London: Singer Justin Bieber has been named Hollywood's richest teenager after earning a reported $53 million in 2010.The 17-year-old topped People magazine's annual list, defeating the likes of Miley Cyrus and his actress girlfriend Selena Gomez.

Justin's earnings are said to have increased after the success of his 3-D concert movie, 'Never Say Never' and from sales of his new perfume 'Someday'.

Cyrus, 18, estimated earning is $48 million, while 19-year-old Gomez banked just $5.5 million in comparison.