Listen to Madonna on iHeartRadio | Listen to Lady Gaga on iHeartRadio

Madonna has been named the year's highest-paid musician by "Forbes." 

The magazine's new list says the Queen of Pop made $125 million between June 2012 and May 2013 - more than any other musician in the world.  The income is credited to the final dates of her massive "MDNA" tour, as well as merchandise sales and other fashion ventures. 

The runner-up this year is Lady Gaga who raked up $80 million dollars in earnings. Mother Monster managed to earn a spot on the list despite a canceled tour and the fact that her promotion for ARTPOP didn't start until August.  

Bon Jovi, Toby Keith and Coldplay round out the top five.  Coming in at number six is 19-year-old Justin Bieber, with $58 million this year, followed by Taylor Swift with $55 million from her "Red" tour. 

Beyonce, Calvin Harris, Jennifer Lopez, Rihanna and One Direction all made the top 20 as well. 

Photo Credit Getty Images