The world may be struggling to get out of the economic crisis but musicians are earning big with many of racking in millions of dollars in 2012. Dr. Dre tops the list of 10 world's highest paid musicians 2012 by Forbes magazine.

Dr. Dre
Andre Romelle Young, known by his stage name Dr. Dre, is the highest paid musician of 2012 with a whopping $110 million in pretax earnings. His next album Detox is not released yet but he earned big from old albums, production, occasional concert and business ventures. Reuters

The top highest paid musicians were selected based on the total earnings from May 2011 to May 2012 - from record sales, touring, endorsements, merchandise sales and other ventures before subtracting management fees, legal costs and taxes - according to Forbes magazine. It also considered data from Pollstar, RIAA and others, as well as interviews with industry insiders like concert promoters, lawyers, managers, agents and the musicians themselves, added the magazine.

[PHOTOS OF TOP 10 HIGHEST PAID MUSICIANS 2012]

Here is the Forbes List of Top 10 World's Highest Paid Musicians of 2012:

1.      Dr. Dre: Andre Romelle Young, known by his stage name Dr. Dre, is the highest paid musician of 2012 with a whopping $110 million in pretax earnings. His next album Detox is not released yet but he earned big from old albums, production, occasional concert and business ventures.

2.      Roger Waters is the second highest paid musician of 2012 with $88 million earning. The 69-year-old founder member of the rock band Pink Floyd earned $131 million from November 2011 to May 2012 according to Billboard Boxscore.

3.      Elton John is third highest paid musician with an earning of $80 million. The 65-year-old singer, composer and songwriter earnrd big from his live concerts. He also earned $200 million from his animated film "Gnomeo and Juliet."

4.      U2: With an earning of $78 million, U2 is the fourth highest paid musician of the year. The Irish band earned $736 million from their 360 tour which lasted for three years.

5.      Take That: The British boy band is fifth highest paid musician of the year with $69 million revenue. Its reunion tour earned $61 million from London's Wembley Stadium alone.

6.      Bon Jovi: The American rock band stands in the sixth position of Forbes world's highest paid musicians of the year with an earning of $60 million.

7.      Britney Spears: The 30-year-old American pop singer is the seventh position with an earning of $58 million. She earned big from endorsements and fragrance line besides her album Femme Fatale.

8.      Paul McCartney: The 70-year-old former member of the band The Beatles is the eighth highest paid musician of 2012 with an earning of $57 million. He still racks in millions of bucks from mucical concerts and       performances at events.

8.   Taylor Swift: With an earning of $57 million, the 22-year-old country singer is tied in the  eighth position with Paul McCartney. 1.2 million units of her latest album, Red, was sold in the opening week itself.

9.      Justin Bieber: The teen pop star earned $55 million from the sales of his music, merchandise concerts and business ventures.

9.   Toby Keith: With an earning of $55 million, the 51-year-old contry singer, music producer and actor is tied with Justin Bieber in the eith position.

10.  Rihanna: The R&B singer earned $55 million not only from the sales of her music and musical tours but also from endorsement deals with Vita Coco, Nivea and Reb'l Fleur.

[PHOTOS OF TOP 10 HIGHEST PAID MUSICIANS 2012