The report shows that Investment house Goldman Sachs gained 13 percent in brand value to land at No. 37. Other gainers in the industry include J.P. Morgan, No. 30 (up seven percent); Morgan Stanley, No. 27 (up eight percent); and Merrill Lynch, No. 26 (up nine percent).

With the exception of Luxury brand behemoth Mercedes -- which was edged out of the top 10 by Toyota -- the 2004 top 10 includes the same brands as in 2003. Reflecting a recovering global economy, overall brand values have risen 2.2 percent. Although American firms still dominate holding eight of the top 10 spots, the overall number of American companies on the list dropped from 64 to58.

Based on its high brand loyalty and strong sales of the iPod, Apple (No. 43) is the biggest mover with a 24 percent gain in brand value. Other big gainers include Yahoo!, Amazon, Samsung, No. 21, and HSBC, No. 33. Online auctioneer eBay debuts on the list this year at No. 60.

As BusinessWeek notes, even established brands such as Coca-Cola (No. 1) and Microsoft (No. 2) "have started to recognize the need to nurture stronger ties with consumers." Microsoft has started mini-trade shows in airport lounges and Coca Cola has opened hip "Coke Red Lounges" for teenagers in suburban malls.

Despite the recovering U.S economy, some sectors suffered. The fast food industry was particularly hard hit as a result of bad publicity and consumers focused on obesity and eating healthier.

Methodology
Brand value is calculated as the net present value of the earnings that the brand is expected to generate and secure in the future for the time frame from July 1, 2003 to June 30, 2004. In order to be included in the top global brands list, a brand had to be valued at greater than $2.1 billion. They were selected according to two criteria: First, the brands had to be global, generating significant earnings in the main global markets. Second, there had to be sufficient marketing and financial data publicly available for preparing a reasonable valuation.