Legendary rapper and producer Dr. Dre has officially been named the world's highest-paid musician in 2014 by Forbes.

According to Forbes, the West Coast star earned an astounding $620 million before taxes this year, thanks to the profits he received after selling Beats, the popular audio electronics company he co-founded in 2008, to Apple for a whopping $3 billion.

As a result, the 49-year-old record producer grossly outearned superstars like Justin Bieber and Katy Perry.

Dr. Dre even outearned the second richest musician in 2014, Beyoncé, by $505 million, in what Forbes describes as the "widest margin in history between the first and second spots on our top-earning musicians list."

The "Drunk in Love" singer grossed $115 million this year because of the commercial success of her self-titled album, the Mrs. Carter Show world tour and major endorsement deals with companies like H&M and Pepsi. Meanwhile, Beyonce and her hip-hop mogul husband, Jay Z, earned a combined $175 million in 2014, reports the Business Standard.

The veteran rock band The Eagles came in as No. 3 on the list after earning $100 million, largely in part from their History Of The Eagles tour.

In fourth place is Bon Jovi, who earned $82 million, and Bruce Springsteen took the fifth place spot with $81 million.

Despite his bad boy reputation, multiple run-ins with the law and hiatus from producing new music, Justin Bieber managed to take the sixth spot on the list after earning $80 million, mainly from his last tour.

Behind Bieber is the English boy band One Direction, which made $75 million in 2014 thanks to lucrative live dates, a deal with Pepsi and sales from their No. 1 album "Midnight Memories."

In the meantime, 24-year-old country and pop sensation Taylor Swift made $64 million this year, giving her the eighth spot on the list.

Other notable stars who made the list include Katy Perry, who made $40 million, Miley Cyrus who earned $36 million, Lady Gaga with $33 million and Justin Timberlake with $57 million.

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