Billboard has published its annual list of highest earning musicians over the past 12 months and the Queen of Pop is at No.1 with an estimated income of $34,577,308.62 (£22.8 million).

Madonna's top-spot position was largely thanks to her successful MDNA world tour and she also topped the list back in 2008. Her 'MDNA' album also boosted her earnings, putting her significantly ahead of Bruce Springsteen at No.2 with $33,443,606.64 (£22 million).

Country music stars also feature highly on the Top 40, including Jason Aldean (No.8), Tim McGraw (No.7) and Kenny Chesney (No.5).

Coldplay came in at 9 with earnings of $17,300,144.34 (£11.4 million), Justin Bieber is right behind them at 10 with $15,944,293.10 (£10.5 million), and Adele is at 11 with $13,906,635.76 (£9.1 million).

Mumford & Sons are a surprising addition to the list at 39 with $6,168,737.62 (£4 million), most of which came from record sales.

Watch the moment Psy joined Madonna on stage for 'Gangnam Style' at her New York City MDNA show here: