Elvis Presley was known as the king of rock and roll

The Memphis singer, who died in 1977, generated $45m (£25.2m) for his estate this year through royalties.

It is the fifth consecutive year that Elvis has topped the list. Peanuts cartoonist Charles Schulz - who died in 2000 - was second, with $35m (£19.6m).

Forbes calculated that the heirs of Shakespeare would collect $15m (£8.4m), if his work was still copyrighted.

Former Beatle John Lennon was at number three with $22m (£12.3m) in royalties while artist Andy Warhol was at number four with $16m (£8.9m).

TOP DEAD EARNERS 1. Elvis Presley 2. Charles Schulz 3. John Lennon 4. Andy Warhol 5. Theodor Geisel 6. Marlon Brando 7. Marilyn Monroe 8. JRR Tolkien 9. George Harrison 10. Johnny Cash 11. Irving Berlin 12. Bob Marley 13. Ray Charles

This year's list also showed the big impact of Hollywood as Johnny Cash ($7m/£3.9m) and Ray Charles ($6m/£3.3m) broke into the top rankings as the release or planned release of film biographies boosted their royalty statements.

The magazine compiled a 13-strong list, which also included Theodor Geisel, author of the Dr Seuss stories, JRR Tolkien and George Harrison.

Interest in the music of Elvis Presley remains high, with a number of anniversary singles released in the UK in recent months.

In February entertainment mogul Robert Sillerman bought an 85% stake in the singer's estate for $100m (£51m).

He runs Presley's Memphis home Graceland, will own Elvis' name and likeness, the rights to his photographs and revenue from his music and films.