upfront pay, profit participation, residuals, endorsements and advertising work.