Friday 17th June 2011 by | Photos by Splash News/WENN

Tags: Lady Gaga

U2 have been unveiled as the highest earning musicians over the last twelve months, with Bon Jovi and Elton John coming in just behind the Irish group.

The list, compiled by Forbes magazine, ranks the top 25 musicians in terms of income over the year.

U2, who also topped the same list in 2010, raked in over $195 million (£121 million), largely due to the success of their 360 world tour, which has so far grossed over $700 million (£434 million) since embarking two years ago.

Bon Jovi earned $125 million (£78 million), also thanks to a world tour, with John gathering $100 million (£62 million) in earnings.

Lady Gaga came fourth on the list, having made $90 million (£56 million), with Canadian singer Michale Buble rounding off the top five, with earnings of $70 million (£43 million).

To celebrate U2' success, Gigwise has put together a countdown of the top-10 high earning musicians, which also includes Paul McCartney, Black Eyed Peas and Justin Bieber

You can see the countdown below.