New York City - Business magazine Forbes named Madonna the highest-paid musician in the world on Tuesday, estimating her earnings at US$125 million (S$155 million) in the year to June.

Revenues from her MDNA concert tour plus sales of Madonna-related products and merchandise put the Material Girl, 55, well ahead of Lady Gaga at US$80 million.

The Mother Monster's income would have been higher had a hip injury not forced her to abandon a global concert tour, Forbes said.

Veteran rocker Bon Jovi placed third at US$79 million, followed by country star Toby Keith (US$65 million) and British band Coldplay (US$64 million).

Forbes based its list, posted on forbes.com, on pretax income from ticket sales, royalties, merchandising, endorsements and other ventures.

It doesn't take into account fees for agents, managers and lawyers.

Only living artists can make the list - otherwise, Forbes said, Michael Jackson would have been number one with a posthumous income of US$160 million.