Liverpool top world spending table Al-Hilal hit $1bn transfer deficit image
Liverpool have overtaken Chelsea to become the club with the most expensive squad in world football, according to new figures from the CIES Football Observatory.
The Premier League side have spent €1.226 billion ($1.42bn) in transfer fees to assemble their current first-team squad, including potential add-ons regardless of whether those amounts have yet been paid.
Arrivals at Anfield have included the high-profile arrivals of Alexander Isak and Florian Wirtz, alongside Hugo Ekitike, Jeremie Frimpong and Milos Kerkez during a huge 2025 transfer window.
The Reds invested again this summer, adding players including Bradley Barcola, Jeremy Jacquet and Victor Muñoz, while Ronald Araujo arrived on loan from Barcelona.
CIES' study also highlights the scale of spending elsewhere in world football, with Saudi Pro League giants Al-Hilal recording a remarkable net transfer deficit of more than $1 billion across the past five years.
Liverpool have world's most expensive squad
Liverpool's current squad cost of €1.226bn ($1.42bn) puts them narrowly ahead of Manchester City, whose group was assembled for €1.209bn ($1.40bn).
Tottenham sit third after spending €1.178bn ($1.37bn) on their current players, while Chelsea have fallen from first to fourth with a squad costing €1.166bn ($1.35bn).
Manchester United are fifth at €1.157bn ($1.34bn), with Arsenal completing an all-English top six at €1.089bn ($1.26bn).
Real Madrid are the highest-ranked club from outside the Premier League, sitting seventh with a squad cost of €1.021bn ($1.18bn).
World's most expensive current squads
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Club Current squad cost
Liverpool €1.226bn / $1.42bn
Manchester City €1.209bn / $1.40bn
Tottenham €1.178bn / $1.37bn
Chelsea €1.166bn / $1.35bn
Manchester United €1.157bn / $1.34bn
Arsenal €1.089bn / $1.26bn
Real Madrid €1.021bn / $1.18bn
Paris Saint-Germain €915m / $1.06bn
Newcastle United €865m / $1.00bn
Aston Villa €637m / $739m
The figures underline the continued financial dominance of English football, with Premier League clubs occupying each of the top six positions.
Five English teams - Chelsea, Manchester City, Tottenham, Liverpool and Manchester United - also rank as the biggest gross spenders in world football across the last five years.
How much have Liverpool spent in the transfer market?
CIES calculates that Liverpool have spent €1.263bn ($1.46bn) on player transfers across the last 10 transfer windows.
Their net balance during that period stands at -€745m (-$864m).
Liverpool have also spent €294m ($341m) during the 2026 calendar year, producing a net balance of -€254m (-$295m).
That five-year deficit is among the largest in world football, although it remains some way short of the extraordinary figure recorded by Al-Hilal.
Al-Hilal's transfer deficit passes $1bn
Al-Hilal have recorded the biggest negative transfer balance of any club worldwide over the last five years.
The Saudi Pro League giants have spent €925m ($1.07bn) across the last 10 transfer windows and have a net transfer balance of -€873m — approximately -$1.01bn.
That puts them ahead of Tottenham, whose five-year deficit stands at €840m ($974m), and Manchester United on €831m ($964m).
Biggest five-year net transfer deficits
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Club Net balance
Al-Hilal -€873m / -$1.01bn
Tottenham -€840m / -$974m
Manchester United -€831m / -$964m
Chelsea -€762m / -$884m
Liverpool -€745m / -$864m
Arsenal -€708m / -$821m
Newcastle United -€583m / -$676m
Al-Hilal have continued their heavy investment in 2026, spending €308m ($357m) on transfers during the calendar year.
Their net balance for 2026 alone stands at -€287m (-$333m), the largest deficit of any club worldwide.
Premier League dominates global transfer spending
Manchester City lead the world for gross transfer expenditure in 2026, having spent $755m.
Tottenham are second on followed by Aston Villa, Chelsea and Newcastle United.
Liverpool's outlay places them below that group, but their investment over several transfer windows has now taken the value of their current squad above every other club in world football.
Meanwhile, Brighton are the only Premier League club to have recorded a positive net transfer balance across the last 10 windows, posting a $38m surplus.
The CIES figures are based on transfer fees invested in players, including conditional add-ons regardless of whether the full amounts have actually been paid.