Lady Gaga and Michael Buble also rank highly on Forbes' magazine's annual list

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U2 have topped the list of the highest earning musicians over the last 12 months, with Bon Jovi and Elton John coming in second and third respectively.

The list, which is put together by wealth magazine Forbes, compiles and ranks the top 25 highest earning musicians in the world over the last 12 months.

U2, who also topped the list in 2010, earned over $195 million (£121 million). This was largely due to the continued success of their ‘360’ world tour, which has so far grossed over $700 million (£434 million) in its two years on the road.

Bon Jovi were second with earnings of $125 million (£78 million), also principally due to their ongoing world tour. Elton John came in third, having gathered over $100 million (£62 million) in the past year.

Lady Gaga came in fourth with earnings of $90 million (£56 million), while crooner Michael Buble rounded off the Top Five, having pocketed $70 million (£43 million) in the last 12 months.

Paul McCartney, the Black Eyed Peas and Justin Bieber all featured in the Top Ten, with the likes of Usher, Taylor Swift and Katy Perry narrowly missing out.

The top ten highest earning musicians according to Forbes were:

1. U2: $195 million (£121 million)

2. Bon Jovi: $125 million (£78 million)

3. Elton John: $100 million (£62 million)

4. Lady Gaga: $90 million (£56 million)

5. Michael Buble: $70 million (£43 million)

6. Paul McCartney: $67 million (£41 million)

7. The Black Eyed Peas: $61 million (£38 million)

8. The Eagles: $60 million (£37 million)

9. Justin Bieber: $53 million (£33 million)

10. Dave Matthews Band: $51 million (£31 million)

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