Australian beauty Miranda Kerr is the equal third most highly paid model in the world with earnings of $7.5 million last year.

Kerr, down one place on last year’s list, has tied with Kate Moss, Liu Wen and Kate Upton, Forbes says.

The former Dolly magazine model search winner joined Moss, Wen and Upton to earn $US7 million ($A7.57 million) each in 2013/14, with Upton making the top 10 for the first time.

But Kerr is well behind fellow model Gisele Bundchen, who earned $US47 million in 2013/14.

Dutch model Doutzen Kroes was second on the list, taking home $US8 million ($A8.66m) in 2013/14.