Budweiser is the most valuable beer brand in the world, according to a newly released ranking by Brand Finance, an independent business valuation company. Budweiser beat out the reigning king, Bud Light. Following those is Heineken from the Netherlands, China’s Harbin, and Kirin from Japan.

The metric measures the net revenue a brand would generate if licensed in the open market. The rankings are calculated by figuring out how much a parent company’s revenue is attributed to individual brands.

Budweiser’s move to the top of the list can be attributed to its FIFA World Cup campaign in 2018, which exposed the company to new markets in South Africa, Colombia, China, and Australia. It grew over six percent in value where Bud Light fell five percent.

“Budweiser and Bud Light, the flagship brands of Belgian brewing giant [Anheuser-Busch] InBev, have had to contend with the changing consumer drinking habits across the US,” Brand Finance’s report reads. “The general decline in beer consumption across millennials, and the preference for healthier alcohol-free alternatives have contributed to the slowdown in their brand value growth compared to previous years.”

And while AB InBev’s brands still hold 11 of the top 25 spots in the rankings, the report also says to watch for Chinese brands, like Snow and Tsingtao, which had the fastest growth rate.

Here’s the list of the top 10 most valuable brands of 2019 with their growth rates in parenthesis:

  1. Budweiser (up 6.2%)
  2. Bud Light (down 5.4%)
  3. Heineken (up 11.1%)
  4. Harbin (up 46.4%)
  5. Kirin (up 45.4%)
  6. Corona (up 17.2%)
  7. Snow (up 51.8%)
  8. Brahma (down 2.1%)
  9. Skol (up 3.3%)
  10. Guinness (up 14.1%)