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 together with the royal crown in the emblem. Real Madrid have played their home matches in the 81,044-capacity Santiago Bernabéu Stadium in downtown Madrid since 1947. Unlike most European sporting entities, Real Madrid's members (socios) have owned and operated the club throughout its history.
The club was estimated to be worth $5.1 billion in 2022, the world's most valuable football team. In 2021, it was the second highest-earning football club in the world, with an annual revenue of €640.7 million. Real Madrid is one of the most widely supported teams internationally.