The list is topped by Russian TV personality Ksenia Sobchak, while UFC lightweight ruler Nurmagomedov comes in at number seven as the best-paid Instagram stars.
Sobchak, who was also a presidential candidate in the 2018 elections, reportedly made $1.6 million through Instagram publications which were seen by her 6.8 million followers.
Undefeated Dagestani fighter Khabib has more than 18 million subscribers - making him his country's undisputed no.1 in terms of followers - but appears to be less focused on promoting goods and services on his page, bringing in an estimated $570,000 a year as he mixes sponsor-paid posts with pictures from his training sessions, meetings with friends and fellow fighters and occasional religious messages.
The UFC lightweight champ advertises energy drinks, vitamin supplements and a regional payment system. He also has a sponsorship contract with vehicle-maker Toyota, which often invites Khabib to its specially-organized events.