Social networking giant Facebook has been named 2016’s ‘Top Growing Brand’ by brand consultancy Interbrand, with a 48% year-on-year increase in its brand value to $32.59 billion. E-commerce major Amazon and toy company Lego were ranked second and third respectively. Notably, Facebook was also ranked 15 on Interbrand’s 2016 list of ‘Best Global Brands’.
Toy maker Lego was the fastest growth in brand value with an over 25% growth and stood at $6.69 billion.

The report said that the top sector in terms of growth in brand value is retail. This was represented by Amazon, eBay and IKEA. But brands from all sectors are thinking about how to bridge the divide between online and physical experiences, well beyond traditional retail.

The brand value is calculated by Interbrand that takes into account several factors such as financial returns, the role of the brand in the customer’s purchase decision and the power of the brand to create loyalty and sustainable demand.

Apple once again was crowned as the world’s most valuable brand according to Interbrand’s annual ranking of the best global brands. The Cupertino-based brand’s value has increased by 5% from last year and is valued at $178 billion.

It was followed Google, which had increased its brand value by 11% and stood at $133 billion. However, Apple’s brand value was over $40 million more than Google’s.Beverage brand Coca-Cola came in it at number 3 spot with a brand value of $73.10 billion. The brand had seen a 7% decline in its brand value from last year.