Superproducer Dr. Dre has been crowned the world's highest paid musician in a new Forbes magazine poll.

The rap mogul, who was also recently named Hip-Hop's Cash King by the publication's editors, netted a massive $110 million in the 12 months to May, 2012 from his hugely successful Beats by Dre headphone and accessories collection, placing him way ahead of runner-up Roger Waters.

The Pink Floyd rocker banked $88 million to claim the second spot thanks to his profitable "The Wall Live" tour.

Another fan favorite, Sir Elton John, took third place, while Irish stars U2 and reunited British boyband Take That also earned the majority of their big bucks from live treks.

The new Forbes top 10 is as follows:

1. Dr. Dre - $110 million
2. Roger Waters - $88 million
3. Elton John - $80 million
4. U2 - $78 million
5. Take That - $69 million
6. Bon Jovi - $60 million
7. Britney Spears - $58 million
8. Paul McCartney and Taylor Swift - $57 million
9. Justin Bieber and Toby Keith - $55 million