Google has taken its place at the top of a global ranking of brands that aims to reflect their intangible value. Apple has also grown sharply from last year to break into the top ten and improve its brand rating.

Five of the top ten largest growers in the Global 500, compiled by brand valuation consultancy BrandFinance, are technology-related companies, demonstrating the world’s increasing dependence on technological innovation.

The only UK brand in the top ten, Vodafone, is also the world’s most valuable global telecoms brand. The company’s brand value has increased by nearly 6% up to $30,674 million from the 2010 valuation of $28,995 million.

David Haigh, CEO of Brand Finance, said: "Vodafone's presence in the top ten is testament to the UK's ability to grow and nurture great brands despite a tough economic climate. From a global perspective, the growth of technological companies reinforces the importance of embracing technological innovation to give a seamless, value-enhancing brand experience."

HSBC, another high-flying British brand, has dropped out of the top ten; as has Coca-Cola, falling steeply from third position to 16th.

BrandFinance’s methodology is based on discounted cash flow, future royalties, and the present value of intellectual property.