The Swiss outpaced all other athletes to become the first tennis player to ever top Forbes' list of highest-paid athletes.
Naomi Osaka was at No. 29 after setting a record for a female athlete with $37.4 million in earnings over the past 12 months. American football occupied 31 spots, none higher than six-times Super Bowl champion Tom Brady (US$45 million) who was ranked 25th. Meanwhile, American basketball player LeBron James (£71.5m) completes the top five.
Two NFL quarterbacks rounded out the top 10 with Kirk Cousins ninth at $60.5 million and Carson Wentz 10th on $59.1 million. The NBA has the most players on the list of any sport with 34, followed by the National Football League with 31, which is up from 19 previous year.
Athletes from 21 countries and 10 sports comprised the top 100 this year.
Federer, 38, moved up 4 locations after incomes £86.2m up to now 12 months - about £81m of it in endorsements. 5-7, followed by Tiger Woods at No. 8.
Federer famously parted ways with Nike in 2018 and subsequently signed a deal with Uniqlo that pays him $30 million per year.
Meanwhile, the 22-year-old Osaka amassed her pre-tax total through a combination of prize money and endorsements, raking in $1.4 million more than Williams. He has also ranked in the top three for 750 consecutive weeks - almost 15 years - and he had qualified for 18 out of 19 Slam finals from 2005 to 2010.