But he has now slipped out of the list completely, while his brother, Harry, is 25th - down from fifth place last year - and his father, the Prince of Wales, is 50th.
David Beckham has moved up three places from 16 last year to 13 in 2012.
Sir Elton is 20th, for being ''a national treasure'' and for ''spending enough on fashion to clear the national debt. ''
The worst-dressed compilation is topped by rapper Chris Brown.
The selections are put together by GQ's editorial staff and a celebrity panel.
Helping out this year were the likes of Tom Ford, Gary Barlow, Mark Ronson, Kelly Rowland, Piers Morgan, David Walliams, Giorgio Armani and the founders of Dolce & Gabbana.
The GQ Best Dressed Men List 2012 appears in the March issue.
