Forbes has released its annual highest paid musician list for 2012, and legendary west coast Hip Hop producer Dr. Dre finds himself on the top of the list.

In 2012, Dr. Dre earned $110 million in pretax earnings in large part of his Beats headphone line.

As part of his earnings, the veteran producer made $100 million profit when he sold HTC a 51% stake in the Beats company for $300 million, which he and his partners later bought back half of what they sold to HTC.

Other Hip Hop related people who made the Highest Paid Musicians list include Rihanna, who came in at #12 with $53 million, and Diddy ranks at #15 with $45 million in earnings. Beyonce and Jay-Z follow close behind Diddy and come in at #18 and #20 with $40 million and $38 million, respectively, and Kanye West is right behind them at #22 earning $35 million.

Totals for the Highest Paid Musician of 2012 are calculated from May 2011 through May 2012.

Head over to Forbes to view the complete list of the Highest Paid Musicians of 2012 [here].