Amazon ranked the world's most valuable brand

Amazon beat out Apple, Google for the title of World's most valuable brand

Amazon reached the top of the list as the world's most valuable brand, outranking both Apple and Google.

Amazon's brand worth is over $315 billion, according to BrandZ. That's up 52% from last year.

The head of BrandZ says the growth is due to Amazon selling a widespread variety of services across multiple categories and regions.

The study also found that luxury is one of the fastest growing sectors thanks to Gen Y and Gen Z consumers preferring digital channels.

The company's other investments include self-driving cars and trucks, Amazon Air, an online pharmacy and food delivery.

It's food delivery service, however, failed to take off in the United States due to strong competition.