Between them they boast close to 200 million Instagram followers.
One of the biggest gainers is Kendall Jenner, whose earnings rose to $10m.
"The highest-paid models list reflects the current lack of inclusion in fashion," Forbes staff writer Natalie Robehmed told the BBC.
"Though catwalks and editorial shoots are making an effort to include people of colour, the majority of high-paying contracts still go to white models."
Ms Robehmed said that although there are black supermodels such as Jordan Dunn and Joan Smalls, "high-paying fashion contracts still don`t reflect the diversity of their consumers".
She says that in the autumn 2016 catwalk shows, more than three-quarters of the models are white.
The Forbes report cites a recent survey by FashionSpot, which examined 236 Spring 2016 print ads in the US.
It revealed that:
- 78.2% of the models featured were white
- Black models made up 8.3% of the total
- Asian models comprised about 4%
- Latina models only accounted for 1.7%
The Fashionspot report says that while "tentative progress has been made towards greater diversity and inclusion in the fashion industry, "it`s a long road ahead and season to season, the numbers are ever fluctuating".
The Forbes report points out that fashion agencies have increased efforts to promote transgender or plus-sized models.
"But these women rarely secure the lucrative long-term deals that result in six-to-seven figure paydays."
One of the biggest gainers this year was Kendall Jenner, whose earnings increased 150% to $10m in 2016.
"She has leveraged her huge social presence of 64.4 million Instagram followers - more than anyone else on the list - into million-dollar deals with the likes of Estee Lauder and Calvin Klein, who likely see her social platforms as a new media buy," the report says.
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