1. Gisele Bundchen - $US25 million ($31 million)
2. Heidi Klum - $US16 million ($20 million)
3. Kate Moss - $US8.5 million ($10.5 million)
4. Adriana Lima - $US8 million ($10 million)
5. Doutzen Kroes - $US6 million ($7.5 million)
6. Alessandra Ambrosio - $US6 million ($7.5 million)
7. Natalia Vodianova - $US5.5 million ($6.8 million)
8. Daria Werbowy - $US4.5 million (5.6 million)
9. Miranda Kerr - $US3 million (3.75 million)
10. Carolyn Murphy - $US3 million (3.75 million)
Heidi Klum finished in second place with $US16 million ($20 million), earning $US2 million ($2.5 million) more than the previous financial year.
The 35-year-old German-born star’s career has continued to prove lucrative thanks to her ongoing TV and product endorsement deals.
Heidi hosts Germany’s Next Top Model and Project Runway and is a model for Victoria’s Secret lingerie company. She also promotes Diet Coke, Volkswagen, LG, a range of Birkenstock sandals and her own skincare line In An Instant.
Kate Moss has retained third place with $US8.5 million ($10.6 million), earning $US1 million ($1.2 million) more than the previous financial year.
The 35-year-old British beauty has enjoyed ongoing success with her fashion lines for UK high street chain Topshop and also renewed several of her high-profile endorsement campaigns
Chris Gay, president of Marilyn Agency which represents fourth-placed Adriana Lima, believes the top earning models are successful because they are versatile.
Gay said: “Companies are searching for a face that won’t muddle their message. The models that possess that beauty are the faces everyone wants right now. But that is a rare beauty.”
The top five models - Gisele, Heidi, Kate, Adriana Lima and Doutzen Kroes - remain the same as last year.
Orlando Bloom's girlfriend Miranda Kerr has risen to ninth place after entering the list at number 10 last year. The Australian star earned $US3 million ($3.75 million) after landing several deals, which included starring in a swimsuit campaign for Victoria’s Secret.