Serena Williams tops women's money list

Serena Williams is not only the top women's tennis player in the world but she's also the highest paid female athlete.

Williams supplanted fellow tennis star Maria Sharapova at No. 1 on the list published by Forbes magazine.

The 33-year-old Williams, who has won 36 Grand Slam titles during her illustrious career, made $28.9 million in the past 12 months.

Forbes reported that winning three Grand Slam titles during the calendar year and finishing the 2015 season ranked No. 1 in the world resulted in major bonuses from sponsors for Williams.

Williams' endorsement contracts include Chase, Audemars Piguet, Beats Electronics, Burlei, Delta Air Lines, IBM, Kinder Joy, Mini and Wheels Up and equity deals with Home Shopping Network and Mission Athletecare. She also has a small stake in the Miami Dolphins.

Sharapova had topped the rankings for 11 years. This week, she was suspended from the sport for two years after testing positive for a banned substance in January at the Australian Open.

Sharapova lost several sponsors as a result of her suspension, but Nike, Head and Evian announced Thursday that they will stick with her. Her 2015 earnings dropped slightly from $23 million to $21.9 million.

Other women in the Forbes top five were MMA fighter Ronda Rousey ($14 million), NASCAR driver Danica Patrick ($13.9 million) and tennis player Agnieszka Radwanska ($10.2 million).

The rest of the top 10 was populated by tennis players: Caroline Wozniacki ($8.0 million), Garbine Muguruza ($7.6 million), Ana Ivanovic ($7.4 million), Victoria Azarenka ($6.6 million) and Eugenie Bouchard ($6.2 million).

The world's highest paid athlete is soccer star Cristiano Ronaldo with earnings in excess of $88 million during the past year, followed by fellow soccer standout Lionel Messi ($81.4 million) and Cleveland Cavaliers forward LeBron James $77.2 million).