Taylor Swift is edging closer to becoming a billionaire thanks to her hugely successful sold-out The Eras Tour which is set to last another year.

The Grammy-winning singer, 33, has increased her personal fortune to $740million up from $570million in April, according to Forbes magazine.

The news comes as she has announced an extension to the stadium tour from 52 to 146 shows shows across North and South America, Europe, Asia and Australia.

The huge rise in value includes revenue from album sales, touring, songwriting royalties, merchandise, property portfolio, brand deals and acting fees.

The first 22 performances of The Eras Tour grossed over $300million and it is on track to bring in a record $1.4billion when it ends in August 2024, according to touring industry trade publication Pollstar.

Taylor Swift is edging closer to becoming a billionaire thanks to her hugely successful sold-out The Eras Tour which is set to last another year

The Grammy-winning singer, 33, has increased her personal fortune to $740million up from $570million in April, according to Forbes magazine

The huge rise in value includes revenue from album sales, touring, songwriting royalties, merchandise, property portfolio, brand deals and acting fees

Taylor Swift draws 13 on her hand ahead of ‘Speak Now’ release

Mid-year reports released on Monday have revealed that Swift’s tour has been the highest-grossing in North America and around the world between November 17, 2022 and May 17.

She is estimated to have earned nearly $110million from the performances so far after paying production fees and concert promoter Messina Touring Group.

But the artist then has to pay taxes and shell out for other expenses including her manager, publicist and agent.

She has paid out a total of $55million in bonuses to workers on her tour, as the American leg winds to a close.

The songstress paid out the sum to backup dancers, rigging professionals, sound technicians, catering personnel and truck drivers.

Forbes has estimated the tour has so far contributed $30million to her net worth.

It is twice as big as the second top-grossing tour worldwide, which is Bruce Springsteen & The E Street Band’s $142million tour over 36 dates. And, thanks to the added dates, The Eras is on track to be the highest-grossing live music concert tour of all time.

It had been expected to earn $590million but that figure has increased to $1.4billion.

Swift is said to currently be the most popular artist worldwide on ticket sales, streaming, airplay and social performance.

If the projections are accurate, Swift will overtake Sir Elton John at the top after his retirement Farewell Yellow Brick Road Tour earned $910.4million.

But Beyonce’s Renaissance could surpass Swift, with reports it could earn $2.4billion from ticket sales by the time it ends in October.

It comes after Swift extended her stadium tour from 52 to 146 shows shows across North and South America, Europe, Asia and Australia

The first 22 performances of The Eras Tour grossed over $300million and is on track to bring in a record $1.4billion when it ends next year, according to trade publication Pollstar

The release of her re-recording of her 2010 album Speak Now in July combined with her future tour earnings could push Swift’s net worth to around $900million next year

She has also generated income through the release of her album Midnights in October 2022 and she became the first artist in history to have the top 10 songs on the Billboard charts.

Demand to see Swift perform is at an all-time high and the Ticketmaster site crashed multiple times during pre-sale. It caused the public sale of tickets to be cancelled last November.

More than 3.5 million people are said to have signed up to get tickets which is more than any other artist in history.  Swift sold more than two million tickets on the first day.

The ticketing company appeared at a Senate committee hearing earlier this year to explain the disaster.

The release of her re-recording of her 2010 album Speak Now in July combined with her future tour earnings could push her net worth to around $900million next year.

Swift’s concerts are also believed to provide an economic boost to the US economy with fans spending money on accommodation, food, transport, clothing and merchandise in various different cities.

The average person attending one of her performances is estimated to spend at least $1,300 with the total economic benefit believed to be around $5billion, according to a survey by QuestionPro.