#15 David Letterman - Power Rank 15 - Pay $45 mil

The veteran late-night host became a hero when his production company, Worldwide Pants, hammered out its own deal with its striking writers to get them working ahead of others. In addition to Late Show With David Letterman, the company owns the Late Late Show With Craig Ferguson and syndicated rights to sitcom Everybody Loves Raymond.

#14 Cameron Diaz - Power Rank 14 - Pay $50 mil

The highest-paid actress in Hollywood makes or breaks a movie. She's got the acting chops but is still dogged by ditzy roles. Recently she's been cashing in on her role as a princess-turned-ogre in the Shrek franchise. Also appeared with Ashton Kutcher in What Happens in Vegas this spring.

#13 Steven Spielberg - Power Rank 13 - Pay $130 mil

It was a big year for the king of Hollywood. He produced Transformers (directed by Michael Bay) and released Indiana Jones and the Kingdom of the Crystal Skull, the first movie he's directed since 2005. He's into videogames too: He introduced the game "Boom Blox" in May, the first of three he's developing in collaboration with Electronic Arts.

#12 Justin Timberlake - Power Rank 12 - Pay $44 mil

Two million fans paid $100 million to see J.T. on his FutureSex/Love Show tour. The former boy-band member also appeared in a Super Bowl commercial for Pepsi, heads his own music label and has signed a development deal with MTV.

#11 Will Smith - Power Rank 11 - Pay $80 mil

A star who turns out blockbuster after blockbuster, Smith pulled in a gross of $585 million with his thriller I Am Legend, more than half of it overseas. When he takes a rare risk, as in his drama The Pursuit of Happyness, his films still make bank. He's keeping this summer warm with his anti-superhero flick Hancock.

#10 Brad Pitt - Power Rank 10 - Pay $14 mil

Rendered permanently cool with his roles in Fight Club, Seven and Ocean's Eleven, Pitt remains one of Hollywood's most bankable actors. Up next: The Curious Case of Benjamin Button. Spends down time flying around the world working for charities—and adopting babies—with his girlfriend, actress Angelina Jolie.

#9 J.K. Rowling - Power Rank 9 - Pay $300 mil

It was wizardry that transformed J.K. Rowling from a destitute single mother on welfare into a best-selling billionaire. Her adventures of teenage magician Harry Potter and his classmates at Hogwarts became a children's literary sensation in 1998 with the U.S. publication of Harry Potter and the Sorcerer's Stone. It and the six subsequent books have now sold 375 million copies worldwide. The final one, Harry Potter and the Deathly Hallows, has sold 44 million since it was published last July, including 15 million in the first 24 hours.

#8 The Police - Power Rank 8 - Pay $115 mil

The late-1970s rock band, famous for not getting along, reunited at the 2007 Grammys performing its hit "Roxanne." The Sting-fronted group then set off on a world tour, selling out stadiums and arenas on five continents. They sold $200 million worth of tickets and played to 4 million fans.

#7 Jay-Z - Power Rank 7 - Pay $82 mil

Brooklyn-born Jay-Z had a monster year, releasing a second platinum comeback CD, American Gangster. In April he signed a $150 million, 10-year recording, touring and merchandising deal with concert promoter Live Nation—and days later married his longtime girlfriend Beyoncé on the roof of his New York City penthouse.

#6 Johnny Depp - Power Rank 6 - Pay $72 mil

He became an unlikely mainstream star with his boozy turn as Captain Jack Sparrow in the Pirates of the Caribbean series. Last year he found time to star in his pal Tim Burton's movie version of Sweeney Todd, which grossed $154 million. He earned his third Best Actor Oscar nomination for his portrayal of the Demon Barber of Fleet Street.

#4 Beyonce Knowles - Power Rank 4 - Pay $80 mil

After ditching Destiny's Child to go solo in 2003, the Houston native has released two platinum albums and built a wildly successful entertainment empire that includes fashion, film and publishing deals. She sold $50 million in tickets on a recent tour. Her endorsement contracts, with L'Oréal, American Express and others, bring in $10 million annually.

#3 Angelina Jolie - Power Rank 3 - Pay $14 mil

Despite the paparazzi, pregnancy and peace activism, the owner of the world's poutiest lips still managed to play a lusty animated witch and the wife of a slain Wall Street Journal reporter in the same year. Photos of her twins should fetch the highest price ever for baby snaps. She'll probably give the money to charity.

#3. Tiger Woods - Power Rank 2 - Pay $115 mil

Tiger chalked up another monster year on and off the course in 2007. He won his ninth PGA Player of the Year award and a seventh Vardon Trophy (given to the PGA Tour's leader in scoring average) and was the top money winner for an eighth time. He won the inaugural FedEx Cup, adding a $10 million payout to his bursting retirement account. Off the links he parted ways with American Express after a decade together. He still has big contracts with Nike, Accenture, Buick and Gillette. His latest endorsement: a five-year agreement for his own line of Gatorade drinks.

#5 David Beckham - Power Rank 5 - Pay $50 mil

David Beckham

Coming to America paid off for England's soccer sensation despite the injuries that plagued his first season with the Los Angeles Galaxy. His base salary with the team was only $5.5 million, but that figure more than doubled with his cut of the team's ticket, merchandise and sponsorship revenues.

Each year Forbes ranks the most powerful celebrities based on a combination of total earnings and an ability to generate buzz. Oprah was No. 1 in 2007. Will she be dethroned?