The C++ standard (ISO/IEC 14882:2003 12.6.2/5, Initializing bases and members) says:
Initialization shall proceed in the following order:
— First, and only for the constructor of the most derived class as described below, virtual base classes shall be initialized in the order they appear on a depth-first left-to-right traversal of the directed acyclic graph of base classes, where “left-to-right” is the order of appearance of the base class names in the derived
class base-specifier-list.
— Then, direct base classes shall be initialized in declaration order as they appear in the base-specifier-list (regardless of the order of the mem-initializers).
— Then, nonstatic data members shall be initialized in the order they were declared in the class definition (again regardless of the order of the mem-initializers).
— Finally, the body of the constructor is executed.
Bullet point 3 guarantees the order of nonstatic data member initialization.