UEFA, European football’s governing body, distributed more than €3 billion to 70 clubs competing in the competition over the last six years.
The study – which was released to Reuters outside Italy – also shows that English clubs received almost four times as much as their Spanish counterparts.
"Our study shows that good policies for sharing revenues in domestic championships, like in the Premier League, are not enough to prevent a few clubs from being the only winners," said Giovanni Palazzi, StageUp president.
Chelsea tops the biggest earners' list with a total of around €184 million, followed by Manchester United and Arsenal in second and third respectively. French club Lyon are fourth and Liverpool fifth, the latter with €131 million.
