Michael Jackson remains the undisputed champion in terms of earning potential.

Even after his death, the King of Pop, Michael Jackson, generated an estimated fortune of $140 million in the past year alone.

Forbes magazine reported that Michael Jackson earned twice as much as the late singer Elvis Presley, who is currently ranked second with $55 million, and three times as much as the late artist Charles Schulz, who is in third place with $40 million.

A picture of Michael Jackson in his prime during his lifetime.

The two albums Immortal and One, which compiled Michael Jackson's songs and were remixed into stage soundtracks by Cirque du Soleil, accounted for the majority of his income. In addition, Jackson earned money from selling his music merchandise. Xscape, Jackson's second album released posthumously, reached number 2 on the pop charts last year. He also appeared in holographic form at the Billboard Music Awards.

This is the second consecutive year that Jackson has topped the list of highest-earning deceased artists. Previously, he was pushed down to second place by actress Elizabeth Taylor, who passed away in 2011. Taylor is now ranked fourth with earnings of $25 million. Meanwhile, singer Bob Marley rounds out the top five with $20 million in revenue. Marley died of cancer at the age of 36 in 1981.

Singer John Lennon, former member of The Beatles, who was shot and killed in New York in 1980, ranks 7th with $12 million.

Thirteen deceased celebrities on Forbes' list earned a combined total of $363.5 million over the past year. The magazine compiled this list by interviewing estate managers, lawyers, and individuals licensed to manage the estates of deceased celebrities, combined with an analysis of estimated earnings from their assets. The time period considered for calculating earnings spanned from October 2013 to October 2014.

According to TT&VH