Mary-Kate and Ashley Olsen have been picked as one of Forbes' 30 most influential fashion moguls under 30.

The business and finance magazine has unveiled its annual list of taste-makers under the age of 30 in the world of fashion and art, selected by a panel of experts to celebrate the ''entrepreneurial, creative and intellectual best of their generation''.

The Olsen twins, 26, were recognised for their fashion empire including designer brands The Row, Elizabeth and James, Olsenboye and StyleMint.

Also honoured on the list is Balenciaga creative director Alexander Wang, 29, and 28-year-old Carly Cushnie of fashion brand Cushnie et Ochs, which has dressed US First Lady Michelle Obama.

The boutique label has also been worn by A-list stars such as Jessica Alba, Reese Witherspoon and Rihanna.

Carly told Forbes: ''We have become pretty well known for red-carpet, cocktail dress wear.''

Brazilian designer Pedro Lourenco, 22 - who is a favourite of singer Lady GaGa - also features on the list, along with 2011 CFDA/Vogue Fashion Fund award winner Joseph Altuzarra, 29, and Sophia Amoruso, who owns fashion retailer Nasty Gal, worth an estimated $130 million.

The Forbes 30 under 30 in arts and style:

Carly Cushnie - fashion designer

Joseph Altuzarra - fashion designer

Sophia Amoruso - fashion retailer

Michael Avedon - photographer

Gigi Burris - milliner

Carter Cleveland - entrepreneur

Kyle DeWoody - gallery owner

Katie Ermillo - fashion designer

Sam Falls - artist

Alex Gartenfeld - art critic

Jessica Hische - graphic designer

Asher Israelow - furniture designer

JR - artist

Jacob Kassay - artist

Eric & Susan Gregg Koger - fashion and home goods retailers

Sally LaPointe - fashion designer

Max Levai - gallery owner

Pedro Lourenco - fashion designer

Leandra Medine - fashion blogger

Toyin Odutola - artist

Ashley & Mary-Kate Olsen - fashion designers

Adam Pendleton - artist

Vladimir Roitfeld - art dealer

Clare Rosen - photographer

Vito Schnabel - art dealer

Lucien Smith - artist

Reece Solomon - handbag designer

Valentine Uhovski - art journalist

Artie Vierkant - digital artist

Alexander Wang - fashion designer