Apple has been knocked of its perch as the world’s most valuable global brand by Google which is now worth $159bn according to the BrandZ Top 100 Most Valuable Global Brand ranking.

Google pushed ahead of Apple with a huge 40% year-on-year increase while Apple dropped to number two on the back of a 20% dip in brand value, the WPP commissioned report found.

According to the study, which was conducted by Millward Brown Optimor, Apple’s brand value has shrunk because “there is a growing perception that it is no longer redefining technology for consumers”.

Nick Cooper, managing director of Millward Brown Optimor, said: “Google has been hugely innovative in the last year with Google Glass, investments in artificial intelligence and a multitude of partnerships that see its Android operating system becoming embedded in other goods such as cars. All of this activity sends a very strong signal to consumers about what Google is about and it has coincided with a slowdown at Apple.”

Four Australian brands are featured in the global 100, with the Commonwealth Bank, ANZ, Westpac and Woolworths all also recording increases in their brand value.

The Commonwealth Bank is Australia’s highest ranked brand, sitting in 44^th spot  with a value of $21bn following an 18% increase.

ANZ maintained its hold on its 52^nd ranking, and is now worth $19bn after a 15% increase.

Westpac grew by 17% and is now worth $12bn. Woolworths is now in 82^nd place.

Johnny Panagiotidis, senior business consultant at Millward Brown Australia, said: “The global financial crisis was a challenging time for many companies but despite fluctuating macro-economic conditions and the impact of digital disruption, we still see seventy-one of the brands listed in our 2014 Top 100 that were there in 2008. Strong brands are better able to weather the storm and, when valued by companies, create value for them.”