Jenner is the first model to be ranked No. 1 since 2002 as Bundchen has been dominating the list for 15 years.
The list, released Tuesday, has The Keeping Up With the Kardashians star earning $22 million due to her social media endorsement deals, the reality series, her clothing line which she shares with sister Kylie and her deals with Adidas, Estee Lauder and La Perla, among others.
Bundchen comes in at second place with $17.5 million, a 43% dip from the $30.5 million the model earned in 2016. Bundchen's income comes from posing for a Carolina Herrera fragrance, Arezzo shoes and Vivara jewelry in her native country in Brazil.
Teigen makes her debut on the list for the first time in her career having earned $13.5 million due to her deals with Vita Coco and Smirnoff among others.
Collectively, the world's 10 highest paid models took in $109.5 million between June 1, 2016 and June 1, 217 before taxes and fees.