2.  Apple

best brand apple
  • Brand value: $228 billion

Apple's (AAPL) brand value dropped 8% over the past year, putting it just below Google in the BrandZ ranking.

The company has sold millions of iPhones and other products, but perceptions towards the brand have been shifting.

"They need to create a stronger emotional connection with consumers," said Elspeth Cheung, global BrandZ valuation director at the brand consultancy firm, Millward Brown. "They need to work on their relevance to consumers."

Apple was smart to invest in other business areas, particularly Uber's big Chinese rival, Didi Chuxing, said Cheung.

The company plowed a whopping $1 billion into Didi last month as the taxi-hailing company engages in a fierce battle for market share with Uber.

First published June 7, 2016: 8:49 PM ET
Methodology: The 2016 BrandZ ranking of the most valuable brands in the world was carried out by Millward Brown, part of advertising firm WPP. It calculates brand value by using in-depth financial data and interviews with over three million consumers around the world.

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