€160bn Apple shrugs off iPhone sales dip to top most valuable brands list
Technology giant Apple has been named the world's most valuable brand despite seeing iPhone sales fall this year.
Google secured second place and Coca-Cola came third according to a list of the top 100 brands compiled by Interbrand.
Apple's brand value rose 5pc to $178.1bn (€159bn) in 2016, while Google saw an 11pc jump to $133.3bn.
However, Apple reported in April that iPhone sales had fallen for the first time since the device was launched in 2007, dropping from 61 million to 51 million during the first three months of this year.
Technology companies remain a dominant force on the list, with eight in the top 20 alone, including Amazon, which saw its brand value jump by a third to $50.3bn.
However, Facebook saw the biggest rise in brand value year-on-year, climbing 48pc to $32.6bn.
HSBC and Burberry were the only two British brands to make it into the top 100, coming 47th and 83rd respectively.
Rebecca Robins, Interbrand global director, said: "Throughout the recent history of Burberry's reignition, the company has grown from the strength of its British heritage into a globally relevant British brand.
"The business is now going through another transition and is taking a pioneering approach in disrupting business models. It will be one to watch over the next few years."
New entrants to the top 100 included electric car manufacturer Tesla and fashion house Dior.
The ranking is based the company's financial performance, its influence over customers and the strength of the brand to command a higher price or secure earnings for the company.