LONDON (TIP): Apple has emerged the world’s most valuable brand – worth nearly $119 billion (£80 billion).

The tech company increased its brand value by 21% and was followed by Google which was valued at $107.43 billion – a brand value increase by 15%.

For the first time in the history of Best Global Brands, two global brands – not just one – have each earned a brand value that exceeds $100 billion, according to closely followed Interbrand Best Global Brands annual report.

Facebook has been the biggest riser in the chart, increasing its brand value by 86% to $14.3 billion and taking 29th place in the table.

A year before, it was worth $562 million. Facebook’s ad business on mobile phones has been particularly strong. For the first time in its history, the company reported that revenue from advertising on mobile phones exceeded half (53%) of all its advertising for the quarter. Facebook’s acquisitions of messaging service WhatsApp for $19 billion and Oculus VR for $2 billion signal a new strategy unfolding.

Huawei -the Chinese telecommunications and network equipment provider has made Best Global Brands history as the first Chinese company to appear on Interbrand’s ranking.

With 65% of its revenue coming from outside of China and with its earnings continuing to climb both domestically and across Europe, the Middle East and Africa, Huawei is quickly becoming one of the largest telecommunications equipment makers in the world.

The company is currently the third largest smartphone manufacturer in the world — just behind Samsung and Apple and is ranked 94th most important brand in the world.

The Chinese brand is one of five new entrants to enter the Best Global Brands ranking this year — the others being DHL (81), Land Rover (91), FedEx (92) and Hugo Boss (97).

Jez Frampton, Interbrand’s Global Chief Executive Officer said “Apple and Google’s meteoric rise to more than $100 billion is truly a testament to the power of brand building”.

When determining the top 100 most valuable brands each year, Interbrand examined three key aspects that contribute to a brand’s value – the financial performance of the branded product and service, the role the brand plays in influencing customer choice and the strength the brand has to command a premium price or secure earnings for the company.

Audi is the top-rising automotive brand in this year’s Best Global Brands report. It was a record-breaking year for the brand, having sold the greatest amount of cars in its history, and having achieved an operating profit of more than $6 billion. It is placed at 44th.

Amazon was ranked 15 while Volkswagen was ranked 31st. Close rivals Nissan was ranked 56th while British carmaker Land Rover stands 91st in the elite list.