Revealed: The world's most powerful brands

Ferrari has beaten Google and Coca Cola to be been named the most powerful brand in the world.

The news comes on the day the sports car manufacturer announced a €1.76bn (£1.52) turnover and an increase in net profits by 7.6% to €152.4m (£131).

The list, released by brand valuation and marketing firm Brand Finance rates companies on the basis of their financial performance and growth forecast for the next five years.

Although Ferrari’s turnover is smaller than that of Google, the luxury car brand tops the list on the basis of “financial metrics such as net margins, average revenue per customer, marketing and advertising spend”.

Speaking about the list, Ferrari Chairman Luca di Montezemolo said: “It is always a pleasure to top any list and still more so when the competition includes some of the world’s most famous companies. This achievement proves that even in very tough economic times, Italy can still offer the world businesses of excellence.

“Behind this acknowledgement are exceptional products made by equally exceptional men and women. They made it possible and for that I thank them.”

Top 5 strongest brands in the world according to brand rating (US$ bn)

1. Ferrari

Brand Value: 2013 $3.6bn

Brand Value: 2012 $3.3bn

2. Google

Brand Value 2013: $52.1bn

Brand Value 2012: $47.5bn

3. Coca-Cola

Brand Value 2013: $34.2bn

Brand Value 2012: $31.1bn

4. PwC