Apple has hit a new market high making it the world's most valuable company in history.

The technology giant reached a value of £396bn yesterday as shares rose amidst the build-up to the iPhone 5 and iPad Mini launch. Apple has broken the record set by Microsoft in December 1999 of £394bn, according to Metro.

Apple iPad and iPhone

Apple has been the most valuable company since January this year after surpassing Exxon Mobil. The firm's stock has risen a whopping 64 percent this year with shares now at £423 apiece.

Although Apple has claimed the crown from Microsoft, it's worth noting that the comparison doesn't take inflation into account. Microsoft would be worth £541bn in today's money, but it it's actual value sits at a less exciting £163bn.

It seems that Apple's 'Think Different' approach and the success of its Mac computers, iPhone, iPad and iPod has worked. All eyes and ears are focused on the firm's upcoming launch of the iPhone 5 and iPad Mini which are believed to launch on 12 September.

Follow Chris Martin and @PCAdvisor on Twitter.