Calvin Harris named world's highest-grossing EDM DJ thanks to Las Vegas residency

David Guetta, Diplo and Tiesto also named on Forbes' electronic cash kings list 2016.

Calvin Harris has been named the highest-earning EDM DJ after cashing in a staggering $63m (£48.4m) over the last 12 months. According to Forbes, the This Is What You Came For hitmaker has fended off competition from the likes of Tiesto, Diplo, Steve Aoki and David Guetta to claim the top spot on the list.

Forbes' electronic cash kings 2016 list places Harris, 32, at number one buoyed by his ongoing Las Vegas residency, which reportedly nets the Summer hitmaker $400,000 per gig. The music producer also has a lucrative endorsement deal with Emporio Armani, which sees Harris, real name Adam Wiles, modelling the label's underwear.

Although he is yet to release his fifth album, Harris has kept fans entertained through new material with popular songs including How Deep Is Your Love and This Is What You Came For. Harris has also headlined a string other concerts outside his Vegas residency including Wireless Festival in London no doubt earning him more cash.

Coming in second place is Dutch-born Tiesto, 47, with a healthy $38m. The Only Way Is Up producer has played more than 100 shows over the past year and has secured an endorsement deal with soft drink brand 7-Up for an estimated seven-figure pay cheque. Joining his fellow European DJs at number three is David Guetta, 48, with $28m, courtesy of his residency at Wynn's Vegas hotels.

Although the DJs secured positions on the top 10 list, the EDM industry may not be as lucrative as it once was. Forbes reveals that the top-earning DJs on their 2016 cash kings list have collectively pulled in $270.5m but that figure is down 1% on the previous year. Steve Aoki, who sits at number five with $23.5m, says of the decline: "The bubble has already burst in America. You can see it in Vegas' DJ landscape."

Dutch-born DJ Tiesto is second on Forbes' electronic cash kings list with earnings of $38m ERIKA SANTELICES/AFP/Getty Images

Kaskade, who ranks at number eight with earnings of $19m, says that Forbes' estimate of his yearly income are a little suspect. The DJ told the publication: "On my side, they're always a bit under. Which I don't mind and that's fine, that's cool. I've always been a sneak attack guy anyway."