Ferrari have not only lost their place as the world's most powerful brand but dropped to ninth with Lego taking over at the top.

Consultancy company Brand Finance has carried out their yearly study of the world's leading brands, which takes into account brand strength, royalty rate range and revenues.

This year Lego, on the back of the successful Lego movie, came in first replacing Ferrari as the world's most powerful brand.

Ferrari, though, did not just lose the number one spot, they dropped to ninth, tied with Coca-Cola.

In the study Brand Finance said of Ferrari: "It remains one of the world's most powerful and retains its AAA brand strength rating. However, the brand's power has been ever so slightly blunted.

"Ferrari's racing team brand, Scuderia Ferrari, has now gone several years without an F1 title and last season struggled even to mount a challenge. The sheen of glory from its 1990s golden era is wearing slightly thin."

Added to that, a change in strategy at the road car division in the wake of Luca di Montezemolo's departure saw chairman Sergio Marchionne relax the policy of exclusivity in favour of boosting revenues.

Second on the list went to pwc while energy drink company, Red Bull, who own Formula 1 team Red Bull Racing, ranked third.