Following close behind are Selena Gomez and Cristiano Ronaldo who could be earning upwards of $800,000 and $750,000 per post respectively.
The other Kardashian family members also make appearances with Kim Kardashian appearing at number 4 ($720,000), Kendall Jenner at number 10 ($500,000) and finally Khloe Kardashian at number 11 ($480,000).
David Beckham is 12th on the list and the first UK entry earning an estimated $300,000 per sponsored post.
The list, which was first released in 2017, has been compiled by UK-based Hopper HQ which manages social media accounts for companies and individuals.
According to Hopper the rankings and costs per post were created after speaking to social media influencers as well as the types of marketing companies that would pay these people to promote their products.
Each account was judged on its size, how much reach and engagement each of the posts had and finally whether or not their audience was considered niche or not.
Finally they asked marketing companies for quotes based on the number of followers and compiled those into the definitive ranking.
Jenner, who runs the hugely popular make-up line Kylie Cosmetics, is already on course to become the world’s youngest self-made billionaire.
It’s important to note that the rankings are simply estimates, many companies prefer secrecy over revealing what they’ve been paying celebrities to promote their products through social media.
Here’s the top 20 highest earners on Instagram:
Kylie Jenner - $1,000,000 (per post)
Selena Gomez - $800,000
Cristiano Ronaldo - $750,000
Kim Kardashian - $720,000
Beyonce Knowles - $700,000
Dwayne Johnson - $650,000
Justin Bieber - $630,000
Neymar da Silva Santos Junior - $600,000
Lionel Messi - $500,000
Kendall Jenner - $480,000
Khloe Kardashian - $480,000
David Beckham - $300,000
Gareth Bale - $185,000
Zlatan Ibrahimovic - $175,000
Luis Suarez - $150,000
Conor Mcgregor - $125,000
Virat Kohli - $120,000
Stephen Curry - $110,000
Floyd Mayweather - $107,000
Huda Kattan - $33,000