#6 Paris Saint-Germain: €272m (£240.32m)
Highest earner: Neymar, £632kpw
Perennial Ligue 1 champions PSG also harbor dreams of Champions League success and given limited competition in France, spending big to close the gap on European rivals has been their plan.
Their transfer business has been adventurous and expensive but naive at times - though Financial Fair Play rules mean they continue to balance the books by selling those on the fringes when needed, although there is a clear divide between their highest earners and regular first-team players. Value for money has been unsuccessful, especially with the Neymar gamble. While it's not crippling their ability to sign, their strategy needs rethinking.
#5 Bayern Munich: €276m (£243.86m) – 43% of £564.1m total revenue
Highest earner: Robert Lewandowski, £300kpw
The Bundesliga champions continue to increase their wage bill too, despite a previous inability to compete with Europe's top sides in terms of offering players lucrative deals. They are increasingly prepared to spend more on quality players at a younger age and find themselves shifting to a more youth-centric transfer strategy, which in turn is good value for money.
Signing Benjamin Pavard and Lucas Hernandez this summer is a prime example, a pair of 23-year-old defenders with plenty of potential to fulfill. Balancing the books by selling relatively high when challenged means they have healthy finances but don't need to spend as often as other giants.