Chelsea rank fourth with a squad valued at £1.003 billion, a drop of three places from last year despite continued high expenditure.
Arsenal are sixth on £934 million after a more restrained window, while Barcelona sit well outside the top 10 in 16th place with a squad cost of £460 million.
The figures highlight the growing financial gap between the Premier League and the rest of Europe, with even traditionally big spenders such as Barcelona now lagging some distance behind the English elite.
