Amazon has beat out its fellow tech giants to become the world’s most valuable brand for 2018, according to a new report.

The latest Brand Finance Global 500 report, released Thursday, says Amazon’s brand value has increased by 42 per cent year-over-year to US$150.8 billion, knocking Google out of first place.

Google’s position dropped from last year’s list as its brand value growth slowed, increasing only 10 per cent to US$120.9 billion, according to the report.

Brand Finance determines a company’s brand value by estimating its future revenues that can be attributed to a brand, using a series of metrics.

The consultancy credits Amazon’s growing brand power with its diversification into other spaces, including its takeover of Whole Foods last year.

“The strength and value of the Amazon brand gives it stakeholder permission to extend relentlessly into new sectors and geographies. All evidence suggests that the amazing Amazon brand is going to continue growing indefinitely and exponentially,” said David Haigh, CEO of Brand Finance, in a release.

Apple came in a close second, with its brand value sitting at US$146.3 billion after dropping 27 per cent last year. The report says the company’s failure to diversify and its dependence on iPhones will hurt its brand power in the future.  

RBC was the top-ranking Canadian brand, coming in at number 107, a slightly lower position than it held in 2017, when it ranked at 104.  

Other Canadian companies to make the list include TD (118th), Bell (141st) and Tim Hortons (351st).