It’s the second year in a row the reality TV star-turned-catwalk regular has topped the list, having earned $22.5m (£17.9m) in the 12 months prior to June this year, which is the time period used by the financial magazine to determine its ranking.
The 23-year-old’s earnings are close to double that of Karlie Kloss, who comes in at second place in Forbes’ list, banking $13 million (£10.3m).
Gisele Bündchen, who was the highest-paid model between 2002 and 2016 until she was overthrown by Jenner, comes in at joint fifth place this year with British model Cara Delevingne, both earning $10m (£8m) each.
Powerhouse model sisters Gigi and Bella Hadid come one after another in the list, with Gigi earning slightly more than her younger sister at $9.5m (£7.5m) and $8.5m (£6.7m), respectively.
They’re followed by Joan Smalls (who also earned $8.5m) and Douzten Kroes, at $8m (£6.3m).
Forbes conducts its calculations by combining income figures made from brand partnerships and estimates sourced from interviews with managers, agents, brand executives and industry experts.
But the magazine notes that social media followings are also relevant to how much models make today, given how lucrative sponsorship deals can be for those with substantial follower counts.
Jenner, for example, boasts 100m followers on Instagram, while Kloss has 7.9m.
“Your social media page is your magazine of your life, so how you represent yourself matters,” explains Ivan Bart, president of IMG Models, the agency that represents almost all the models on Forbes’ list.
“If you’re going to crossover you have to have a vision for it,” he told the publication.
Jenner might be the highest-paid model in the world, but she is not the highest paid member of her family.
That title goes to her younger sister Kylie, 21, who has an estimated net worth of $900m (£605m) thanks to the growing success of her eponymous cosmetics brand.
See the full list of the world’s highest-paid models here.
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies