Tiger Woods has been named the world's highest-paid athlete by US business magazine Forbes.

The American golfer earned an estimated $90m during the past twelve months, according to the influential magazine.

"Woods, still young at 30, has earned $58m in career tournament winnings, $12m more than his closest competitor," Forbes said

"Add to that lucrative deals with blue chips like Nike, Accenture, General Motors and American Express, and it's no wonder golf's crown prince can afford playthings like his recent purchase of 155-foot yachts and a ten-acre oceanfront estate on Florida's exclusive Jupiter Island."

German Formula One driver Michael Schumacher finished in second place with earnings of $58m.

Boxing legend Muhammad Ali was third on the list despite having retired 25 years ago.

Ali sold the rights to his name and image this year for $50m to licensing mastermind Robert Sillerman.

US golf star Phil Mickelson came fourth, followed by Basketball's Michael Jordan in fifth position.

Italian motorcycling champion Valentino Rossi, US baseball player Alex Rodriguez and England football captain David Beckham all made the top ten.

Woods was also voted fifth overall on the "Forbes Celebrity 100 list", behind Tom Cruise, The Rolling Stones, Oprah Winfrey and U2.

That list ranks celebrities according to their salaries, media coverage and power.

Woods, who turned professional in 1996, has won 10 major golf championships, placing him fourth on the all-time list.

Top 10 sports earners:

Tiger Woods - $90m
Michael Schumacher - $58m
Muhammad Ali - $55m
Phil Mickelson - $47m
Michael Jordan - $32m
Kobe Bryant - $31m
Shaquille O'Neal - $30m
Valentino Rossi - $30m
Alex Rodriguez - $29m
David Beckham - $27m