China has continued to narrow the gap with long-standing leader the United States in national brand value, despite the world’s top 100 most valuable nation brands registering a monumental loss of USD13.1 trillion because of the Covid-19 pandemic. Brand Finance, a London-based consultancy, said in a newly released annual report about the most valuable brands that the total brand value of the top 100 nations fell to USD84.9 trillion in 2020 from USD98 trillion in 2019, with almost every nation feeling a significant impact on their economies from the health crisis. The U.S. and China remain a cut above the rest, claiming the top two positions in this year’s ranking after recording national brand values of USD23.74 trillion and USD18.76 trillion respectively. China’s brand value has remained largely stable, with a modest 4% drop this year. The U.S. saw a 14% fall in its brand value as it now has the most cases and deaths from Covid-19 in the world. The report stated that the U.S. brands’ dominance and success globally will always provide the nation’s economy and reputation with a strong safety net. U.S. brands Amazon, Google, Apple, and Microsoft claimed four out of the top five spots in this year’s Brand Finance Global 500.

David Haigh, CEO of Brand Finance, said: “We are once again witnessing China inch closer to the U.S. in our ranking of the world’s most valuable nation brands. China has shown its ability to recover at a meteoric pace – providing a beacon of hope that recovery can happen on the global stage too.” With the pandemic wreaking havoc on nation brand values globally, the top 10 suffered a brand value loss of 14% on average. Japan fared better than many counterparts, recording a 6% fall in brand value, to USD4.26 trillion. It inched up in the rankings to claim third place. Germany fell to fourth after a 21.5% decrease in brand value, to USD3.81 trillion. The United Kingdom remained in fifth position with a 14% fall in brand value to USD3.32 trillion.

Vietnam is the fastest-growing nation brand in the new ranking, with its value skyrocketing 29% to USD319 billion. Argentina experienced the biggest drop in brand value, plummeting 57% to USD175 billion, the China Daily reports.