Real Madrid have been ranked the most valuable football club in the world, while Barcelona have overtaken Manchester United to move into second place, according to Forbes’ annual valuation list.
The Spanish giants top the rankings with a valuation of $9.5bn (£7.06bn), up from $6.75bn (£5.02bn) a year earlier.
Barcelona follow in second place at $7.5bn (£5.57bn), while Manchester United drop to third with a valuation of $7.2bn (£5.35bn).
United reported revenue of $865m (£643m) for the 2024–25 season, a campaign in which they finished 15th in the Premier League and lost the Europa League final.
The Premier League remains the most represented competition in the top 10, with six clubs featuring and 11 teams appearing in the top 30 overall.
Liverpool, who won the English title in the 2024–25 season, remain fourth with a valuation of $6.2bn (£4.61bn), while Bayern Munich hold sixth place at $5.7bn (£4.24bn).
Paris Saint-Germain, the 2024–25 European champions, rise to fifth place with $5.8bn (£4.31bn), moving up from seventh in the previous ranking.
Manchester City drop from fifth to seventh at $5.5bn (£4.09bn), while Arsenal are eighth with $5.4bn (£4.01bn). Chelsea and Tottenham complete the top 10, valued at $4.2bn (£3.12bn) and $3bn (£2.23bn) respectively.
Forbes noted that Arsenal could improve their ranking in the next edition following a strong season and their upcoming UEFA Champions League final against Paris Saint-Germain.
Outside the top 10, Atletico Madrid are the only other Spanish club in the top 30, ranking 11th.
The Premier League continues to dominate overall representation, with 11 clubs in the top 30, followed by seven Major League Soccer teams, four from Italy’s Serie A, three from Germany’s Bundesliga, and one each from France’s Ligue 1 and Portugal’s Primeira Liga.
The report also showed that the average value of the top 30 clubs rose to $2.9bn (£2.15bn), marking a 21 per cent increase from 2025’s previous record of $2.4bn (£1.78bn).
Other Premier League clubs in the top 30 include Aston Villa (16th, $1.4bn), Newcastle United (19th, $1.25bn), Everton (25th, $930m), Fulham (26th, $920m), and Brighton (27th, $910m).
