The magazine stated that Mbappe will earn a record $128 million in annual earnings for the 2022-23 season. Mbappe has crossed the $100m mark at the age of 23, while the likes of Messi and Ronaldo had to wait until their 30s to reach the milestone.
Mbappe signed a three-year contract extension in May to remain with PSG. That deal is set top bring in $110m, which includes his salary and season share of a signing bonus. Mbappe will also earn $18m in annual endorsement income from brands as Nike, Dior, Hublot and Oakley.
Mbappe was on the cover of the EA Sports FIFA video game, founded the production company Zebra Valley and is an investor in fantasy NFT platform Sorare.
PSG team mate Messi is second on the list at $120 million and Manchester United's Ronaldo ($100 million) occupies third spot.
PSG's Neymar ($87 million) and Liverpool forward Mohamed Salah ($53 million) rounded off the top five.
Erling Haaland, who has made a blistering start to his Manchester City career after joining the club from Borussia Dortmund, makes his debut in the top 10 with earnings of $39 million.
"He's a global icon already," Sorare co-founder Nicolas Julia told Forbes. "He wants to aid the world and show, also, that huge things can be built out of France."
The report stated that the rise of Frenchman Mbappe and Norwegian Haaland, the only players under the age of 30 on the list, signals a shift in the global game as Messi and Ronaldo edge closer to the end of their amazing careers.