The publication estimates Winfrey earned $165 million between May 2011 and May 2012, thanks to her brand stretching across media. There's O magazine, a satellite radio station, Harpo productions programming - "The Dr. Oz Show," "Dr. Phil" and "Rachael Ray" - and, of course, the vulnerable OWN.


Forbes also took into account syndication profits from "The Oprah Winfrey Show," which ended in 2011. But this is also the last year the publication will add in any of her syndication dollars, and Forbes hints that may cause Winfrey to stumble on the list in the future.

As it stands, Winfrey's haul dropped by $125 million when compared to last year's earnings, and she squeaked past Hollywood filmmaker Michael Bay for the top spot by $5 million. Bay comes in at No. 2 on the highest-paid celebrity list with an estimated income of $160 million.

Steven Spielberg followed at No. 3 with an estimated $130 million earned between May 2011 and May 2012; Jerry Bruckheimer was at No. 4 with $115 million; and Dr. Dre came in at No. 5 with $110 million, a yearly income boosted from sales of his Beats By Dr. Dre headphones line.
To see the full list, visit Forbes. com.