Forbes Magazine has just released it’s Top 100 Celebrities list for 2007, and dropping down from #4 just a few years ago to number 22 is U2. The magazine bases its top 100 list on not only the total combined earnings, but also the amount of buzz they are able to create.

Forbes stated that U2’s pay was $30 million for 2007, ranking them 40th in Pay ranking. They are ranked 6th in regard to Web ranking, 11th in Press ranking, and 46th in TV ranking. Average all that together and that’s how you get 22.

Forbes states:

These guys barely even have to try. U2’s ‘Vertigo’ tour was cut short last spring. The super-band rescheduled 10 dates in Australia, Japan and South America that were played last November. Even these leftovers grossed more money than most bands could ever dream of seeing: $113 million in ticket sales. U2 frontman Bono still generates headlines for his crusading work on behalf of debt relief in Africa.

For the record, the top 5 are: Oprah Winfrey, Tiger Woods, Madonna, Rolling Stones, and Brad Pitt. To see the full list, visit the Forbes site here.

(As a side note, Bono’s venture capital firm Elevation Partners purchased a “minority stake” in Forbes in August 2006.)