Event organiser Soccerex, which compiled the list, says the club has the biggest economic growth potential.
The list is based on five factors including potential owner investment.
The study said this meant that Arsenal had the potential to “invest significantly” should it change its strategy.
Premier League leaders Manchester City have more financial firepower than any other club in world football, according to a new ranking.
Soccerex said this methodology explained why Arsenal was ranked above Paris Saint-Germain (PSG), which paid a record €222m (£200m) to sign Brazilian superstar Neymar last summer.
“We wanted to create a broader evaluation of football finances, one that reflected the modern reality of football,” he added.
The study said that Real Madrid and Barcelona’s rankings were hit by their membership owner structures and the lack of potential owner investment.