Veteran hip-hop artist Andre Romelle Young, known by his stage name of Dr. Dre, topped Forbes' list of the 25 highest-paid musicians in 2012. The 47-year-old Californian made $110m (approximately £68.5m), primarily from his headphones venture, Beats.

Legendary British musicians Roger Waters of Pink Floyd and Sir Elton John took second and third, with earnings of $88m (approximately £54.8m) and $80m (approximately £49.8m) respectively. Their earnings were boosted by revenue from the former's live tours and the latter's animated film Gnomeo and Juliet, which made $200m (approximately £124.6m) at the box office.

Irish band U2 came fourth, earning $78m (approximately £48.6m) and another British entry in the list, rock band Take That, were fifth, with $69m (approximately £43m) in earnings; their reunion tour grossed $61m (approximately £38m) from London's Wembley Stadium date alone.

Canadian teenage pop star Justin Bieber is the youngest entry on the list, tied for 10th with Toby Keith. Both musicians took $55m (approximately £34.2m) home last year. The former's earnings included revenue from his growing venture capital firm.

"I do calls every week with my business manager and my lawyer," Bieber told Forbes as part of a cover story , "Each week I'm learning something about my business and what I need to know for my career." 

Beyonce Knowles and her husband, rapper Jay-Z, came at 18th and 20th, respectively, with earnings of $40m (£24.9m) and $38m (£23.6m). Other musicians who made it to the list included Rihanna, Lady Gaga, the Foo Fighters and Katy Perry.

Forbes compiles its annual highest-paid musicians list by estimating artists' earnings from music sales, live shows, endorsements and merchandising. Totals are calculated from May 2011 through May 2012. And for more information on the list, click here.

Click Start to view a slideshow of Forbes' highest paid musicians of 2012

Dr. Dre Is Forbes' 2012 Highest-Paid Musician

Roger Waters

2.Musician Elton John arrives at the 19th Annual Elton John AIDS Foundation Academy Award Viewing Party in West Hollywood

U2

Take That

Members of Bon Jovi

Britney Spears gets steamy with her real-life boyfriend, Jason Trawick, in the new racy and controversial “Criminal” video. In the video, Spears escapes her abusive British boyfriend and runs away with her real-life boyfriend, Jason Trawick. The two become partners in crime, unsurprising given the song's name "Criminal."

Paul McCartney: The 70-year-old former member of the band The Beatles is the eighth highest paid musician of 2012 with an earning of $57 million. He still rakes in millions of bucks from musical concerts and performances at events.

Singer Taylor Swift arrives at the 40th American Music Awards in Los Angeles

“I’m not sure about the parties. But whatever they have in Korea, that’s bad.”

Toby Keith: With an earning of $55 million, the 51-year-old contry singer, music producer and actor is tied with Justin Bieber in the eith position.