This is a question some fans may have an issue with considering Newcastle have not yet won any trophies since being taken over by Public Investment Fund - the sovereign wealth fund of Saudi Arabia.
However, their quick ascent to the top four of the Premier League has occurred much faster than many thought it would.
Their strength in the transfer market was expected to be as strong as it's been yet the £60million signing of Sandro Tonali from AC Milan this past summer was a marker of just how dominant they could become.
Liverpool are a rich club but The Magpies live in a totally different stratosphere which is why the question of whether Liverpool face being surpassed by Newcastle is a genuine question.
Liverpool Reign Supreme
Liverpool have less financial power than Manchester City, Manchester United and Chelsea, yet they've been able to earn success over the last few years.
Money is not the be-all and end-all of success in football and Liverpool's financial disadvantages in the transfer market have been well covered for by the expertise they possess in the scouting of players.
While Newcastle may have finished ahead of Liverpool in the Premier League last season, it's Jürgen Klopp's men who are ahead at this stage of the season and are favourites to land the Europa League title which would complete Klopp's trophy cabinet at Liverpool.
Newcastle Will Best Liverpool
It's still extremely early in Newcastle's revolution as a footballing powerhouse and they're progressing at a faster rate than they may have thought themselves.
The next two years will be telling for the club as they will continue to challenge England's best on the pitch as well as in the transfer market.
Newcastle have the ability to offer players more money and for some, that could sway them and if it should, Liverpool are in a dangerous position as that's one place where they simply can't challenge Newcastle.
Liverpool are currently the better team but the golden question is, for how much longer?