The usual suspects could be found in this list published by CIES.

A recent study done by CIES Football Observatory has revealed the highest spenders in Europe’s top-five leagues since the summer. This means transactions that happened in January have been included, with the three usual suspects topping the list.

It comes as little surprise that PSG sits in number one spot for the most money spent on transfers in the last two windows. Les Parisiens spent nothing in the winter window, meaning the $520m (€418m) total spent came from the summer alone.

The acquisitions of Neymar and Mbappe in the same window left a huge hole in the club’s pocket. In a close second was Barcelona, having spent $515m (€414m).  

If January spending was ignored, the Blaugrana would be in the sixth spot. However, their $192m winter addition Philippe Coutinho contributed heavily. This is a huge change from a club that once conquered Europe with several Masia graduates.

In third is Guardiola’s high-spending Man City. They have five of the six most expensive defenders, with their top three arriving at Etihad in the last two windows. However, the Premier League outfit spent significantly less than the two above them, as they had splashed $441.9m (€355m) in total.

English teams were one of the highest spenders in the last two transfer windows. Six of the top 10 teams were Premier League sides, with the likes of Chelsea (4th), Everton (6th), Man United (7th), Liverpool (8th), and Tottenham (10th) making the list.

Top 10 highest spenders over the last two transfer windows

  • PSG: $520m
  • Barcelona: $515m
  • Man City: $441.9m
  • Chelsea: $374m
  • AC Milan: $311m
  • Everton: $282m
  • Man United: $245m
  • Liverpool: $235m
  • Juventus: $205m
  • Tottenham: $165m