Real topped the rankings two years ago, which was the last time the list was published.
Barcelona have climbed above Real Madrid to take the number one spot in Forbes’ Football Rich List.
However, Barca now have a valuation of $4.76 billion (£3.46bn) to take first place.
Manchester United (£3.05billion) have dropped out of the top three, while Liverpool have climbed three places.
Premier League champions Liverpool (£2.98billion) are in fifth, with Manchester City,Chelsea and Arsenal ranked sixth, seventh and eighth respectively.
Here’s the full list below, according to Forbes:
- Barcelona – $4.76billion (£3.46bn)
- Real Madrid – $4.75billion (£3.46bn)
- Bayern Munich – $4.22billion (£3.07bn)
- Manchester United – $4.2billion (£3.06bn)
- Liverpool – $4.1billion (£2.98bn)
- Manchester City – $4billion (£2.91bn)
- Chelsea – $3.2billion (£2.33bn)
- Arsenal – $2.8billion (£2.04bn)
- Paris Saint-Germain – $2.5billion (£1.82bn)
- Tottenham Hotspur – $2.3billion (£1.67bn)