For the 11th year now Spanish giants Real Madrid has been ranked the richest club in the world while Barclays Premier League giants Manchester United has dropped a place lower to third.
Real Madrid’s La Liga rivals Barcelona, who won five titles last season has risen to leapfrog Manchester United to second place.
Real topped the list published on Thursday, with an annual revenue of €577m ($629.3m) as the combined figure for the top 20 Money League clubs rose by 8 percent to a record high of €6.6bn ($7.2bn).
Real were buoyed by an increase in commercial revenues which rose by €22.7m ($24.7m) from the previous season.
Premier League clubs remained the major force in the Money League, nine English teams making the top 20 with revenues totalling €3bn ($3.3bn).
Chelsea fell one place to eighth, while London rivals Arsenal, who currently top the Premier League, climbed to seventh.
Bayern Munich fell from third to fifth place, their lowest position since 2006-07, and were overtaken by Paris St Germain, the only French team in the top 20.