Apple has been named the most valuable brand in the world, overtaking Coca-Cola, according to a report released this morning.

Web giant-Google came second in the list compiled by consultancy Interbrand, with Coca-Cola, IBM and Microsoft rounding out the top five.

According to AppleInsider;

Interbrand, a brand consulting firm based out of New York, estimated Apple’s brand valuation for 2013 hit $98.3 billion, snatching the Best Global Brand title away from Coca-Cola for the first time in the report’s history, reports The New York Times.

The Cupertino, Calif., company was in second place last year after more than doubling its brand valuation from 2011. In 2013, Apple gained another 28 percent and was once again named cited as a “Top Riser.”

Interbrand cites a number of attributes that contributed to Apple’s success, including a strong presence in retail, explosive iOS device sales, and future prospects like wearable computing devices and new Mac products.

From the report:

Few brands have enabled so many people to do so much so easily, which is why Apple has legions of adoring fans, as evidenced by the record-breaking launch of the iPhone 5c/5s. For revolutionizing the way we work, play, and communicate—and for mastering the ability to surprise and delight—Apple has set a high bar for aesthetics, simplicity, and ease of use that all other tech brands are now expected to match, and that Apple itself is expected to continually exceed.
In the number two spot was Apple’s smartphone competitor Google, which managed to jump 34 percent from last year to reach a brand valuation of $93.3 billion, a change only beaten by Facebook’s 43 percent growth.

Coca-Cola, which previously held the top spot for 13 years, was bumped to third by the two tech monoliths despite growing 2 percent on the year. The beverage company is now just ahead of IBM with a valuation of $79.2 billion.

Interbrand employs a variety of metrics to decide its Best Global Brands index, but requires each company generate 30 percent of revenue from outside its home region, have a presence on at least three major continents as well as coverage in emerging markets, publicly available financials, and a positive economic outlook. In addition, the brand must have a public profile and awareness beyond its own market.