Liverpool have seen their value jump almost 20 per cent over the past year.
The Daily Mail reports Liverpool have leapfrogged Premier League rivals Manchester City and Chelsea in the list of Europe's most valuable clubs with their valuation soaring by 19 per cent to almost £2.25billion.
The Bernabeu club remain top of KPMG's rankings for 2020 with an enterprise value of £2.95bn following a small increase of 1.5 per cent over the past year.
But it was enough to keep them ahead of United in second place, whose value actually went down two per cent to £2.84bn over the past 12 months.
Rich List rankings:
Shows each club's Enterprise Value for 2020 and year-on-year change
1. Real Madrid (unchanged) - £2.95bn (+1.5%)
2. Manchester United (unchanged) - £2.84bn (-2%)
3. Barcelona (+1) - £2.71bn (+12.2%)
4. Bayern Munich (-1) - £2.44bn (+0.4%)
5. Liverpool (+2) - £2.26bn (+19.3%)
6. Manchester City (-1) - £2.21bn (-0.3%)
7. Chelsea (-1) - £1.88bn (-6.3%)
8. Tottenham Hotspur (+1) - £1.75bn (+15.8%)
9. Paris Saint-Germain (+2) - £1.62bn (+36.7%)
10. Arsenal (-2) - £1.57bn (-13.2%)