United have dropped down to third place with FC Barcelona making it the first time two Spanish clubs occupy the top spots in four years, according to Deloitte.
Its Football Money League system, based on season 2017-18, also shows the combined revenues of the top 20 clubs has risen 6% to a record €8.3bn (R130bn).
Six English Premier League clubs have finished in the top 10; United, Arsenal, Chelsea, Manchester City, Tottenham and league leaders Liverpool.
The list only looks at revenues and does not take into account club debts, which has surprisingly seen cash-strapped Besiktas (26th) included on the list.
This gap this year between the top two places was the second widest yet, with €60.5m (R949bn) between the leading pair thanks to Los Blancos recent success in the UEFA Champions League.
Real won Europe's elite club competition by beating Liverpool 3-1 in Kiev last May which now sees the Spanish club top Deloitte's money league for a 12th occasion in the last 22 seasons.
— Bloomberg (@business) January 24, 2019
At €356.2m, Real Madrid now have the highest commercial revenue of any football club globally, contributing to those world-record revenues.
Dan Jones, head of Deloitte's sports business group, told BBC Sport: "Real Madrid's outstanding financial performance in 2017-18 is built on their long history of success on the pitch, most recently three consecutive Champions League titles.
"This has enabled the club to continue to drive commercial revenue as the appetite to partner with Europe's most successful clubs remains stronger than ever."
1. Real Madrid
2. Barcelona
3. Manchester United
4. Bayern Munich
5. Manchester City
6. Paris-Saint Germain
7. Liverpool
8. Chelsea
9. Arsenal
10. Tottenham Hotspur
11. Juventus
12. Borussia Dortmund
13. Atletico Madrid
14. Inter Milan
15. Roma
16. Schalke
17. Everton
18. AC Milan
19. Newcastle United
20. West Ham United
