According to the latest 2016 Deloitte Football Money League rankings, Real Madrid retained their spot at the summit for the 11th consecutive year. Manchester United dropped to third, behind Barcelona in the list, however English Premier League clubs dominate the top 20.
The rankings are made by Deloitte based on the club's earnings from match-day revenue, broadcast rights and commercial sources. The current list is from the 2014-2015 season.
United earned €519.5million in the season, compared to Real Madrid's €577m and Barcelona's €560.8m.
"The fact Manchester United remain in the top three of the money league demonstrates the underlying strength of the club's business model. The return to Champions League football [this season], as well as the commencement of a number of significant commercial partnerships, will only strengthen the business in 2015-16," Deloitte's Tim Bridge told reporters.
"With this in mind, it would not be surprising to see United top next year's money league for the first time in 12 years, with the club forecasting revenues of around £500m [around €650m]."
This is also the first time that the top three clubs in the list have gone gone past the €500m revenue mark.
There are nine Premier League clubs in the top 20 most valuable clubs in Europe. Manchester City, Arsenal, Chelsea and Liverpool are also amongst the top 10 richest clubs in Europe.
Tottenham Hotspur, Newcastle United, Everton and West Ham United are the other four Premier League clubs that are present in that top 20 list as well. The Hammers entered the top 20 for the first time since 2005-06.
Here is the complete list of Top 20 richest football clubs in Europe according to Deloitte Football Money League 2016:
1. Real Madrid - €577m
2. Barcelona - €560.8m
3. Manchester United - €519.8m
4. Paris Saint-Germain - €480.8m
5. Bayern Munich - €474m
6. Manchester City - €463.5m
7. Arsenal - €435.5m
8. Chelsea - €420m
9. Liverpool - €391.8m
10. Juventus - €323.9m
11. Borussia Dortmund - €280.6m
12. Tottenham Hotspur - €257.5m
13. FC Schalke 04 - €219.7m
14. AC Milan - €199.1m
15. Atletico Madrid - €187.1m
16. AS Roma - €180.4m
17. Newcastle United - €169.3m
18. Everton - €165.1m
19. Inter Milan - €164.8m
20. West ham United - €160.9m