Real Madrid is a Spanish professional football club. Founded in 1902 as Madrid Football Club, the club has traditionally worn a white home kit since its inception. The honorific title real is Spanish for "royal" and was bestowed to the club by King Alfonso XIII in 1920. Real Madrid was recognised by FIFA as the best football club of the 20th century. The club was estimated to be worth $5.1 billion in 2022, making it the world's most valuable football team. In 2021, it was the second highest-earning football club in the world, with annual revenue of €640.7 million.