Brand Finance, a global brand value evaluation consultancy, released its latest ranking for the world's fastest growing brands in value recently in its China 500 2020 report.

According to the report, China saw more brand value growth over the past decade than any other country in the world and claimed nine spots among the top 10 brands with the largest increase in brand value over the last decade.

The consultancy said the reported is based on key metrics across all industries and brands. It researched over 1,500 brands each year, covering 29 countries and 10 sectors, and more than 50,000 respondents are surveyed annually.

Let's take a look at the top 10 world's fastest-growing brands.

No 10 Yanghe

Increase in brand value over last decade: 1,283 percent

Brand value: $7.67 billion

Sector: Spirits

No 9 MCC

Increase in brand value over last decade: 1,297 percent

Brand value: $5.75 billion

Sector: Engineering and construction

No 8 Luzhou Laojiao

Increase in brand value over last decade: 1,460 percent

Brand value: $5.63 billion

Sector: Spirits

No 7 CNOOC

Increase in brand value over last decade: 1,465 percent

Brand value: $6.43 billion

Sector: Oil and gas

No 6 Amazon

Increase in brand value over last decade: 1,555 percent

Brand value: $220.79 billion

Sector: Retail

No 5 Wuliangye

Increase in brand value over last decade: 1,634 percent

Brand value: $20.87 billion

Sector: Spirits

No 4 Tencent

Increase in brand value over last decade: 2,310 percent

Brand value: $44.09 billion

Sector: Media

No 3 NetEase

Increase in brand value over last decade: 2,995 percent

Brand value: $13.03 billion

Sector: Media

Models interact with the audience at the NetEase stand during the ChinaJoy exhibition in Shanghai, on Aug 3, 2019. [Photo by Lyu Liang/For China Daily]

No 2 Moutai

Increase in brand value over last decade: 3,460 percent

Brand value: $39.33 billion

Sector: Spirits

No 1 Alibaba

Increase in brand value over last decade: 4,029 percent

Brand value: $18,82 billion

Sector: Retail