Adele and One Direction were both among the three highest-paid musicians across the whole world this year.
Boy band One Direction raked in over £88 million, while "Hello" singer Adele pocketed a handsome £64 million.
But the British artists were eclipsed by American singer Taylor Swift, who came into £136 million in 2016, according to Forbes magazine.
Madonna, who until recently was involved in an expensive custody wrangle over her son Rocco, made £61.2 million - making her the fourth highest-paid musician.
The 58-year-old has now accumulated over £1 billion (pre-tax) throughout her musical career, Forbes estimated.
Swift, 26, and One Direction, both made over £160 million (pre-tax) for their most recent "1989" and "On The Road Again" tours.
Adele, whose album "25" was the biggest seller of 2015, enjoyed continued success with album sales this year and grossed millions per night for her arena shows.
Fans of the singer expressed frustration on Wednesday when tickets for Adele's Wembley gig dates came on sale and resulted in long queues.
There were reports that tickets were already being sold on for thousands of pounds.
Completing the top 10 list were Rihanna, who earned £60 million, country star Garth Brooks, rock band AC/DC, the Rolling Stones, DJ Calvin Harris, and music mogul Diddy.
Collectively, the 30 listed musicians earned more than £1.4 billion this year.
Last year, Katy Perry topped the highest earners list by bagging £108 million.