He conquered the pop world and created sales records that could remain unchallenged, but Michael Jackson may have another number one position waiting for him: the highest-earning dead celebrity.

The annual Forbes magazine list of big earners that are deceased tells the story of death’s ability to boost a brand. Bob Marley, Kurt Cobain, Johnny Cash and Tupac Shakur are all on it, each making millions every year and in some cases more than living singers such as Madonna.

For the past two years, Elvis Presley has held the top position with annual earnings of about $50 million (£30.3 million). If the Neverland Ranch is opened to the public and the current frenzy for his music continues, Jackson could find his earnings hitting twice those of Presley. The figure could be even higher if, along with the untangling of his finances and some clever management, a rumoured album of unreleased songs emerges quick enough for sales to be driven by what some music industry figures are referring to as “grief momentum”.

The commercial force of Jackson-inspired grief and nostalgia has already started to show. Radio stations across Europe began playing back-to-back songs from the Thriller album after being inundated with requests. Tokyo’s largest music stores sold out of Jackson’s music. Amazon.com’s online sales of his tunes in America were running at about 700 times the usual rate.

Beyond their success while alive and widespread international fan-base, the King of Pop and the King of Rock ’n’ Roll have plenty in common now they have gone. Often, when the star’s eccentricities and spending habits are removed from the equation, the estate can get on with the more serious business of milking the cash cow that is left behind.

The posthumous earnings of Presley also provide a useful guide for those who are looking to maximise the selling power of Jackson.

Presley died with an estate that was worth less than $5 million. It was only when the assets — the music, the ubiquitous and lucrative image and the Graceland mansion — were run more aggressively and industrially that the money began to roll in. A few years ago the main share of the estate and the lease on Graceland were sold for $100 million. For many years, the management of the Presley image was slow and unimaginative. Recent deals with Cirque du Soleil and efforts to squeeze tourist value from Graceland suggest a more assertive approach.

Bob Marley is a another good example of how death can boost a brand. When he died in 1981, Marley’s royalty earnings were $200,000 a year. Since then they have consistently been more then $3 million.

Other entrants on the dead musicians’ list demonstrate the many oddities and one-off settlements that can affect annual earnings. Marvin Gaye returned to the list because of the 50th anniversary of Motown Records and the re-release of various songs. A 2004 cinema biopic of Ray Charles had a similar, if short-lived, effect on his annual earnings.

John Lennon’s 2006 earnings of $44 million were boosted by the end of a long dispute over unpaid royalties — a resolution that also increased the income of George Harrison, who died with about £200 million.

The earnings of both are expected to increase when music from the Beatles becomes available on Apple’s iTunes.

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