Though Los Merengues may have not won a trophy in the past three seasons, they remain the highest money earners after an income of €292.2million (£192.7million) for the 2005/06 season - an increase of six per cent.
Real's arch-rivals Barcelona were second in the list with an income of €259.1million (£171million), though the Spanish and European champions' growth was an impressive 25 per cent last season.
The findings come from the latest edition of the Football Money League report that was published by consultants Deloitte.
In all, the top 20 clubs reached earnings of £2.31billion, with revenue from television and sponsorship deals being a major factor.
Eight of the clubs in the top-20 list come from the Premiership, with Manchester United listed as the fourth-richest club at €242.6million (£160million).
Rangers may be well behind Old Firm rivals Celtic in the Scottish Premier League table, but they are the only Scottish club to crack the 20 - sitting 18th after earnings of €88.5million (£58.4million).
Deloitte also stated the new television deals that are set to begin in Europe next season will increase clubs' revenues, with the Premiership likely to contribute half of the top 20 clubs under its new TV deal come next season.
List of World's richest clubs
1 Real Madrid - £192.7million
2 Barcelona - £171million
3 Juventus - £165.8million
4 Manchester United - £160million
5 Milan - £157.5million
6 Chelsea - £145.8million
7 Internazionale - £136.3million
8 Bayern Munich - £135million
9 Arsenal - £126.9million
10 Liverpool - £116.1million
11 Lyon - £84.2million
12 Roma - £83.8million
13 Newcastle United - £82million
14 Schalke - £81.1million
15 Tottenham Hotspur - £70.7million
16 Hamburg - £67.1million
17 Manchester City - £59million
18 Rangers - £58.4million
19 West Ham United - £57.3million
20 Benfica - £56.1million
Courtsey:
http://home.skysports.com/list.aspx?...list&channel=&