The Brazilian beauty has topped the list compiled by Forbes.com for the third year running after making an impressive $US25 million ($31 million) from June 2008 to June 2009.
Despite raking in a fortune, Gisele - who married American football star Tom Brady in February - has been hit by the global economic crisis, making $US10 million ($12 million) less than in the previous financial year.
However, the 28-year-old catwalk queen still has lucrative campaigns with Versace, Dior, True Religion jeans and Ebel watches. She also has her own successful shoe line.
Heidi KlumHeidi Klum finished in second place with $US16 million ($20 million), earning $US2 million ($2.5 million) more than the previous financial year.
The 35-year-old German-born star’s career has continued to prove lucrative thanks to her ongoing TV and product endorsement deals.
Heidi hosts Germany’s Next Top Model and Project Runway and is a model for Victoria’s Secret lingerie company. She also promotes Diet Coke, Volkswagen, LG, a range of Birkenstock sandals and her own skincare line In An Instant.
Kate MossKate Moss has retained third place with $US8.5 million ($10.6 million), earning $US1 million ($1.2 million) more than the previous financial year.
The 35-year-old British beauty has enjoyed ongoing success with her fashion lines for UK high street chain Topshop and also renewed several of her high-profile endorsement campaigns.
Adriana LimaChris Gay, president of Marilyn Agency which represents fourth-placed Adriana Lima, believes the top earning models are successful because they are versatile.
Gay said: “Companies are searching for a face that won’t muddle their message. The models that possess that beauty are the faces everyone wants right now. But that is a rare beauty.”
The top five models - Gisele, Heidi, Kate, Adriana Lima and Doutzen Kroes - remain the same as last year.
Miranda KerrOrlando Bloom's girlfriend Miranda Kerr has risen to ninth place after entering the list at number 10 last year. The Australian star earned $US3 million ($3.75 million) after landing several deals, which included starring in a swimsuit campaign for Victoria’s Secret.