The Forbes magazine has named Milla Jovovich as the highest paid model of the world. She topped the list with a gross earning of $10.5 million.

Milla's major advertising contracts include the one with cosmetics giant L'Oréal since 1998. She is also an actress with several Hollywood films under her belt. A lot of her earning comes from films too.

Milla Natasha Jovovich was born December 17, 1975 in Kiev, Ukraine, to Russian stage actress Gallina Loginova and Yugoslavian pediatrician Bogie Jovovich. She was married to director Luc Besson earlier, but is now divorced.

Second in the Forbes richest models list is Brazilian Gisele Bundchen with annual earnings of $10 million, a contract with lingerie line Victoria's Secret that will earn her $30 million in four years.

German supermodel Heidi Klum, who makes approximately $8 million-a-year, is at number 3 in the list.

American supermodel Carolyn Murphy takes the fourth place with $5 million-per-year earnings, followed by compatriot Tyra Banks in the fifth slot on the Forbes list with $4 million-per-year. -- Agencies

Milla Jovovich at press conference for the promotion of her movie BioHAZARD in Tokyo. Photo: Junko Kimura/Getty Images