He earned more than twice as much as singer Elvis Presley, who died in 1977 and came in second with $55m, and three times more than cartoonist and Peanuts comic strip creator Charles Schulz, who took third place with $40m.
“Few celebrities prove the point that there is [financial] life after death better than Michael Jackson,” according to Forbes.
It is Jackson’s second straight year atop the list. He regained the title in 2013, a year after being pushed into second place by actress Elizabeth Taylor.
Jackson’s second album released after his death, Xscape, debuted at number two on the pop charts in the past year and the singer also appeared as a hologram at the Billboard Music Awards.
Two Cirque du Soleil shows account for much of Jackson’s earnings along with his music catalogue and publishing empire.
Taylor came fourth with $25m and reggae singer Bob Marley completed the top five with $20m in earnings in the year to October 2014.
Singer John Lennon, the former Beatle who was gunned down in New York in 1980, was seventh with $12m.
The 13 deceased celebrities included on Forbes list earned a total of $363.5m.