Beyonce and her husband Sean "Jay -Z" Carter topped Forbes' magazine's annual "World's Highest Paid Celebrity Couples List."

The hit music-making couple earned a combined $78 million between May 1, 2011 and May 1, 2012 according to the report. The award-winning couple bumped the pair who topped last year's list, Gisele Bundchen and Tom Brady.

Despite taking a break after having a baby in January, her daughter Blue Ivy Carter, the "Love on Top" singer still earned $40 million from sales from her previous albums; concert DVDs, her fragrances, House of Dereon clothing line and several endorsement deals including Vizio.

Carter made millions from sales of "Watch the Throne" albums and tickets for the concert tour with the same name. He is a partner in the advertising agency Translation, part-owner of the NBA's Brooklyn Nets and cosmetics brand Carol's Daughter. He earned $38 million. 

Supermodel Gisele Bundchen and her husband, NFL star Tom Brady came in at number 2 on the list. Together they earned $72 million. The 32-year-old made $45 million from endorsement deals, commercials and appearing in advertising campaigns with the world's top fashion brands. Brady earned $27 million in one year alone between his 4-year $72 million contract with the New England Patriots and other endorsements.

David Beckham and his wife, former Spice Girl Victoria Beckham are third on the list after earning a combined $48 million. The British soccer player renewed his contract with the Los Angeles Galaxy of MLS and has several endorsement deals with top consumer brands including Burger King and Samsung; this earned him $46 million. Victoria Beckham earned $8 million through her high-end clothing and handbag line.

Brad Pitt and Angelina Jolie came in fourth place; they earned $45 million together. Pitt, who is one half of the pair known as "Brangelina," made $25 million from Hollywood box office flicks including the Oscar-winning "Money Ball." His fiancee Jolie made $20 million between starring in and producing films, and lending her face to ad campaigns for brands including Louis Vuitton.

One of Hollywood's "It" couples, Will and Jada Pinkett Smith are fifth on the list. Together they earned $40 million. Smith made $30 million for appearing and receiving a percentage from films he co-produced, including the "Men In Black" franchise. His wife Jada earned $10 million after appearing in this year's "Madagascar 3," managing the music career of their daughter Willow and investing in the beauty brand Carol's Daughter.