Kristen Stewart earned $34.5 million in the year to May 2012. (Getty)
Kristen Stewart has been declared Hollywood's highest paid actress after raking in $12.5 million for the last two Twilight films.
The 22-year-old vaulted to the top of Forbes magazine's annual list after coming in fifth last year, tied with Julia Roberts.
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Forbes estimates Stewart's income for the 12 months to May 2012 totalled $34.5 million, taking into account upfront pay, profit participation, residuals, endorsements and advertising work.
Cameron Diaz ranked second on the list with $34 million followed by Sandra Bullock on $25 million.
Stewart, who bolstered her annual income by taking a role in Snow White and the Huntsman, is the youngest woman on list by 16 years, followed by Kristen Wiig, 38.
Her meteoric rise to Hollywood's highest-paid actress has been attributed to her leading role in the hugely successful Twilight series.
Women in Hollywood are still paid less than men, with the top 10 actresses' income totalling $200 million compared with $361 million for the top 10 men, Forbes said.