Michael Jackson after his death earned more than all the living stars

Michael Jackson has been named this year's top-earning dead celebrity, with earnings of nearly £175million ($275 million).

The singer, who died aged 50 in June 2009, earned a staggering £173million over the past twelve months - more than pop stars Lady Gaga, Madonna and Jay-Z combined.

His earnings were also more than the other 12 celebrities on the Forbes list, which included John Lennon, Steve McQueen and Elvis Presley, Daily Mail reports.

During his lifetime, Jackson never even made it onto Forbes' Celebrity 100 list. Not only did Jackson make more money than all the other dead celebrities last year, but he also out-earned every person not named Oprah Winfrey on the Forbes Celebrity 100, which tallies the incomes of living entertainers.

Jackson also brought in more than the year's highest-grossing music acts, U2 and AC/DC, put together. "The cash flow on an annual basis is tremendous," estate lawyer Donald David told Forbes. "Sure, it's going to decline eventually, but it's going to be a huge amount in the foreseeable future. [Jackson's] kids are going to have grandkids before that money's gone," according to RollingStone.com.

Jackson topped his closest competitor, and personal hero, Elvis Presley, who earned a mere $60 million in 2009-10, according to Forbes magazine, which compiles the annual list.

Rounding out the top five were "Lord of the Rings" author J.R.R. Tolkien ($50 million), "Peanuts" creator Charles M. Schulz ($33 million) and John Lennon ($17 million).

Legendary Yankee boss George Steinbrenner was No. 9, with $8 million, New York Post informs.