Jake Paul was beaten out by child YouTube star RyanToysReview, who topped his earnings by half a million dollars at $22 million.
Ryan ToysReview is a popular toy-review channel on YouTube with 17.3 million subscribers that generated a whopping 26 billion views combined.
Since launching his main channel in 2015, Ryan has amassed more than 17m followers and almost 26bn views. He was placed 8th Top Earner a year ago.
According to Forbes, about $21 million of the channel's earning came from pre-roll advertising on his channels Ryan ToysReview and Ryan's Family Review. The smaller portion of Ryan's income came from sponsored posts.
The short, simple videos of Ryan playing and giggling over toys have won over millions around the world.
The rest of Forbes' top 10 highest-paid YouTube stars list is made up of much older people, including the likes of brothers Jake and Logan Paul, five-man sports crew Dude Perfect, makeup artist-beauty mogul Jeffree Star, and five gamers: Daniel "DanTDM" Middleton, Mark "Markiplier" Fischbach, Evan "VanossGaming" Fong, Seán "Jacksepticeye" McLoughlin, and Felix "PewDiePie" Kjellberg.
"Fifteen per cent of his earnings are put into a bank account to access when he becomes an adult", it reported.
The revenues from the Walmart deal are set to substantially increase Ryan's total earnings next year.
Ryan and his family, including younger twin sisters who first appeared on the channel when they were a few weeks old, also make educational videos on topics including tornadoes and astronauts.
Jackscepticeye hits in at #8 at $16 million, while two disgraced stars take up the last two spots: PewDiePie, in ninth place with $15.5 million in annual earnings; and Logan Paul in 10th place with $14.5 million.