Barcelona were second on the list with a value of $3.64 billion while Real Madrid, who held top spot for the last four years, fell to third place with a value of $3.58 billion.
Rounding out the top five were Bayern Munich ($2.71 billion) and Manchester City (2.08 billion).
Six Premier League teams featured in the top 10, with United and City joined by Arsenal ($1.93 billion), Chelsea ($1.85 billion) Liverpool ($1.49 billion) and Tottenham Hotspur ($1.06 billion).
German champions Bayern Munich ($2.71 billion) were ranked fourth while Serie A champions Juventus ($1.26 billion) were ninth.
Forbes also said the average value of the top 20 teams rose 3 percent over last year to $1.48 billion.
(Reporting by Frank Pingue in Toronto; Editing by Toby Davis)
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