The 22-year-old also broke Maria Sharapova’s previous record for a female athlete which was set in 2015 when she totalled $29.7 million.

According to Forbes magazine, Osaka, a two-time Grand Slam champion, made £30.7m in prize money and endorsements over the past 12 months, setting a new record. That was £1.15m more than the amount earned by 38-year-old Williams.

Williams, a 23-time grand slam champion, has been the highest-paid female athlete for the last four years — earning between $18 million to $29 million.

The former world No 1 and five-times grand slam champion confirmed her retirement today in an emotional essay on vanityfair.com.

She wrote “How do you leave behind the only life you’ve ever known? How do you walk away from the courts you’ve trained on since you were a little girl, the game that you love – one which brought you untold tears and unspeakable joys – a sport where you found a family, along with fans who rallied behind you for more than 28 years? I’m new to this, so please forgive me. Tennis – I’m saying goodbye. Looking back now, I realize that tennis has been my mountain. My path has been filled with valleys and detours, but the views from its peak were incredible. After 28 years and five Grand Slam titles, though, I’m ready to scale another mountain – to compete on a different type of terrain. That relentless chase for victories, though? That won’t ever diminish. No matter what lies ahead, I will apply the same focus, the same work ethic, and all of the lessons I’ve learned along the way. In the meantime, there are a few simple things I’m really looking forward to: A sense of stillness with my family. Lingering over a morning cup of coffee. Unexpected weekend getaways. Workouts of my choice (hello, dance class!)”