The Instagram Rich List looks at how much a user can charge for a single post.
Kylie Jenner, Ariana Grande and Dwayne Johnson are among the highest earning stars on Instagram.
The Instagram Rich List 2019, put together by Hopper HQ, is based on how much a user can charge for a single post on the social media site.
Analysts looked at data including average engagement and number of followers to reveal the most influential stars.
For the second year in a row, 21-year-old reality star Kylie Jenner has topped the list – and managed to increase her earnings.
1. Kylie Jenner
$1.26m (£1m) per post
The reality star and youngest Kardashian sister tops the list, making an estimated $1.2m (£1m) per post – an increase of nearly a third on last year, when she received $1m (£800,000) on average.
Jenner, 21, is the youngest ever ‘self-made’ billionaire – thanks in part to her make-up line, Kylie Cosmetics – according to Forbes.
The mother-of-one has 141m Instagram followers and regularly posts risque selfies and pictures of her latest products.
2. Ariana Grande
$996,000 (£797,268) per post
The 7 Rings singer has 160m followers on Instagram, posting mainly black and white images.
This is the first time she has made the Instagram Rich List, despite her massive following.
Her latest album, Thank U, Next, became the biggest of her career so far after it opened with sales of 360,000 copies.
3. Cristiano Ronaldo
$975,000 (£780,458) per post
Portugese football player Cristiano Ronaldo comes in third – the same place he appeared in the list in 2018.
The 34-year-old has 176m followers of his account, sharing photographs of paid partnerships with Nike and his own underwear brand, CR7.
4. Kim Kardashian West
$910,000 (£728,427) per post
The second member of the Kardashian-Jenner clan to appear in the list, Kardashian West has amassed 144m followers on Instagram.
Her posts often include bikini pictures, as well as images of her young children.
But the reality star’s influence has recently extended beyond Instagram, after she successfully lobbied President Donald Trump to intervene in the detention of rapper A$AP Rocky in Sweden.
5. Selena Gomez
$886,000 (£709,216) per post
Once top of the Instagram Rich List three years ago, Gomez has since dropped down to number five.
The former Disney star and singer is politically active on Instagram, sharing links to the anti-trafficking organisation A21 and nonprofit Planned Parenthood to her 153m followers.
6. Dwayne ‘The Rock’ Johnson
$882,000 (£706,014) per post
Known to his fans as The Rock, Johnson boasts 151m followers on Instagram.
The former wrestler-turned-actor is one of the older celebrities on the Instagram Rich List.
Recently he visited Hawaii in support of protesters who are trying to stop the construction of a giant telescope on the island’s tallest mountain.
$785,000 (£628,368) per post
Beyonce, who recently starred in the live-action remake of The Lion King, regularly shares pictures of herself and husband Jay-Z to her 130m followers.
The 37-year-old is reportedly worth around $440m (£352m) overall but dropped down two places from last year’s Instagram Rich List.