Real Madrid have been named as the richest club in the world for the 11th successive season, while Manchester United and Bayern Munich have dropped down the list.
Barcelona have moved up two places to second following their successful 2013 – 2014 season in which they won the treble while United drop to third.
Deloitte Football Money League, based on season 2014-15, also said the combined revenues of the 20 clubs had risen 8% to €6.6bn (£5.1bn), a new record.
In fourth place is French champions PSG while Bayern Munich drop from third to fourth on the list, their lowest position since the 2006 – 2007 season.
Manchester City, Arsenal, Chelsea and Liverpool occupied places six to nine while Juventus occupied tenth place.
Tottenham were in 12th spot, with Newcastle United and Everton at 17th and 18th. West Ham was a new entrant at number 20, making the top 20 for the first time since 2005-06.
The list only looks at revenues accrued and does not take into account club debts.
All the 20 clubs represented are from the “big five” European leagues, with Italy contributing four clubs, Germany three, Spain three and France one.