Bruce Springsteen, Madonna and Coldplay also raked it in last year, according to Billboard's Top 40 Money Makers list

U2 were the biggest earning act in the US last year, according to a new survey.

Bono and co made $109million (£71million) from record sales, touring and royalties, according to Billboard’s Top 40 Money Makers list.

The rest of the top five was made up by Bruce Springsteen ($57.6million), Madonna ($47.2million), AC/DC ($43.6million) and Britney Spears ($38.8million).

Coldplay were the biggest earning UK band, raking in $27.3million, while the late Michael Jackson grossed $17.3million.

It is the fourth edition of the chart-compiler’s annual countdown of the highest earners in music.

The organisation’s formula for working out the list is “top secret” but is based around money earned from all methods of selling music, along with publishing and touring.