Prince crowned richest singer

Prince has been named as the highest earning musical artist of 2004.

The pop star netted 35millionGBP from concert and CD sales in the past 12 months, earning 5millionGBP more than Madonna, who finished second.

Although Madonna's 're-Invention' tour actually grossed more than Prince's 'Musicality' show, the huge production costs of the extravagant concerts cut her take-home profit.

Rockers Metallica came third, earning 23.2millionGBP, while Sir Elton John was fourth in the annual list composed by America's Rolling Stone magazine.

Rod Stewart, Shania Twain and Phil Collins all made the top ten while Beatles legend Sir Paul McCartney, despite his multi-million pound fortune, could only manage 28th place.

The highest-ranking rap act in the list was 50 Cent, who took home 13millionGBP.