The public's increasing dependence on the internet is one of the reasons why Google is cited as having the top brand value.

Google topped Brand Finance’s Global 500 report for 2011 with a brand value of $44.3 billion.

Brand Finance said Google’s brand value strength came from its dominance in the field of search engines. Google’s non-commercial ventures, like its developing not-for-profit branch, add to the value of the brand. The world’s dependence on the Internet was also cited as a reason for Google’s no. 1 spot.

Brand Finance said criteria for determining brand value include measuring strength, potential risk and the future prospects of a brand in relation to its competitors and its overall financial strength.

The previous year’s list topper, Walmart, increased its brand value but was still considered one of the survey’s biggest losers because its brand value failed to reflect the large size of the company.

Microsoft came in second place for 2011 with its brand valued at $42.8 billion.

BP took a dive on the list of 53 places after the oil spill in the Gulf of Mexico. BP lost over $3.4 billion in 2010. Coca Cola dropped out of the top ten for the first time since the report was first published in 2007 with a $25.8 billion value.

Facebook got an entry on the list for the first time this year. At $3.7 billion, Facebook placed 285th.

American brands take up 13 of the top 20 spots on the list.