Followed by Kendall Jenner who saw her earnings increase 150% year-on-year to $10 million.
Karlie Kloss doubled her earnings since 2015 to tie with Jenner in third place.
Forbes explained that male models are not included in the ranking as fashion is one of the only industries where the gender pay gap is reversed.
The list also reveals a disappointing truth about the state of diversity in fashion - and the comparative earning potential for models who aren’t slim, white and cisgender.
Forbes admits that “save for the likes of Jasmine Tookes and Liu Wen, the majority of the list is overwhelmingly white and entirely ‘straight’-sized.”
The Fashion Spot notes that Joan Smalls is the only other woman of colour to make the list and there isn’t a single transgender model among the top-earning in the industry.