Manchester United are now fourth in the Deloitte Football Money League behind leaders Real Madrid, Barcelona and Bayern Munich based on income from the 2012/13 season. Manchester City are sixth with 316.2m euro (£271m), then Chelsea 303.4m euro (£260m) and Arsenal 284.3m euro (£243.6m).
Liverpool have dropped out of the top 10 for the first time since 1999 - the Reds are in 12th spot with revenue of 240.6m euro (£206m) behind Juventus, AC Milan and Borussia Dortmund, while Tottenham are in 14th place with earnings of 172m euro (£147.4m).
The money table has been compiled by Deloitte since 1997, and for the first eight years United were the biggest-earning club in the world only to be overtaken by first Real Madrid, then Barcelona and now Bayern, thanks in part to the German side's remarkable treble-winning season.
The figures also recorded an astonishing rise in income by the Qatari-owned French club Paris St Germain, with earnings rocketing by a record 81 per cent to see the team rise from 10th to fifth in the table ahead of Manchester City, Chelsea and Arsenal.
Wenger, though, remains optimistic the Barclays Premier League club can improve their position, with new revenue streams set to come on board for the next year's accounts.
"It looks a bit like the other countries make progress, but in England you have an increase in the television (money) amount and commercially maybe we are a bit less strong than Bayern," said the Arsenal boss.
"Last season, Bayern had an exceptional season. They are the only team in Germany who is occupying the market and Germany is a very strong economical power and that explains why their commercial income is stronger."
Wenger added: "Of course (we can move up the list), that is the target.
"At the moment we are moving up, our commercial revenue increases, but the target is to compete with Bayern Munich, Manchester United, Real Madrid at that level."