The musician dropped one place to number eight in the Forbes 2012 list making an estimated $80 million
For most people seeing their annual income drop by a fifth would be disaster – but for Elton John it just means he dropped one place on Forbes’ highest paid celebrities list.
In 2011, the Rocket Man singer was placed at number seven, making a massive $100 million.
But this year the singer slipped down a place to number eight on 2012 Forbes’ Magazines new list of the 21 highest-paid celebrities, seeing earnings drop to $80million.
The 65-year-old pop-rocker has been going strong all year completing over 100 shows in the last year, including a lengthy stint in Las Vegas.
His animated film Gnomeo and Juliet, which he produced and wrote music for, also brought in $200 million (£126m, â‚¬159m) at the box office and his 34th album is also on the way.
On Forbes’ list of the 21 highest paid celebrities, he is the only openly gay man or woman.
T here were also only three musicians, with the Circle Of Life singer being placed the highest, and Britney Spears at number 20, with earnings of $58 million (£36m, â‚¬46m) from her concert tour, album sales an endorsement deals.
Dr. Dre was the highest paid musician at number five with an income of $110 million thanks to his line of Beats by Dr. Dre headphones.
Earlier this month Forbes’ released The World’s 100 Most Powerful Women, featuring notable lesbians US chat show host Ellen DeGeneres at 47 and Ernst & Young’s global vice chair Beth Brooke at number 99.
The list also controversially ranked Lady Gaga 12 places higher than Queen Elizabeth II, at numbers 14 and 26 respectively.