Los Angeles, California - After a historic run of success in 2023, Taylor Swift has scored some top honors from Forbes and PEOPLE magazine.

On Tuesday, the 33-year-old pop star earned the No. 5 spot on Forbes' list of the World's Most Powerful Women in 2023.

With an estimated net worth of over $1.1 billion, Taylor earned the outlet's praise for her sold-out stadium tour, record-breaking concert film, and utter dominance of the music charts with two new albums: Speak Now (Taylor's Version) and 1989 (Taylor's Version).

Her success doesn't appear to be slowing down anytime soon either, as Taylor is not even at the halfway stretch of The Eras Tour.

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She is set to resume concerts on an international leg beginning in Tokyo on February 7. Based on her previous patterns, fans can certainly expect some new music, whether it's an entirely new album or the last of her remaining re-recordings.

The Forbes honor wasn't her only honor unveiled on Tuesday, as Taylor was also named PEOPLE's Most Intriguing Person of the Year.

Continuing to tout her recent accomplishments, PEOPLE also collected praise from some of Taylor's peers and collaborators in the industry to shed light on how she came to earn the most dominant year of her career.

"She knows when, where, how to promote [her work], but she also knows when, where, how to be normal and be a human just living her life," country star Tim McGraw said of the Karma songstress, who famously named her debut single after him.

Aaron Dessner, who has played a key role in producing Taylor's most recent albums, also praised her "down-to-earth" nature but noted that she simply "never really stops writing songs."

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Taylor's opening act for The Eras Tour's Latin American leg, Sabrina Carpenter, spoke about how much of an inspiration she's been for her own career, saying, ". As a performer, I look up to how she’s able to connect with every single person in the crowd, like she’s singing to them personally."

Paramore's Hayley Williams, who also toured with Taylor this year and performed on a vault track for Speak Now (Taylor's Version), summed it up perfectly by admitting, "I'm almost afraid to say it, but I kind of think she's just getting started."