Dr. Dre has topped the annual 25 Highest-Paid Musicians of 2012 compiled by Forbes magazine.

Dr. Dre has been named music's highest earning star.

The hip-hop producer topped Forbes magazine's annual list of the 25 Highest-Paid Musicians of 2012, earning $110 million.

However, the biggest chunk of his earnings came not from music but his Beats by Dre headphones business, earning him $100 million pretax, when he sold a 51% stake in the company.

The rest of the musicians in the top five were all from the UK and Ireland, and made most of their money from touring.

Former Pink Floyd rocker Roger Waters took second spot on the list, earning $88 million, almost entirely from his The Wall Live tour.

Elton John took third, accruing $80 million, from over 100 shows in the period in which the figures were calculated.

U2 managed to take fourth spot, with $78 million from the end of their 360 tour - which over the three years it ran was the highest grossing in history, earning $736 million in total.

British boy band Take That rounded out the top five, making $69 million, thanks to their huge Progress tour, which saw them reunite with original band member Robbie Williams. The group grossed $61 million for eight dates at London's Wembley Stadium alone, the biggest single-stadium stand recorded at that point.

Other stars making the list include Toby Keith and Justin Bieber, who tied in tenth spot, earning $55 million each.

Forbes 25 Highest-Paid Musicians of 2012:

01. Dr. Dre - $110 million

02. Roger Waters - $88 million

03. Elton John - $80 million

04. U2 - $78 million

05. Take That - $69 million

06. Bon Jovi - $60 million

07. Britney Spears - $58 million

08. Sir Paul McCartney - $57 million

08. Taylor Swift - $57 million

10. Justin Bieber - $55 million

10. Toby Keith - $55 million

12. Rihanna - $53 million

13. Lady Gaga - $52 million

14. Foo Fighters - $47 million

15. P. Diddy - $45 million

15. Katy Perry - $45 million

17. Kenny Chesney - $44 million

18. Beyoncé - $40 million

19. Red Hot Chili Peppers - $39 million

20. Jay-Z - $38 million

21. Coldplay - $37 million

22. Adele - $35 million

22. Kanye West - $35 million

24. Michael Bublé - $34 million

25. Sade - $33 million