I'm not familiar with Katy's ventures outwith music. What is she up to?

I'd say that objectively businesses are valued by their potential, not just current profits, and the Lady Gaga brand has the most capacity for success. Her career so far has demonstrated her name has a lot of power when handled smartly.

She's made interesting choices both in music and on screen which show career expansion, she's got perfumes, a new pet line, and investments in various businesses. She's inevitably going to exploit her fashion power with lines and a label, she'll inevitably start up her own label/production company, and I fully expect her to go into theatre both performing and creating (a la Cyndi and Elton) which can be extremely lucrative.

Plus, she has the benefit of her father being a keen entrepreneur and mother being in financial investment (IIRC) who will ensure her vast wealth is put to work.

PRISM is not a smash era ? Good to know

And Gaga also had a tour and Gaga is likely getting a bigger % of her tour than Katy and even though Katy's tour earned a lot more, Gaga will also earn a nice amount, the gap won't be as big as you think Anyway

Gaga has years where she has earned 90M, 80M and several times above 50M so Katy has years and years to catch up to Gaga

Gaga HAD potential. There would be no doubt during the Fame/TFM era, but that potential has severely diminished.

From June 2012 to June 2013 Lady Gaga earned 80M and became the most powerful musician in the World and the pop star to earn the MOST in that period. This is 1-2 years AFTER Born This Way

Then again in 2013-2014 Katy earned 40M and Gaga earned 33M That was Gaga's fall and Katy's rise... both of them will earn more than that this year so yeah..

YES it has diminished, BUT she is still above Katy, goes to prove how HIGH she was during TF,TFM

Gaga

Let's not be so short sighted.

More like, let's be realistic.

Right.
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The answer is still Katy.

It's pretty obvious she was just in another league of her own when she was at her peak BUT to say her star power has severely diminished would be dumb. She was on the campaign of H&M during C2C era, was Versace's ambassador, is currently the embassador of one of THE BIGGEST comestics company Shiseido and all of this happened after artpop (versace was during artpop)
She's releasing her own dog clothing/food line alongside a very reputable brand in that line soon, she is the leading lady of AHS series coming out this year. There's more examples but i think this'd be enough to get my point across

NONE of this would be possible if her star power/brand is severely diminished/damaged

As of right now Katy, tbh

Katy Perry.

Gaga used to, but Katy has prevailed

Gaga.
For some reason her net worth is bigger than Katy's.

It's like saying that J Lo is also a smaller brand than Katy cuz Katy is currently more popular and earns more That's not how it works..

Lady Gaga, as much as she's not as successful as she used to be, she still has big deals and draws a lot of pull, Versace's resurgence being partly attributed to her for one.
That said, Katy's brand is growing at a first rate and she will probably be the bigger brand in a few years if things are to go as they are now.

Always Gaga.

That's not what I'm saying though, Gaga's brand is a mess as of right now, no one has any clue of what she specifically stands for anymore, it's very jumbled, whereas Katy has a more defined idea of what her brand is/represents.