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).

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.

BBC NEWS.