Real Madrid star Ronaldo tops the list having earned $88 million (£60.9m) over the past 12 months, with Barcelona talisman Messi in second with earnings of $81.4m (£56.3m).

Golfer Tiger Woods and boxer Floyd Mayweather had dominated proceedings over the past decade, but with Woods struggling with injuries and form and Mayweather having retired, Ronaldo and Messi have stormed to the top.

Ronaldo becomes only the second team athlete after basketball legend Michael Jordan to rank as the highest-paid since Forbes began calculating sports stars’ earnings in 1990.

Ronaldo and Messi saw off competition from basketball’s LeBron James, who ranks third with total earnings of $77.2m (£53.4m), and tennis’ Roger Federer, who sits fourth on $67.8m (£46.9m). Fellow basketball player Kevin Durant completes the top five, having earned $56.2m (£38.6m).

Serena Williams has finally toppled Maria Sharapova as the highest paid female athlete in the world. Forbes magazine said that Williams’ annual earnings of just under $29 million make her the highest-paid female athlete in the world, ending Sharapova’s 11-year run in the top spot on the Forbes list. Forbes said she earned $28.9 million over the past 12 months, and a total of $77.6 million in prize money over the course of her career.

Williams has won 36 major titles, including 21 Grand Slam singles titles, and is considered by many as the greatest female athlete of all time.