By Kyle Anderson
Updated August 17, 2011 at 09:57 PM EDT
Credit: Tina Gill/PR Photos

While it’s nice that Justin Bieber now has a street named after him in a small town in Texas, you have to assume that he prefers the economic spoils of his fame a bit more.

And what spoils they are! According to People, Bieber is the richest teen in entertainment, having taken in an astounding $53 million last year.

Of course, that isn’t just cash from album sales or even his massively successful arena tour. When you consider just how many Bieber dollars there are, you have to remember that he also licenses his name and likeness to all sorts of stuff that has nothing to do with music, like his fragrance (which accounted for a pretty big chunk of change). He also cleared a bunch of green thanks to Never Say Never, the biopic/concert movie that came out earlier this year.

Musicians dominated People‘s list of the richest teens, as touring and diversification allowed for a lot more paydays than movie or television stars have. Bieber finished just ahead of fellow pop star Miley Cyrus, who took home $48 million, mostly from tour receipts. Nick Jonas, another kid who hit the road hard, banked $12.5 million. Jaden and Willow Smith not only share parents and a penchant for violence in their art, but they also co-opt the last two spots on the top five, having scored $9 million each.

Sitting just behind the Smiths? Bieber’s girlfriend Selena Gomez, who stuffed $8.5 million into a bag with a dollar sign on it. That’s no small change, but now that these figures are out there, Biebs better be picking up the tabs at Friday’s (assuming they eat at Friday’s, which is what most of us did with our girlfriends when we were 17).

It seems like Bieber could stay on top of that list for a while (well, as least until he turns 20), but what other teens are making a run this year? Make your predictions for the new batch of rich kids in the comments below.