Yury Trutnev, who earned 176 times more than the country's economics minister, replaces the transport minister - 2004's highest earner - to take the top-spot, according to Rossiiskaya Gazeta.
Russian ministers have been required to declare their incomes since a 1997 decree by President Boris Yeltsin.
Economic Development and Trade Minister German Gref came last in the list of 20 ministers, earning a mere $44,700.
Behind Transport Minister Igor Levitin, who took second place with $447,300, is Information Technologies Minister Leonid Reiman, with income totaling $417,400.
However, Reiman, with his five large apartments, sized from 152 to 284 square meters, a country house, and two large plots of land, is the wealthiest minister in terms of property.
In 2005, the average annual wage in Russia was just under $4000.
