Madonna Tops Forbes' Highest Earning Musicians List

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Lady Gaga and and Bon Jovi round out the top three, largely thanks to successful tours.

Madonna was this year's top earning musician, according to Forbes' annual report that was released Wednesday.

The Queen of Pop rakes in $125 million before taxes, agents and managers fees, the financial magazine estimated. The majority of her income came from her MDNA Tour, which grossed $305 million, as well as merchandise sales, her Material Girl clothing line and Truth or Dare fragrance.

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Following with $80 million was Lady Gaga, who grossed $160 million on her latest tour before a hip injury forced her to cancel dates. Forbes estimates had she been able to finish that tour, she would have raked in more than $200 million. Her recent album ARTPOP, which debuted at No. 1 on the Billboard 100 this week is expected to push Gaga to the top seat next year with a successful set of concerts in support.

Madonna and Gaga have recently been at the center of a feud after last year Madge accused Gaga of ripping off one of her songs. Recently, Gaga told Howard Stern she did not want Madonna's throne and the regular comparisons had been the root of many of her public problems.

Bon Jovi placed third on the list with $79 million, mostly from their Because We Can tour. At fourth place, Toby Keith pulled in $65 million thanks to his touring and many business ventures, including a record label, mescal line and restaurant chain. Coldplay closed the top five with $64 million in the year, thanks to seven-figure nightly grosses.

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Sean "Diddy" Combs was hip-hop's highest-paid act with $50 million that placed him at 12th place on the list. And Calvin Harris topped the EDM scene, landing at No. 14 with $46 million.