Tech brands dominate global most valuable brands list

Reports say that Apple has overtaken Google to become the world's most valuable brand, according to WPP and Millward Brown's annual "Brand Z" rankings.

Sources reveal that Millward Brown's study uses the views of around 2 million potential and current customers of a brand, along with financial data, to calculate a company's brand value.

Here is the list of the top 5 most valuable brands in the world:

5. Visa.

Brand value: $92 billion

Percentage change since last year: +16%

Last year's rank: 7

4. IBM.

Brand value: $94 billion

Percentage change since last year: -13%

Last year's rank: 3

3. Microsoft.

Brand value: $115 billion

Percentage change since last year: +28%

Last year's rank: 4

2. Google.

Brand value: $174 billion

Percentage change since last year: +9%

Last year's rank: 1

1. Apple.

Brand value: $247 billion

Percentage change since last year: +67%

Last year's rank: 2

To take the top spot, Apple - a brand that wasn't even in the top 10 ten years ago, recorded an $18 billion net profit which is the highest profit ever recorded for a public company.