World's Most Valuable Brands 2021. Only TCS, HDFC and LIC from India

General
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No Reliance here ? Strange.

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Usually the way this is calculated is by market cap.
But here they have defined their way above.(which is not market cap)
So it might differ.

Also Microsoft / apple is most valuable by market cap, but they have mentioned amzon first.

So, clearly their way of calculation is different.

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Brand value is NOT proportional to Mcap