According to figures released by the player's union on Friday, Beckham has taken a pay cut of nearly 40 per cent to remain at the Galaxy.
Beckham, who ushered in the era of high-paid foreign imports in MLS when he first signed a five-year contract with the Galaxy in 2007, will make $4 million in total this season, compared to the $6.5 million per year he made under his prior contract.
The 34-year-old Henry, France's all-time leading scorer, now tops the salary table earning $5.6 million in 2012 playing for the New York Red Bulls.
Henry's Red Bulls teammate Rafa Marquez of Mexico - who like Henry joined the team in 2010 - is now second at $4.6 million.
Beckham's teammate Robbie Keane of Ireland is fourth at $3.4 million, followed by the Galaxy's Landon Donovan and Toronto FC's Torsten Frings, both earning $2.4 million this season.
The remaining players whose wages top $1 million are Toronto's Julian de Guzman ($1.9 million) and Danny Koevermans ($1.6 million) and Portland Timbers striker Kris Boyd ($1.5 million).
The 37-year-old Beckham inked a new two-year deal with the Galaxy in January, reportedly rejecting a rich offer from French club Paris Saint-Germain.