Forbes said 39-year-old Ronaldo’s estimated total earnings were around $260m (£205m) – an all-time high for a football player.
Cristiano Ronaldo has topped Forbes’ list of highest-paid athletes for the fourth time in his career.
Spanish golfer Jon Rahm took second place following his switch to Saudi-backed LIV Golf.
Ronaldo became the world’s highest-paid athlete after his move to Saudi Arabian side Al Nassr and Forbes said the 39-year-old’s estimated total earnings were around $260m (£205m) – an all-time high for a football player.
His on-field earnings amounted to $200m (£158m) while off-field he earned $60m (£47m) thanks to sponsorship deals where brands make use of his 629 million Instagram followers.
Rahm earned $218m (£172m) and joins Ronaldo as the only two athletes to earn over $200m.
Third on the list is record eight-time Ballon d’Or winner Lionel Messi, who switched to Major League Soccer team Inter Miami, which helped the Argentine World Cup winner earn $135m (£107m).
The 36-year-old earned $65m (£51m) in on-field earnings but $70m (£55m) off it from deals with major sponsors such as Adidas and Apple.
Los Angeles Lakers forward LeBron James came in fourth at $128m (£101m), while fellow NBA star Giannis Antetokounmpo of the Milwaukee Bucks made fifth with $111m (£88m).
France football captain Kylian Mbappe dropped down to sixth with $110m (£87m).
Neymar, who also moved to the Saudi Pro League to join Al-Hilal, is seventh with $108m (£85m), despite sitting out the majority of the season with a torn ACL.