In a recent statistic from Facebook, 83 per cent of users say they discover new products and services on Instagram, that explains why influencers and sponsored posts remain on the rise.
According to Hopper HQ - an Instagram planner and scheduling tool, world's youngest billionaire, 21-year-old beauty moghul Kylie Jenner who charges $1.2 million for each promotion, has secured the number one spot on the "Instagram Rich List 2019".
Securing the second spot, international pop-star Ariana Grande charges $996,000 for each sponsored post on her account that has over 158.4 million followers.
Star Portuguese Cristiano Ronaldo with 172.8 million followers earns $9,75,000 per Instagram post according to the report.
Jenner's elder step sister and make-up moghul Kim Kardashian ranked number four on the list as she charges $910,000 per post on Instagram.
Selena Gomez, American singer and actress, reportedly charges $886,000 per post, up from $800,000 last year.
Hollywood actor and former WWE wrestler Dwayne "The Rock" Johnson has managed to retain the sixth position in the list. The actor is followed by 148 million Instagram users and charges $882,000 per post.
Not surprisingly, Beyonce, also known as Queen B, who follows nobody on Instagram but has 129 million followers herself, ranked seventh on the list as she charges $785,000 per post.
Pop star Taylor Swift secured the eighth place on the list with 119 million followers and rate of $748,000 per sponsored post.
Brazil's Neymar da Silva Santos Junior and pop star Justin Bieber secured the ninth and tenth spot respectively as they charge $7,22,000 and $722,000 per promotion on the photo-messaging app.
Attaining the 19th spot, actress Priyanka Chopra Jonas also made it to the list along with Indian cricketer Virat Kohli who sits on the 23rd rank. While Chopra Jonas charges $271,000 per post, Kohli charges $196,000.
( With inputs from IANS )