The Scottish DJ was crowned number one in Forbes’ annual list, with Dutch DJ Tiësto coming second and The Chainsmokers ranking third.
Harris, 33, cashed in from June 2016 to June 2017 through appearances at music festivals, his residencies in Las Vegas and producing pop hits.
His last successful track ‘Feels’ featured vocals from Katy Perry, Big Sean, and Pharrell Williams.
Tiësto, who topped the list in 2012, raked in $39 million, while The Chainsmokers, who hit number one in the singles chart with the song ‘Closer’ featuring Halsey, earned $38 million.
DJ Marshmello, who performs anonymously in a white mask, comes in at number 8 after raking in $21 million though touring.
Skrillex, Steve Aoki, Diplo, David Guetta, Martin Garrix and Zedd make up the rest of the top 10.
The list highlights a lack of diversity in the DJ industry as the highest earners are all male and mostly white from the United States or Europe.
The top 10 is compiled from data from Nielsen and touring trackers such as Pollstar and Bandsintown, along with industry insiders and artists, according to Forbes.
The full top 10:
1. Calvin Harris ($48.5 million)
2. Tiësto ($39 million)
3. The Chainsmokers ($38 million)
4. Skrillex ($30 million)
5. Steve Aoki ($29.5 million)
6. Diplo ($28.5 million)
7. David Guetta ($25 million)
8. Marshmello ($21 million)
9. Martin Garrix ($19.5 million)
10. Zedd ($19 million)