London, June 18 (IANS) Irish rock band U2 has been named the world's highest paid musicians by the Forbes magazine. The band grossed $195 million in the last 12 months.

U2's performances have contributed more to their earning than the sale of their albums, reports femalefirst.co.uk.

The second place on the list has been bagged by Bon Jovi, which earned close to $125 million during their The Circle Tour during last year.

Elton John came third on the list, grossing $100 million for various shows around the world.

In fourth place was Lady Gaga, who made $90 million last year.

In fifth position is Michael Buble, who enjoyed a lucrative year of touring, radio play and strong album sales to make $70 million.

Here's the list of Forbes Magazine's top 10 world's highest paid musicians:

1. U2 ($195 million)

2. Bon Jovi ($125 million)

3. Sir Elton John ($100 million)

4. Lady Gaga ($90 million)

5. Michael Buble ($70 million)

6. Sir Paul McCartney ($67 million)

7. The Black Eyed Peas ($61 million)

8. The Eagles ($60 million)

9. Justin Bieber ($53 million)

10. Dave Matthews Band ($51 million)