In its survey released on Tuesday, Deloitte said the figure of 401.4 million had been helped by high broadcast revenue.
Real topped the "Football Money League" report, which ranks the 20 biggest clubs by revenue, for the fifth consecutive year.
Barcelona posted the largest absolute increase in the Deloitte report, from the 2008-09 season. The club's revenue rose by 57 million euros to 366 million euros.
"Real Madrid and FC Barcelona have created a clear revenue gap between themselves and their European competitors, and look set to contest the top two positions in the Money League for the foreseeable future, particularly if the pound doesn't strengthen against the euro," Alan Switzer, director in the Sports Business Group at Deloitte, said in a statement.
"However, it will not be until 2009-10, the season currently in progress, before we see the full impact on clubs' revenues," said Paul Rawnsley, director in the Sports Business Group at Deloitte.
MILAN, March 2 (Reuters) - Real Madrid and Barcelona topped the world's richest club followed by Manchester United, according to an annual survey by accountancy firm Deloitte released on Tuesday.
Top 10 clubs by revenues featuring in the latest Deloitte "Football Money League."
