The Brazilian-born beauty raked in more than five times as much as second place model Miranda Kerr, who earned £4.5million, while Kate Moss came fourth, pulling in £2.2million.
Gisele, 33, has had a spectacularly successful year. The mother-of-two recently replaced Beyoncé as the face of H&M and was spotted modelling their Autumn/Winter 2013 collection in London earlier this month.
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The supermodel also reportedly beat out Rihanna for Chanel, when she was signed on as the new face of Chanel Beauty at the start of this year and made her debut in March.
Gisele's lifelong dedication to advertorial campaigns and editorial shoots, as well as her partnership with Brazilian footwear company Grendene, has led to the supermodel's impressive eight-figure salary.
Australian beauty Miranda, who is married to actor Orlando Bloom, raked in her millions through her Angels contract with Victoria's Secret, as well as contracts with Quantas, David Jones and Mango.
The longest-running Angel, Adriana Lima, ranked third, earning £3.8million thanks to her roster of endorsement deals for brands such as Miu Miu, Donna Karan, Mavi Jeans and Metrocity.
While six of the ten women on the rich list are Victoria's Secret Angels, the wingless Kate has proved models don't have to sign on with the lingerie powerhouse to make their millions.
The British supermodel, 39, has a multi-year contract with Vogue Eyewear and deals with cosmetics company Rimmel and Italian designers Versace and Liu-Jo.
Fifth on the list is 25-year-old Liu Wen, the first Chinese model to walk in the Victoria’s Secret Fashion Show, shortly followed by Hilary Rhoda, Carolyn Murphy, Joan Smalls, Candice Swanepoel and Lara Stone, the latter who is married to British comedian David Walliams.