Toby Keith has been named the highest-earning country star in a new Forbes magazine study.

The "Beer For My Horses" hitmaker raked in an estimated $48 million in 2007, according to the publication. Forbes editors note the singer/songwriter also benefited financially from a major endorsement deal with Ford trucks and as a co-owner of the I Love This Bar & Grill chain of restaurants.

Keith also runs his own record label, Show Dog Nashville.

Country trio Rascal Flatts came in second on the country cash countdown, with a $40 million 2007 haul and Tim McGraw came in third with earnings of $23 million.

Kenny Chesney, Brooks & Dunn, Brad Paisley, Faith Hill, Keith Urban, George Strait and Alan Jackson complete the top 10 country earners.

(This news article provided by World Entertainment News Network)