According to a study conducted by Swiss research group CIES Football Observatory, England's 26-man squad is worth just under 1.5 billion euros ($1.54 billion) in transfer value, with 19-year-old Bellingham valued at 202 million euros.
The Borussia Dortmund player enhanced his reputation as one of the world's top young players with a superb goal in England's 6-2 victory over Iran in their tournament opener.
Brazil are second on the list with a transfer value of 1.45 billion euros. Real Madrid forward Vinicius Jr was their most valuable player at 200 million euros.
France were third with an estimated transfer value of 1.34 billion for their squad. Paris St Germain forward Kylian Mbappe was their top player with a value of 185 million euros.
The top three were followed by Spain (1.2 billion euros), Portugal (1.15 billion euros) and Germany (1.02 billion euros).
The statistical technique used in the study to build the model was multiple linear regression, with fees paid by clubs as an independent variable.
The sample comprises more than 2,000 transactions of players transferred from clubs in the five major European leagues during the period July, 2012 to November, 2021.
The overall value of all the squads at the World Cup was put at 15 billion euros.
According to analysis by Lloyd's of London -- backed by the Centre for Economics and Business Research -- teams were ranked based on the collective insurable value of their players.
England's squad topped the list with an estimated insurable value of 3.17 billion pounds ($3.74 billion).
They edged out France (2.66 billion pounds) and Brazil (2.56 billion pounds) to claim top spot. Lloyd's said the assessment of insurable value comprises a variety of metrics like wages, sponsorship, age and on-field positions.
Using this methodology to play out the tournament in full, Lloyd's predicted that England -- champions in 1966 -- will finish top of Group B in Qatar and seal knockout wins over Senegal, France, Spain and Brazil.
Bellingham was rated the most insurable player, followed by Mbappe and Vinicius Jr.