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The highest-rated game ever is in fact Grand Theft Auto IV actually. It averages 98% based on 86 reviews whereas Zelda: OoT is 99% based on only 22 and as we all should know, the more reviews used means the more variation in the scores which will pretty much always bring down the average, especially when the troll reviews (which are much more prevalent now than in 1998) come along and bring down the average a few % for hits. If Zelda: OoT averaged 99% based on 75+ reviews then fair enough, only 22? Nope, look at the 3DS remake which is at 94% based on 85 reviews.

I don't think it's possible for GTA V to top 98%, it could equal that though. I think it will average 96-98% and unlike GTA IV, it looks like it actually deserves that insane amount of acclaim.