Woods topped the list for 11 consecutive years from 2001-2011 before Mayweather took over the top spot in 2012, only to see Woods return to No. 1 last year. Now Mayweather is once again on top, having banked $105 million in prize money from a pair of fights within the last 10 months.
Woods fell to sixth overall, with a total of $61.2 million earned - $6.2 million in on-course earnings and $55 million in endorsements. After reclaiming the top spot in the world rankings while winning five times last year, the 38-year-old has been sidelined since March 31 of this year after undergoing surgery to repair a pinched nerve in his back.
The magazine created its list based on a combination of prize money and endorsements from June 1, 2013 to June 1, 2014. Last year, Woods held the top spot with a total of $78.1 million in earnings. Since then he renewed his endorsement contract with Nike Golf, but saw his video-game partnership with EA Sports come to an end.
In addition to Mayweather, the athletes ahead of Woods on the latest list include a pair of soccer players and a pair of NBA stars: Cristiano Ronaldo ($80 million), LeBron James ($72.3 million), Lionel Messi ($64.7 million) and Kobe Bryant ($61.5 million).
Other golfers to make Forbes' list include reigning Open champion Phil Mickelson (No. 8, $53.2 million), two-time major winner Rory McIlroy (No. 35, $24.3 million), FedEx Cup champ Henrik Stenson (No. 64, $21.2 million) and current world No. 1 Adam Scott (No. 95, $17.7 million).