The 'Material Girl' singer, who beats the likes of Lady GaGa and Bon Jovi on the list, earned $125 million from June 2013 to May 2013.
Madonna has been named highest-paid musician by Forbes Magazine. The diva raked in $125 million from June 2012 to May 2013, thanks to her "MDNA" tour that grossed $305 million and the sales of her clothing and fragrance lines.
The "Material Girl" singer manages to beat other musicians, including nemesis Lady GaGa who comes at the list's No. 2 after making $80 million. Running closely behind the New York-born pop star with $79 million is Bon Jovi.
Like Madonna, GaGa and Bon Jovi's earnings were mostly made from going on tours. GaGa's latest tour, "Born This Way", brought in $168 million before it was cut short due to the singer's hip injury. Meanwhile, Bon Jovi's concerts gross more than $3 million per city.
Country singer Toby Keith enters the list at No. 4. His $65 million comes not only from music and ticket sales but also from his 18 restaurants and his brand of mescal. British band Coldplay rounds out the top 5 with $64 million.
Also appearing on the list's top 10 are Justin Bieber ($58 million), Taylor Swift ($55 million), Elton John ($54 million) and Beyonce Knowles and Kenny Chesney (tied with $53 million).
Forbes compiled its highest-paid musicians list by estimating income for the 12 months using data from the trade publication Pollstar, trade organization RIAA, and information and sales tracking system Nielsen SoundScan. The magazine also consulted with industry lawyers, managers and some of the musicians.