The ranking is based on history, global fanbase, trophies and cultural impact – not current form. Madrid will be acutely aware of that distinction after a season to forget.
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England dominates the top ten. Manchester United sit third despite a turbulent few seasons, a reflection of their global reach and historical weight. Liverpool are fourth, Bayern Munich fifth and Juventus sixth.
Manchester City sit seventh. Six Premier League titles in nine years and a Champions League – yet still behind clubs built over a century of global identity. AC Milan and Chelsea round out the top ten ahead of PSG in tenth.
Arsenal sit 11th – conservative given their current season, with the Gunners chasing a Premier League title and a first ever Champions League.
Boca Juniors and River Plate represent South America at 20th and 21st. Celtic, Galatasaray, Porto and Rangers complete the list at 22 through 25.
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As always with rankings like this, the debate is in the detail. Does City deserve to be above Juventus and AC Milan? Should Arsenal be higher? And where do South American giants like Flamengo and River Plate fit into all of this?

Photo: REUTERS/Albert Gea