MEXICO CITY: Beer brands dominate the upper reaches of a ranking of the most valuable brands in Latin America, with five in the top ten and Corona sitting in the top spot.

Compiled by Millward Brown, the BrandZ Top 50 Most Valuable Latin American Brands 2014 report determined the value of brands from Argentina, Brazil, Chile, Colombia, Peru and Mexico, taking into account the views of potential and current buyers of a brand, alongside financial data.

Corona, from Mexico, saw its brand value increase 21% to reach $8bn, comfortably keeping it in the number one slot. Millward Brown noted its "solid brand positioning and the positive feelings consumers have towards it – both in Mexico and overseas".

Few other beer brands in the top ten were able to demonstrate a similar performance. Skol, from Brazil, was in second place with a valuation of $7bn, an 8% rise on the previous year. Another Brazilian brand, Brahma, was in eighth place and its $3.58bn valuation represented a 6% decline. In ninth was Aguila, from Colombia, down 9% to $3.56bn.

But there was a stellar showing from Mexican brand Modelo, whose value had leapt 51% to $3.5bn and pushed it up 14 places to tenth, helped by it "presenting itself as a young yet sophisticated brand, and creating a sense of status and craftsmanship".

Of the remaining top ten brands, two were Chilean retailers – Falabella in third place worth $6bn (+8%) and Sodimac in fifth worth $4.1bn (+16%). Another two were Mexican telecoms providers – TelCel in fourth place worth $5.3bn (-19%) and Televisa in seventh worth $3.6bn (+11%). Finally Bradesco, a Mexican bank took fifth spot with a valuation of $4.2bn (-24%).

Mexican brands dominated the rankings, accounting for 33% of overall value, up from 29% last year. Brazilian brands' share slipped from 28% to 24%, while Chile moved up slightly to 19% and Colombia was steady on 16%.

Peru (4%) and Argentina (1%) had little presence in the rankings. The most valuable brand in Peru was another beer brand, Cristal, in 33rd place worth $1.6bn, while Argentina's sole entry was energy business YPF, in 33rd spot worth $1.5bn.

"Brands that have positioned themselves successfully for middle class consumers increased substantially in value in the LatAm region," said Eduardo Tomiya, Managing Director of Millward Brown Vermeer.

His colleague Gonzalo Fuentes, CEO of Millward Brown Latin America, advised that were significant opportunities for those brands which could "start looking at the whole region as their playground" and move beyond their local markets to become "true LatAm brands".

Data sourced from Millward Brown; additional content by Warc staff