The New York Yankees, worth $1.85 billion, lead the way for the 15th straight year since Forbes began valuing franchises in 1998.
Only two teams' values didn't increase: the New York Mets and the Tampa Bay Rays.
The Los Angeles Dodgers were second at $1.4 billion — an increase of 75 per cent over last year — in the report released Wednesday. The Boston Red Sox, Chicago Cubs and Philadelphia Phillies round out the top five.
The Mets lost 4 per cent of their value amid legal and debt problems but are still sixth on the list at $719 million.