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Man City are actually the richest club in the world. I'd be surprised if Real Madrid weren't the biggest. They have had years of sustained success. They've won the European Cup/Champions League 14 times! And they're very popular with Spanish-speaking people here and in South America. That's a LOT of people.
he reason so many Spanish supporters dis like RM is because they are perceived to be propped up by the Spanish government. (They are considered by some, specially Catalans to be Right wing policies by other means. Without that support they might not have the clout they do.) This has been going on since Franco's time, when he wanted to distract people from political unrest.