Telstra Corporation Ltd (ASX: TLS) has overtaken Woolworths Limited (ASX: WOW) to become Australia’s most valuable brand according to Brand Directory.

Telstra has a brand value of US$10.707 million, up from US$8,708 million last year, compared to Woolworths value of US$7,755 million this year, down from US$8,964 million in 2015.

The next four spots are taken by the big four banks Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB).

Just eight Australian companies made the global top 500 companies, with Coles and Optus filling the remaining spots with brand values of US$4,826 million and US$3,622 million.

Australias top 8 brands

Source: Brand Directory

Just for comparison’s sake, Telstra was ranked 110 in the world. Apple remains the number one global brand with a value of US$145,918 million (14 x Telstra’s value), followed by Google, Samsung and Amazon.

Interestingly technology companies filled the top 7 spots, and 8 of the Top 10 globally.

Source: Brand Directory

Source: Brand Directory

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Motley Fool writer/analyst Mike King owns shares Telstra and Woolworths. You can follow Mike on Twitter @TMFKinga

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.