Apple has been dethroned from its position as the world’s most valuable brand for the first time in five years, with Google taking the top spot according to an annual study of the planet’s leading brands.

Apple’s brand value has dropped 27pc in the last 12 months, according to an analysis by leading valuation and strategy consultancy Brand Finance, which also found Lego to be the world’s most powerful brand.

The yearly Global 500 rankings, which calculates the most valuable and powerful brands across the globe, found that Google’s brand value rose by 24pc to $109.5bn (£87bn) last year, with Apple’s dropping to $107bn amid concern that people are losing faith in the technology giant’s ability to innovate.

“There are probably 50 or 60 analysts that follow Apple,” said David Haigh, the CEO of Brand Finance. “Some are very bullish, some are very pessimistic. What drives our valuation is consensus. We are reflecting what the market says and the market consensus is that the prospects of future turnover are worse than they were last year or the year before.”