World football goes through cycles.Right now, that cycle has European countries at the top.
Fresh off the 2018 World Cup in Russia, which saw six European teams make the quarterfinals, as well as all four semifinalists and two finalists, European teams lead the new FIFA/Coca-Cola World Rankings.
Belgium is the current number one team in the world, and the number two pick to win the Euro 2020 tournament (+550) according to Parx Sportsbook. France, the beaten Euro 2016 finalist and current World Cup 2018 winner, is right behind Belgium in the rankings (second) and in the betting for Euro 2020 (+600).
Brazil is third, while current Euro 2020 betting favorite (+500) England is fourth.
Croatia, which made the 2018 World Cup Final before falling 4-2 to France, is sixth, while reigning European champion (and 2019 Nations League victor) Portugal is seventh. Spain, the fifth favorite in betting for the Euro 2020 tournament (+800) is eighth.
In total, 13 of the top 20 teams in the FIFA rankings are European sides.
The highest CONCACAF side is Mexico at 11th, while the USA is ranked 22nd.