Woolworths has today been revealed as Australia’s most valuable brand in The Brand Finance Global 500 as rival Coles drops 17 places.

While Coles as dropped in its rank its brand value has increased from US$5,907m to $6,335m.

It is a long way off Woolies’ 2014 brand value of US$10,823m.

Telstra is Australia’s second most valuable brand coming in at number 140 globally. The only other local telco to make the list was Optus.

The big four banks were all there but Westpac was the only banking brand to have increased its ranking as ANZ, Commonwealth and National Australia Bank dropped.

Globally Ferrari is the world’s most powerful brand.

Brand Finance chief executive David Haigh said: “The prancing horse on a yellow badge is instantly recognizable the world over, even where paved roads have yet to reach. In its home country and among its many admirers worldwide Ferrari inspires more than just brand loyalty, more of a cultish, even quasi-religious devotion, its brand power is indisputable.”

However the luxury brand is a long way off being the world’s most valuable, it ranked 350^th, with that title going to Apple.

“Apple also has a powerful brand, rated AAA by Brand Finance. However what sets it apart is its ability to monetize that brand,” Haigh said.

“For example, though tablets were in use before the iPad, it was the application of the Apple brand to the concept that captured the public imagination and allowed it to take off as a commercial reality.”

Netflix almost doubled its brand value to make its first appearance in The Brand Finance Global 500 report, coming in at 468^th.

Facebook’s brand value has recovered from its IPO, which saw its value plunge in last year’s report, adding 76% to its brand value and claiming the 122^nd spot.