Barcelona has leapfrogged Real Madrid as the World’s Most Valuable Soccer Team At $4.8 Billion according to Forbes.

The top spot had been monopolized by two teams for the previous 16 years, with Real Madrid taking it five times and England’s Manchester United 11 times.

Forbes said the average worth of the top 20 clubs had increased by 30% from two years ago to $2.28 billion despite the COVID-19 pandemic impacting matchday revenue, which fell to $441 million last season — down 9.6% from 2017-18.

See the full ranking below:

1. Barcelona
Barcelona, Spain

Owner/Controlling Shareholder: Club members
Value: $4.76 billion
Two-Year Change: 18%
Revenue (2020): $792 million
Operating Income (2020): $62.2 million
Debt Value: 6%

2. Real Madrid
Madrid, Spain

Owner/Controlling Shareholder: Club members
Value: $4.75 billion
Two-Year Change: 12%
Revenue (2020): $792 million
Operating Income (2020): $92 million
Debt Value: 6%

3. Bayern Munich
Munich, Germany

Owner/Controlling Shareholder: Club members
Value: $4.215 billion
Two-Year Change: 39%
Revenue (2020): $703 million
Operating Income (2020): $49.2 million
Debt Value: 0%

4. Manchester United
Manchester, England

Owner/Controlling Shareholder: Glazer family
Value: $4.2 billion
Two-Year Change: 10%
Revenue (2020): $643 million
Operating Income (2020): $166.6 million
Debt Value: 16%

5. Liverpool
Liverpool, England

Owner/Controlling Shareholder: John Henry, Tom Werner
Value: $4.1 billion
Two-Year Change: 88%
Revenue (2020): $619 million
Operating Income (2020): $61.9 million
Debt Value: 2%

6. Manchester City
Manchester, England

Owner/Controlling Shareholder: Sheikh Mansour bin Zayed Al Nahyan
Value: $4 billion
Two-Year Change: 49%
Revenue (2020): $609 million
Operating Income (2020): -$2 million
Debt Value: 0%

7. Chelsea
London, England

Owner/Controlling Shareholder: Roman Abramovich
Value: $3.2 billion
Two-Year Change: 24%
Revenue (2020): $520 million
Operating Income (2020): $34.7 million
Debt Value: 0%

8. Arsenal
London, England

Owner/Controlling Shareholder: E. Stanley Kroenke
Value: $2.8 billion
Two-Year Change: 23%
Revenue (2020): $430 million
Operating Income (2020): $47.3 million
Debt Value: 7%

9. Paris Saint-Germain
Paris, France

Owner/Controlling Shareholder: Qatar Sports Investments
Value: $2.5 billion
Two-Year Change: 129%
Revenue (2020): $599 million
Operating Income (2020): -$4.5 million
Debt Value: 0%

10. Tottenham Hotspur
London, England

Owner/Controlling Shareholder: Joseph Lewis, Daniel Levy
Value: $2.3 billion
Two-Year Change: 42%
Revenue (2020): $494 million
Operating Income: $134.2 million
Debt Value: 39%

11. Juventus
Turin, Italy

Owner/Controlling Shareholder: Agnelli family
Value: $1.95 billion
Two-Year Change: 29%
Revenue (2020): $441 million
Operating Income: -$14 million
Debt Value: 16%
Juventus v Napoli – Serie A

12. Borussia Dortmund
Dortmund, Germany

Owner/Controlling Shareholder: Bernd Geske, Evonik Industries
Value: $1.9 billion
Two-Year Change: 112%
Revenue (2020): $405 million
Operating Income: $15.1 million
Debt Value: 0%

13. Atlético de Madrid
Madrid, Spain

Owner/Controlling Shareholder: Miguel Gil, Enrique Cerezo
Value: $1 billion
Two-Year Change: 5%
Revenue (2020): $368 million
Operating Income: $61.7 million
Debt Value: 26%

14. Inter Milan
Milan, Italy

Owner/Controlling Shareholder: Zhang Jindong, LionRock Capital
Value: $743 million
Two-Year Change: 11%
Revenue (2020): $323 million
Operating Income: $13.1 million
Debt Value: 8%

15. Everton
Liverpool, England

Owner/Controlling Shareholder: Farhad Moshiri
Value: $658 million
Two-Year Change: 38%
Revenue (2020): $235 million
Operating Income: $15 million
Debt Value: 0%

16. AC Milan
Milan, Italy

Owner/Controlling Shareholder: Elliot Management
Value: $559 million
Two-Year Change: -4%
Revenue (2020): $165 million
Operating Income: -$92.4 million
Debt Value: 4%

17. AS Roma
Rome, Italy

Owner/Controlling Shareholder: Dan Friedkin
Value: $548 million
Two-Year Change: -12%
Revenue (2020): $156 million
Operating Income: -$108.4 million
Debt Value: 56%

18. West Ham United
London, England

Owner/Controlling Shareholder: David Sullivan, David Gold
Value: $508 million
Two-Year Change: -18%
Revenue (2020): $175 million
Operating Income: -$24.2 million
Debt Value: 18%

19. Leicester City
Leicester, England

Owner/Controlling Shareholder: Khun Aiyawatt Srivaddhanaprabha
Value: $455 million
Two-Year Change: NR
Revenue (2020): $189 million
Operating Income: -$49.3 million
Debt Value: 17%

20. Ajax
Amsterdam, Netherlands

Owner/Controlling Shareholder: Club members
Value: $413 million
Two-Year Change: NR
Revenue (2020): $172 million
Operating Income: $1.7 million
Debt Value: 11%