Manchester United topped the soccer world’s billionaire’s club in the latest Forbes Magazine list of wealthiest soccer clubs. The England side was valued at $2.235 billion and most of that came from sponsorship money, TV contracts, and of course Champions League revenues. Check out the rest of the Top 20.

The top 5 were all valued at over $1 billion with Real Madrid coming in a distant second at $1.877 billion followed by Barcelona at $1.307 billion, Arsenal at $1.292 billion and closing out the club Bayern Munich with a value of $1.235 billion.

The list could see some big change next season. Manchester United was dumped from the Champions League at the group stage so will see some of their European revenues run dry (UEFA paid out $1.14 billion to the 32 qualifiers for the group stage in 2011) while the Bundesliga has signed an agreement with SKY Deutschland and ARD targeted to bring in $3.3 billion for German top division clubs over 4 years.

FORBES TOP 20 CLUBS (2010-11 VALUE)
1. Man.United $2.235 billion
2. Real Madrid $1.877 billion
3. Barcelona $1.307 billion
4. Arsenal $1.292 billion
5. Bay. Munich $1.235 billion
6. AC Milan $989 million
7. Chelsea $761 million
8. Liverpool $619 million
9. Juventus $591 million
10. Schalke 04 $587 million
11. Tottenham $564 million
12. Inter Milan $490 million
13. Man. City $443 million
14. Bor. Dortmund $394 million
15. Lyon $385 million
16. Hamburg $355 million
17. Roma $354 million
18. Marseille $349 million
19. Valencia $288 million
20. Napoli $283 million