Jackson, who died in 2009, raked in a bumper $825 million in earnings for the 12 months ending October 1, according to estimates from Forbes. That came mostly from the Jackson estate's $750 million sale of the late singer's remaining stake in the Sony/ATV music publishing catalogue - which includes the rights to many Beatles songs - to Sony Corp.
Sales of Prince albums soared after the musician died of an accidental drug overdose in April. Forbes ranked him in fifth place overall with estimated earnings of $25 million, just below Elvis Presley with $27 million.
Golf legend Arnold Palmer, who died in September at age 87, claimed the No. 3 spot with earnings of $40 million, mostly from licensing and endorsements of his signature Arnold Palmer iced tea and lemonade drink, leisure wear label, and golf course designs.
Forbes' estimates were based on pre-tax income, before management and legal expenses, and were compiled through interviews with estate experts and data on record sales, touring, and movie earnings.