The annual Brand Finance Global 500 2024 rankings include the world’s top 500 most valuable and strongest global brands.
Brand Finance understands brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
It notes that brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.
Africa’s most valuable brand MTN is not ranked in the Brand Finance Global 500 2024 rankings.
Jeremy Sampson, Chairman of Brand Finance Africa, commented, "There are many complex reasons why African brands do not make the Top 500 relating to risk factors and currency depreciation as the main ones. As a colleague aptly put it; take a house in Johannesburg and place it in London and the value has changed dramatically.’’
In taking the top spot, Apple has outshone Amazon, Google, and Microsoft in the process.
At the launch event in Davos, David Haigh, chairman and CEO of Brand Finance commented, “Apple has grown its brand value through strategic diversification and premiumisation, moving away from heavy reliance on iPhone sales towards ventures into wearables and services such as Apple TV subscriptions. According to our research, more than 50% of respondents recognised Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium”.
Apple achieved exceptional brand value growth this year, increasing by $219bn (74%) to $517bn, reclaiming its title as the world’s most valuable brand by a huge margin.
Apple has achieved a remarkable brand value increase, even as iPhone volume share has largely plateaued, as its strategy of finding new markets, expanding its ecosystem, and encouraging upgrades to higher-value iPhones has been highly effective.
Apple has maintained its position as the dominant player in the premium smartphone market, with a 71% value share.
According to its research, more than 50% of respondents recognised Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium.
Brand Finance research found significant gain amongst brands that have heavily invested in AI, seeing NVIDIA (brand value up 163% to $44.5bn) become the world’s fastest-growing brand.
Microsoft (brand value up 78% to $340.4bn) has also seen an impressive brand value increase, jumping up two spots to second place.
A key supplier of chips in the AI space, NVIDIA is perceived as highly innovative while familiarity, consideration, and recommendation levels all increased year-on-year, according to Brand Finance research.
The brand’s overall performance firmly positions NVIDIA as a front-runner in the AI chip market, demonstrating a successful balance between innovation and market adaptation.
Deutsche Telekom (brand value up 17% to $73.3bn) has claimed the title of the world's most valuable telecoms brand, surpassing Verizon (brand value up 6% to $71.8bn).
Ranked ninth globally, Deutsche Telekom also leads as the most valuable European brand.
Deutsche Telekom’s customer momentum, driven by network strength, has boosted group service revenues, while successful fibre deployment in Europe, alongside 5G leadership in the US, has enhanced connectivity perceptions.
Brand Finance research highlights Deutsche Telekom’s leadership in customer satisfaction metrics, driving a Brand Strength Index increase to 83/100.
This consistent global brand delivery is reinforced by the introduction of Deutsche Telekom’s unified global claim, "connecting your world," completing its Global Brand Strategy with a heightened international focus and customer perspective.
Tesla (brand value down 12% to $58.3bn) has dropped out of the top 10, falling to 18th place in the ranking.
Tesla has been harmed by its large exposure to the Chinese EV market, and BYD (brand value up 20% to $12.1bn) has now overtaken Tesla to become the world’s largest EV maker.
While Tesla’s brand strength remains high overall, rated AAA-, Brand Finance research shows a significant fall in reputation.
Tesla’s close association with Elon Musk, a controversial leadership figure, creates added reputational risk for the brand.
That said, despite BYD’s greater production volume, Tesla’s brand value is five times that of BYD.
This highlights the enduring significance of brands as corporate assets, allowing Tesla to command a price premium, support its company value, and potentially fuel renewed growth.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. Brand Finance is compliant with ISO 10668 Brand Value and ISO 20671 Brand Evaluation.
