The Irish superstars were followed by hip-hop mogul Dr Dre, while The Beatles were third despite having split up more than 30 years ago.

Top music earners of 2001

1. U2 - $61.9m 2. Dr Dre - $51.9m 3. The Beatles - $47.9m 4. The Dave Matthews Band - $43.4m 5. Madonna - $40.8m 6. Master P - $36m 7. Carlos Santana - $32.7m 8. 'N Sync - $26.5m 9. Aerosmith - $24.2m 10. Sting - $24m Source: Rolling Stone

U2 earned $62m (£42m) from touring, sales and royalties in 2001, the magazine said.

Much of that came from their eight-month Elevation tour, which played to more than two million people and became the second highest-grossing tour of all time.

Their latest album, All That You Can't Leave Behind, sold consistently and spawned hit singles including Stuck In a Moment You Can't Get Out Of and Walk On.

The survey is published as lead singer Bono continues his campaign to end Third World debt, most recently with a high-profile trip to Africa with the US Treasury Secretary Paul O'Neill.

They were rewarded with a host of Grammys and Rolling Stone Awards at the start of this year.

Dr Dre, who has produced the likes of Eminem and Snoop Dogg as well as making his own music, earned $52m (£35m) in 2001, according to the survey.

Much of that was down to his $35m (£24m) windfall Vivendi Universal's Interscope Records increased its stake in his Aftermath label from 50% to 80%.

Madonna staged her Drowned World Tour in 2001

Sales of The Beatles' albums earned them and their estates $48m (£32.5m) - mainly thanks to the worldwide success of their compilation album, 1.

In fourth, much of the Dave Matthews' Band's $43.5m (£29.5m) came from touring.

They have become one of the biggest rock groups in the US, despite not yet breaking the UK market.

Their earnings beat Madonna's $41m (£28m), despite the success of her Drowned world tour, which was said to be making her £1m per night.

Rap star Master P was at number six, followed by Latin guitarist Carlos Santana, boy band 'N Sync, rock veterans Aerosmith and former Police singer Sting.