Dr. Dre has won the title of music's highest paid star.

The successful producer has reached the top of Forbes magazine's annual list of the 25 Highest-Paid Musicians of 2012, having earned $110 million in the past year alone.

A majority of the sum comes from his popular headphones business Beats by Dre, which - after selling a stake of 51 percent of the company - earned him $100 million before tax.

The top five list sees Pink Floyd member Roger Waters in second place, who earned a majority of his $88 million total from his The Wall Live tour, playing the rockers' classic tracks.

'Rocket Man' singer Sir Elton John came in at third after performing 100 shows gained him $80 million.

Irish rockers U2 take the fourth spot with $78 million with a majority of their earnings coming from their three year 360 tour which made $736 million, becoming the highest grossing tour in history.

Take That helm the number five spot with $69 million from their Progress tour with original bandmate Robbie Williams, playing a whopping eight dates at London's Wembley Stadium and earning £61 million.

Other musicians making up the top 25 list include 'Diamonds' hitmaker Rihanna with $53 million in twelfth place and R&B diva Beyonce in at eighteenth place with $40 million.

Forbes 25 Highest-Paid Musicians of 2012:

01. Dr. Dre - $110 million

02. Roger Waters - $88 million

03. Sir 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. Beyonce - $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 Buble - $34 million

25. Sade - $33 million