Twenty eight-year-old Bundchen who is at the top rank with earnings to the tune of USD 25 million from numerous campaigns including those for brands like Versace, True Religion jeans and Dior.

'The world's top earning model' is based on estimated earnings of models from June 2008 to June 2009. Four Brazilian models have found a place in the rankings.

"... modeling industry has been hard-hit by the economic crisis, but the value of the beauties at the top is as strong as ever," the magazine noted.

Bundchen is followed by 35-year-old Heidi Klum of Germany with an estimated earning of USD 16 million. The majority of Klum's earnings are driven by her TV and endorsement career.

The model has endorsement deals with Diet Coke, Volkswagen, McDonald's and LG, the report said.

The 35-year-old icon Kate Moss placed on the third spot with an earning of USD 8.5 million, followed by another Brazilian model Adriana Lima who earned USD eight million.

At the fifth position is Doutzen Kroes, the face of cosmetic company L'Oreal, and she raked in USD six million.

Twenty eight-year-old Alessandra Ambrosio of Brazil is also ranked fifth.

Natalia Vodianova, raised in an impoverished family in Russia has cornered the seventh place with earnings to the tune of USD 5.5 million.

Other models in the list are, Daria Werbowy (eighth) with an earning of USD 4.5 million, Miranda Kerr and Carolyn Murphy with an estimated earning of USD three million each were placed on the ninth and tenth places, respectively. Emanuela De Paula who is the newest addition to the list has an estimated earning of USD 2.5 million.

"... the modeling industry was hard-hit by the economic crisis. Prominent fashion labels canceled or downgraded their runway shows, leaving models hoping for a break with fewer opportunities.