The business publication has released a list of the 25 biggest-earning musicians, with acts who have regularly toured over the past 12 months coming out on top.
Irish rockers U2 top the list with $195 million (£120m) following their record-breaking '360' tour, which was named the highest-grossing series of music concerts ever and is expected to haul in an estimated $700m (£427m) by the time the shows come to an end in July.
Bon Jovi ranked second at $125m (£77m) after consistent touring, while Elton John comes in at three with $100m (£61m) after playing a total of 102 shows during his last touring stint.
Lady GaGa lands at four with $90m (£55m) after completing her 'Monster Ball' tour last month and gaining the record for the highest-grossing debut tour with ticket sales totalling $227m (£139m).
With the majority of artists in the top 25 highest-paid list having completed major tours in recent years, the report indicates that touring has become the primary way to make millions following the declining sales of records due to illegal downloading.
Forbes states that all earnings in the list were made between May 2010 and May 2011 and include all pretax income before agent and manager fees are taken away.
The list was compiled through data taken from Pollstar, RIAA and a range of industry lawyers, concert promoters and agents.
Forbes' list of the world top 25 highest-paid musicians is as follows:
1. U2 ($195m) (£120m)
2. Bon Jovi ($125m) (£77m)
3. Elton John ($100m) (£61m)
4. Lady Gaga ($90m) (£55m)
5. Michael Buble ($70m) (£43m)
6. Paul McCartney ($67m) (£41m)
7. Black Eyed Peas ($61m) (£37.5m)
8. Eagles ($60m) (£37m)
9. Justin Bieber ($53m) (£32m)
10. Dave Matthews Band ($51m) (£31m)
11. Toby Keith ($50m) (£30m)
12. Usher ($46m) (£28m)
13. Taylor Swift $45m) (£27.5m)
14. Katy Perry ($44m) (£27m)
15. Brad Paisley ($40m) (£24m)
16. Tom Petty & the Heartbreaks ($38m) (£23m)
17. Jay-Z ($38m) (£23m)
18. AC/DC ($35m) (£21m)
18. Sean "Diddy" Combs ($35m) (£21m)
18. Beyonce ($35m) (£21m)
18. Tim McGraw ($35m) (£21m)
18. Muse ($35m) (£21m)
23. Rascal Flatts ($34m) (£20m)
24. Kenny Chesney ($30m) (£18.5m)
25. Rihanna ($29m) (£18m)