Although her No. 1 25-year long talk show ended in 2011, the queen of talk still reigns supreme. According to Forbes, although Winfrey's earnings plummeted by $125 million last year, she still raked in $165 million, topping the list of Forbes' Highest Paid Celebrities for the fourth consecutive year.

Although Winfrey's new venture, Oprah Winfrey Network, has been struggling since it premiered on Jan. 1, 2011, most of her earnings come from her magazine, a radio deal with Sirius and Harpo Productions. Winfrey does not get a salary at OWN.

However, Forbes predicts that Winfrey's reign at the top of this list won't last much longer. Coming in at a close second, is director Michael Bay. According to Forbes, Bay is worth about $160 million, just $5 million less than Winfrey. Most of Bay's earnings came from Transformers: Dark of the Moon, which sold over $1 billion tickets worldwide. Bay also has his hand in a line of Transformer Toys, which he profits from. In addition to movies and toys, Bay earns a living from a Transformers ride at Universal Studios in Hollywood.

Rounding out the top three is Steven Spielberg. Spielberg earned $130 million dollars last year from four new shows and two Oscar nominated movies, The Adventures of Tintin and War Horse.

No 4: Jerry Bruckheimer, $115 million

No. 5: Dr. Dre, $110 million

No. 6: Tyler Perry, $105 million

No. 7: Howard Stern, $95 million

No. 8: James Patterson, $94 million

No. 9: George Lucas, $90 million

No 10: Simon Cowell, $90 million