NEW YORK ( TheStreet) -- Apple ( AAPL) is the world's No. 1 brand, ending Coca-Cola's ( KO) 13-year reign, according to a report by brand consultancy Interbrand. The iPhone and iPad maker, which held the No. 2 position in last year's report, ousted the soft drinks giant from the top spot. Interbrand estimated Apple's brand value at $98.316 billion, an increase of 28% from the prior year's report. Brand value measures the company's financial performance, its role in influencing consumers and the brand's ability to command a premium price or secure earnings. "Every so often, a company changes our lives -- not just with its products, but with its ethos. This is why, following Coca-Cola's 13-year run at the top of Best Global Brands, Apple now ranks #1," said Jez Frampton, Interbrand's global CEO, in a statement. "Tim Cook has assembled a solid leadership team and has kept Steve Jobs' vision intact -- a vision that has allowed Apple to deliver on its promise of innovation time and time again." Google ( GOOG) claimed second position in this year's report, up from fourth place in 2012. The search giant, which has expanded into the mobile arena thanks to its popular Android operating system, had a brand value of $93.291, a 34% increase from last year. Coca-Cola took third place in this year's report, followed by IBM ( IBM) (down from third place last year) and Microsoft ( MSFT) (no change). GE ( GE), McDonald's ( MCD), Samsung, Intel ( INTC) and Toyota made up the rest of the top 10. Last week Apple also topped Boston Consulting Group's list of the most innovative companies for the eighth year in a row. Shares of Apple, which recently launched its iPhone 5s and 5c, dipped 0.93% to $478.24 before market open on Monday. --Written by James Rogers in New York. Follow @jamesjrogers >Contact by Email.