By Hulya Omur Uylas
ANKARA (AA) – Apple ranked first on Brand Finance’s 25 Most Valuable Brands list, with its value reaching $516.6 billion, retaking the throne from Amazon.
The leading valuation group released its Global 500 report on Wednesday, featuring Apple as the world’s most valuable brand in 2024, as its value jumped 74% year-on-year.
The iPhone-maker was followed by US tech giant Microsoft with a brand value of $340.4 billion, and Google with $333.4 billion.
As for Amazon, the e-commerce giant fell to fourth place with $308.9 billion.
The social media brands of China-based TikTok and US-based Facebook ranked fifth and sixth, with $84.2 billion and $75.7 billion, respectively.
German-based telecom group Deutsche Telekom, called “Europe’s most valuable brand” by the report, ranked ninth globally with a $73.3 billion brand value.
Chinese bank ICBC rounded out the top 10 with $71.8 billion.
Muhterem Ilguner, Brand Finance’s managing director for Türkiye, told Anadolu that the rise in Apple’s brand value was achieved by expanding its ecosystem via new wearables and advance in the iPhone line.
Ilguner highlighted US-based chipmaker Nvidia for its AI efforts and investments, as its brand value shot up 163% to $44.5 billion, making it the brand with the most growth.
He said that with high inflation and the rising cost of living, casual spending is restricted, so the value of cosmetics and personal care brands fell 9%, along with food brands 15%, restaurant brands 3%, and alcoholic beverage brands 6%.
*Writing by Emir Yildirim