Pop icon Michael Jackson has been deceased for five years, but his estate continues to generate a fortune, earning him the number one spot in Forbes' list of highest-earning dead celebrities. The singer's estate raked in approximately US$140 million this past year.

"Few celebrities prove the point that there is (financial) life after death better than Michael Jackson," Forbes stated.

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It is his second consecutive year at the top of the list. He was previously pushed to second place in 2012 by Elizabeth Taylor, but had since regained the top position in 2013.

His estates earnings include profits from his second album released after his passing, "Xscape". The said album debuted at number 2 on the pop charts.

Despite being deceased, the King of Pop made at an appearance at the Billboard Music Awards as a hologram.

His music catalog, publishing empire, two Cirque du Soleil shows, "Immortal" and "One" which featured the singer's music, accounted for most of his estate's earnings.

The said list, which was released on Wednesday, showed that the King of Pop had earnings more than double that of Elvis Presley, who passed away in 1977.

Presley's estate placed second in the prestigious list, earning US$55 million. The singer's estate earned three times more than third placer, Peanuts creator and cartoonist Charles Schulz who raked in US$40 million the previous year.

At number four is Taylor's estate, which earned US$25 million. Reggae singer Bob Marley is at fifth place with US$20 million.

Former Beatle John Lennon, who passed away after being shot in New York in 1980, raked in US$12 million, putting him in seventh place.

The total earnings of the thirteen celebrities on the list totaled to $363.5 million.

The list is based on data gathered from lawyers, estate managers, licensors, as well as analyses on the posthumous earnings of the celebrities from October 2013 to October 2014.