The music mogul topped the financial bible's annual list after picking up a staggering $620m in the last year, largely due to the sale of his Beat Electronics company to Apple.
His huge fortune makes second-placed Beyoncé's $115m seem tiny in comparison; though she was one of only two other stars to earn over $100m. The Eagles took third place taking home exactly $100m, largely thanks to a world tour.
In fourth place was Bon Jovi, who earned $82m and attributed their fortune to being "efficient" and keeping entourage costs to a minimum. Front man Jon Bon Jovi said: "I think it's just wise to be efficient. I know big bands where each of them has personal assistants on the road; each of them has a security guard. We don't have a security guard. Take your own friggin' bags!"
Rounding out the top five was veteran rocker Bruce Springsteen, just $1m behind Bon Jovi with $81m. The top 10 was completed by 'Believe' singer Justin Bieber, boy band One Direction, Beatles legend Sir Paul McCartney, DJ Calvin Harris and country star Toby Keith.
Forbes spoke to industry experts and compiled income from touring, recorded music, publishing, merchandise sales, endorsements and other ventures from the period June 2013 to June 2014 to produce the rankings.
Forbes' highest paid musicians of 2014:
1. Dr Dre - $620m
2. Beyoncé - $115m
3. The Eagles - $100m
4. Bon Jovi - $82m
5. Bruce Springsteen - $81m
6. Justin Bieber - $80m
7. One Direction - $75m
8. Sir Paul McCartney - $71m
9. Calvin Harris - $66m
10. Toby Keith - $65m
11. Taylor Swift - $64m
12. Jay Z - $60m
12. Diddy - $60m
12. Bruno Mars - $60m
15. Justin Timberlake - $57m
16. Pink - $52m
17. Michael Buble - $51m
18. Rihanna - $48m
19. Rolling Stones - $47m
20. Roger Waters - $46m
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