Beyonce, Jay-Z and Adele do not even rank in the top 10 of music's highest paid stars, while former Pink Floyd star Roger Waters is the third biggest earner in the industry, Billboard Magazine's annual calculations revealed.
The 69-year-old's annual income of $21 million (£13.8 million) trails only Madonna, who is the world's highest earning music star with $34.6 million (£23 million) yearly earnings and Bruce Springsteen, who takes home $33.4 million (£22 million).
Waters secured his number three spot thanks to his worldwide concert tour, The Wall Live, in which he performs Floyd's 1979 album.
He began touring the album in 2010 and has moved on from arena venues to play stadium concerts, with more than 70 shows in 2012. He resumes the tour this summer with at least 25 dates in Europe.
Waters was not the only British act to feature in the top 10, with rockers Coldplay bagging ninth place just ahead of Canadian pop sensation Justin Bieber, with an annual income of more than $17.3 million (£11 million) to the teen act's $15.9 million (£10.4 million).
Concerts accounted for roughly 70% of the totals for the top 40 artists.
Despite missing out on a place in the top 10, Oscar-winning star Adele is reckoned to have generated earnings of around £9 million through her colossal album sales.
The Top 10:
- 1 Madonna - $34.6m
- 2 Bruce Springsteen - $33.4m
- 3 Roger Waters - $21m
- 4 Van Halen - $20m
- 5 Kenny Chesney - $19.1m
- 6 Dave Matthews Band - $18.9m
- 7 Tim McGraw - $18.3m
- 8 Jason Aldean - $17.6m
- 9 Coldplay - $17.3m
- 10 Justin Bieber - $15.9m