With an earnings of $95.3 million, he has left behind his on-field arch rival Lionel Messi, who is second most paid player.
The figures were put out by France Football based on the salary, bonuses and advertising income for the 2016-2017 season.
Football's top earners in 2016-17
Argentina's Lionel Messi ranks number two in income list
Barcelona forward Lionel Messi was placed on the second spot by the magazine in terms of income in 2016-17. He earned €76.5 million.
Who are the other top earning footballers?
Lionel Messi's team-mate at Barcelona FC and Brazilian star Neymar Jr was ranked as the third most paid footballer with a total earnings of €55.5 million.
He was followed by Ronaldo's Real Madrid team-mate Gareth Bale, who reportedly take €41 million home.
On the fifth place was Hebei China Fortune's Argentine footballer Ezequiel Lavezzi with an income of €28.5 million.
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Best paid managers
Jose Mourinho named top paid manager
Current manager of Chinese national team Marcello Lippi has an income of €23.5 million and is second highest paid manager.
He is followed by former Paris Saint-Germain manager Laurent Blanc. His income in the past 12-months was €20 million.
Thiago Silva top paid in French league
Paris Saint-Germain's Thiago Silva is the highest paid footballer in Ligue 1, France's professional football league. His earnings are estimated to be 14.4 million euros. On the second place is Falcao of Monaco with 13.6 million euro earnings.