"Federer's enormous endorsement portfolio puts him at No. 1, but barely a quarter-million more than No. 2 Manny Pacquiao. The Filipino boxer and congressman earned more than $50 million for two bouts over the past 12 months," according to CNNSI's Jonah Freedman.
Pacquiao earned an estimated US$52,500,000 from his fights against Antonio Margarito and "Sugar" Shane Mosley.
He was ranked No. 5 last year.
Federer retained his No. 1 status by earning $52,781,940.
Other international athletes who made the list include:
3. Fernando Alonso ($45,000,000)
4. Lionel Messi ($3,800,000)
5. Cristiano Ronaldo ($38,800,000)
6. Yao Ming ($35,686,100)
7. Rafael Nadal ($31,506,278)
8. Valentino Rossi ($30,000,000)
9. Wayne Rooney ($29,200,000)
10. Kaka ($27,300,000)
Sports Illustrated has a separate list for top-earning US athletes.
Golf superstar Tiger Woods topped the list with $62,294,116 followed by Phil Mickelson with $61,185,933.
LeBron James is the third ranking American top earner with $44,500,000.