Forbes said Tuesday it estimates the Yankees are worth $3.7 billion, up 9 percent from last year. The Los Angeles Dodgers are next at $2.75 billion, a 10 percent increase.
Boston was third at $2.7 billion, followed by the Chicago Cubs ($2.675 billion), San Francisco ($2.65 billion) and New York Mets ($2 billion).
At the bottom were the Rays ($825 million), Oakland ($880 million), Cincinnati ($915 million) and Cleveland ($920 million).
Major League Baseball's average team value rose 19 percent to $1.54 billion. Forbes says values increased because of new local television deals, as well as a "surge in profitability."