A new study by Lloyd’s and the Centre for Economics and Business Research (CEBR) predicts that based on insurable value, Germany has the most expensive team competing in the 2014 FIFA World Cup and should therefore win the prize in Rio.

The study ranks teams based on the collective insurable value of each country’s players. The total collective value is estimated at £6.2 billion ($10.5 billion), according to a statement from Lloyd’s. Germany has the most expensive team at £641.2 million ($1.1 billion).

CEBR used players’ wages and endorsement incomes, along with a collection of additional indicators, to estimate player incomes until retirement. Players were then assessed by age, playing position and nationality, the statement says.

The research was supported by Sporting Intelligence, which provided anonymous salary data for each of the 32 teams participating in the 2014 FIFA World Cup, after the finalization of their 23-man squads.

The four most expensive teams in terms of insurable value come from Germany, Spain, England and Brazil, according to the study, which found that the average insurable value of one player from England is more than the entire Costa Rican team.

The study indicates that Group G is the toughest group, with a combined insurable value of £1.2 billion ($2.0 billion), while Group C is the easiest group, with a combined insurable value of roughly £340 million ($572 million).

“It is incredible to see how much some of the teams playing in Rio are worth. The top three—Germany, Spain and England—are worth more than £1.7 billion collectively,” said Marco Castro from Lloyd’s Brazil. “This is more than the bottom 20 teams combined.”

Lloyd’s predicts the final will be Germany versus Spain.

Lloyds World Cup