She is also the most followed person on the photo-sharing app, with 122 million followers.
Kim Kardashian West and Cristiano Ronaldo make up the top three, earning £385,000 and £310,000 each.
Fourth place on the celebrity list goes to Kylie Jenner, with fifth, sixth and seventh being filled by Kendall Jenner and Khloe and Kourtney Kardashian.
Models Cara Delevingne and Gigi Hadid are in eighth and ninth place, earning £120,000 and £93,000 for each post they share.
Rounding the list up, in 10th place is basketball legend LeBron James, who takes home £93,000.
The list was compiled by Hopper HQ, an Instagram scheduling site, using its internal data and public information.