Oprah Winfrey Edges Out Michael Bay on Forbes’ ‘Highest-Paid Celebrities’ List

Despite $125 mllion decline in income, Oprah Winfrey tops list of famous rich people for fourth year in a row

Sorry, Michael Bay — Oprah Winfrey is still the queen of famous moneymakers.

Getty ImagesWinfrey retains her streak at the top of Forbes' annual "Highest Paid Celebrities" list, taking the No. 1 spot on the list for the fourth year in a row.

Also read: Oprah Network Likely to Lose $142.9M This Year, SNL Kagan Says

According to Forbes, Winfrey — whose effort to launch her network OWN following the end of her long-running talk show last year has experienced plenty of bumps — raked in $165 million between May 2011 and May 2012. That's down $125 million from the previous year but still enough to keep her in the top slot.

"Transformers" director Bay took a close second place, taking in $160 million during the same period largely on the strength of last year's "Transformers: Dark of the Moon." If it's any consolation to Bay, he was the list's highest-paid director. Oh, and he still has 3.5 metric boatloads of cash to wipe away his tears with.

Forbes based its income estimates on upfront pay, profit participation, residuals, endorsements and advertising work, collaborating with industry insiders to come up with the numbers.

Read the Top 5 below. To read the full list, click here.

1) Oprah Winfrey, $165 million
2) Michael Bay, $160 million
3) Steven Spielberg, $130 million
4) Jerry  Bruckheimer, $115 million
5) Dr. Dre, $110 million