Arsenal are one of only five clubs in world football to be valued over the $1 billion mark in the latest soccer rich list formulated by American publication Forbes.

Ranked fourth overall, the Gunners current value is estimated at $1.292 billion, with revenue of $364 million leaving an operating income of $98 million.

Manchester United top the list by some distance with a value of $2.235 billion, with Real Madrid ($1.877bn) and Barcelona ($1.307bn) making up the top three. German giants Bayern Munich ($1.235bn) sit just behind Arsenal in fifth.

Chelsea and Liverpool, seventh and eighth, are the only two other English clubs in the top ten, which also has space for AC Milan, Juventus and Schalke.

Forbes’ profile of the Gunners explains the current figures as such:

“Value only up 1% in local currency because of decline in broadcasting revenue as the Gunners only reached final 16 of Champions League in 2011. Commercial revenue increased $3.7 million. New sponsorhsips in 2012 with Indesit, Betsson and Carlsberg will boost revenue.”

The full Forbes list can be seen below…

A video explaining the list and how things have changed over the last twelve months can also be seen below.