Real Madrid have been named the most valuable club in world football, according to Forbes’ annual list.
Despite having Jude Bellingham and Kylian Mbappe in their team, Real Madrid have only finished second in La Liga and been eliminated in the Champions League quarter-finals in the past two seasons.
Barcelona have overtaken Manchester United to move into second place.
Madrid Valued at $9.5 Billion
Real Madrid have been valued at $9.5bn (£7.06bn), up from £6.75bn (£5.02bn) a year ago. Barcelona are second at $7.5bn (£5.57bn) and Manchester United third at $7.2bn (£5.35bn).
Manchester United’s revenue was $865m (£643m) for the 2024-25 season, a campaign in which they finished 15th in the Premier League and lost in the Europa League final.
Premier League Dominates Top 10
The Premier League has six teams in the top 10 and 11 in the top 30.
Liverpool, who won the English title in the 2024-25 season, remain fourth with a value of $6.2bn (£4.61bn). Manchester City drop from fifth to seventh at $5.5bn (£4.09bn).
Bayern Munich stay sixth ($5.7bn, £4.24bn) but 2024-25 European champions Paris St-Germain ($5.8bn, £4.31bn) move up from seventh to fifth.
Arsenal ($5.4bn, £4.01bn) are eighth, with Chelsea ($4.2bn, £3.12bn) ninth and Tottenham ($3bn, £2.23bn) 10th.
However, the Gunners could well move up the list next year as they have won the Premier League for the first time in 22 years and play PSG in the Champions League final on Saturday.
La Liga’s Wider Representation
Despite Real Madrid and Barcelona taking the top two spots, the only other La Liga club in the top 30 is Atletico Madrid in 11th.
With 11 sides in the top 30, the Premier League is the most represented competition.
There are also seven Major League Soccer teams in the list, as well as four from Italy’s Serie A, three from the German Bundesliga and one apiece from France’s Ligue 1 and Portugal’s Primeira Liga.
On average, the 30 teams are worth $2.9bn (£2.15bn), a 21% increase from 2025’s record $2.4bn (£1.78bn).
The other Premier League sides in the top 30 are Aston Villa ($1.4bn, £1.04bn) in 16th, Newcastle United ($1.25bn, £935m) in 19th, Everton ($930m, £692m) in 25th, Fulham ($920m, £685m) in 26th and Brighton ($910m, £678m) in 27th.