The band is comprised of Harry Styles, 19, Niall Horan, 20, Zayn Malik, 20, Liam Payne, 20, and Louis Tomlinson, 21.
Ranking just behind the boy band is Daniel Radcliffe, with an estimated earnings of USD 90.64 million, making him the top-earning individual on the list compiled by Heat magazine, the Hollywood Reporter said.
The "Harry Potter" star had topped the list since its inception in 2010.
Rounding out the top five are Robert Pattinson, Keira Knightley and Emma Watson.
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Other new additions include singer Jessie J, model-actress Rosie Huntington-Whiteley, "The Amazing Spider-Man" star Andrew Garfield and boy band JLS.
The biggest gain goes to "The Great Gatsby" star Carey Mulligan, who rose 10 spots to come in 19th.
The list is compiled by a panel of experts that analyzes celebrities' earnings for the past year based on their TV and film deals, music sales and product endorsements.