​The CIES Football Observatory has published its annual report of the world's most valuable players based on its exclusive algorithm and this year's results have been surprising to say the least.

Lionel Messi continues his reign at the top, heading the list at an approximate market worth of €251m, followed by Barcelona teammate Neymar at a distant second with €153m.

Most surprisingly, Cristiano Ronaldo has been edged all the way down to fourth, between Chelsea's out-of-form Belgian Eden Hazard in third and Spurs talisman Harry Kane in fifth, although CR7's decline in value might be explained by his age and contract length.

Some other notable changes are Thibaut Courtois as the world's most valuable goalkeeper at €47m, Emre Can at a whopping €45.8m and Riyad Mahrez's jump up to €40.8m.

Below are the report's top 50 players with the rest ​available here:


​NameClub​​Value (million €)
​16. Robert Lewandowski​Bayern Munich​69.6
​17. Gareth Bale​Real Madrid​69.1 
​18. Romelu Lukaku​Everton​68.2
​19. Diego Costa​Chelsea​65.5
​20. Paulo Dybala​Juventus​62.5
​21. Isco​Real Madrid​62.1
​22. Cesc Fabregas​Chelsea​59.6
​23. Gonzalo Higuain​Napoli​58.5
​24. James Rodriguez​Real Madrid​57.8
​25. Toni Kroos​Real Madrid​55.8
​26. Marco Verratti​Paris Saint-Germain​52.0
​27. Mesut Özil​Arsenal​51.0
​28. Sergio Busquets​Barcelona​50.0
​29. Mauro Icardi​Internazionale​49.7
​30. Koke​Atletico Madrid​49.4
​31. Memphis Depay​Manchester United​49.0
​32. Raphael Varane​Real Madrid​48.5
​33. Christian Eriksen​Tottenham​47.2
​34. Thibaut Courtois​Chelsea​47.0
​35. Emre Can​Liverpool​45.8
​36. Oscar​Chelsea​45.6
​37. Pierre-Emerick Aubameyang​Borussia Dortmund​45.5
​38. Pedro Rodriguez​Chelsea​45.4
​39. Willian​Chelsea​45.3
​40. Nemanja Matic​Chelsea​44.8
​T-40. Karim Benzema​Real Madrid​44.8
​42. Douglas Costa​Bayern Munich​44.5
​43. Santi CazorlaArsenal​​42.3
​44. Felipe Anderson​Lazio​41.7
​45. Olivier Giroud​Arsenal​41.0
​46. Roberto Firmino​Liverpool​40.8
​T-46. Riyad Mahrez​Leicester City​40.8
​48. Nicolas Otamendi​Manchester City​40.6
​49. Ivan Rakitic​Barcelona​40.2
​50. Aaron Ramsey​Arsenal​40.0