According to FIFA, a whopping sum of £7.6 billion was splashed on international transfers by clubs globally in 2023.
This information is based on a report shared by the governing body of football and It signifies a rise of 48.1% from 2022.
It also smashes the previous record, which was set in 2019, by a staggering surplus of £1.6 billion.
Possibly as expected, English clubs forked out the biggest amount, with a new high of £2.3 billion across the summer and January transfer windows in 2023.
This report took into consideration cross-border transfers alone, not moves within a country.
Global spending nosedived in 2020 and 2021 due to the COVID-19 pandemic, however, it experienced a positive look in 2023.
Germany received the most with regards to transfer fees with a cumulative sum of £950 million.
Germany is followed by France with a total sum of £940 million, while England transfers stood at £820 million and Italy at £810 million.
Regarding international spending, Saudi Arabian clubs came second on the list (£765 million) with Neymar, Allan Saint-Maximin, and Jordan Henderson all among the players to move on for humongous fees.
The top 10 player transfers generated above 10% of the total amount spent on transfer fees in 2023.
Those transfers comprised Jude Bellingham's move from Borussia Dortmund to Real Madrid for a fee of £88.5 million.
It also included Enzo Fernandez's transfer from Benfica to Chelsea (£107m) and Rasmus Hojlund's transfer from Atalanta to Manchester United (£72m).
A particular English club was the buying club in 6 of those deals in the top 10, and there was above 20% increase in the number of women's international transfers compared to 2022.
An upward growth of 1,888 compared to 1,571 - and a record annual outlay of £4.8 million.
For Women's football, the biggest international transfers in women's football included Jill Roord from Wolfsburg to Manchester City (above £300,000), and Kyra Cooney-Cross's move from Hammarby to Arsenal (above £140,000).
Additionally, Lindsey Horan transfer from Portland Thorns to Olympique Lyonnais (£214,000).
The past three transfer windows - January 2023 and the summers of 2022 and 2023 - have each set new Premier League spending records but the 2024 January transfer window has seen a decline in spending.
Transfer deadline day for Thursday, February 1, 2024, but only 13 players have been signed by Premier League clubs.
Amongst these 13 players acquired, 8 were permanent transfers and 5 loan deals, while disclosed fees cost £45.4 million.
The footballing world is a money-spinning and bubbling world, with clubs needing to spend to be able to compete favorably amongst the big guns.
Real Madrid, Paris Saint Germain, Manchester United, and Chelsea are some clubs that are known to be huge spenders in the transfer market.
This information is based on a report shared by the governing body of football and It signifies a rise of 48.1% from 2022.
It also smashes the previous record, which was set in 2019, by a staggering surplus of £1.6 billion.
Possibly as expected, English clubs forked out the biggest amount, with a new high of £2.3 billion across the summer and January transfer windows in 2023.
This report took into consideration cross-border transfers alone, not moves within a country.
Global spending nosedived in 2020 and 2021 due to the COVID-19 pandemic, however, it experienced a positive look in 2023.
Germany received the most with regards to transfer fees with a cumulative sum of £950 million.
Germany is followed by France with a total sum of £940 million, while England transfers stood at £820 million and Italy at £810 million.
Regarding international spending, Saudi Arabian clubs came second on the list (£765 million) with Neymar, Allan Saint-Maximin, and Jordan Henderson all among the players to move on for humongous fees.
The top 10 player transfers generated above 10% of the total amount spent on transfer fees in 2023.
Those transfers comprised Jude Bellingham's move from Borussia Dortmund to Real Madrid for a fee of £88.5 million.
It also included Enzo Fernandez's transfer from Benfica to Chelsea (£107m) and Rasmus Hojlund's transfer from Atalanta to Manchester United (£72m).
A particular English club was the buying club in 6 of those deals in the top 10, and there was above 20% increase in the number of women's international transfers compared to 2022.
An upward growth of 1,888 compared to 1,571 - and a record annual outlay of £4.8 million.
For Women's football, the biggest international transfers in women's football included Jill Roord from Wolfsburg to Manchester City (above £300,000), and Kyra Cooney-Cross's move from Hammarby to Arsenal (above £140,000).
Additionally, Lindsey Horan transfer from Portland Thorns to Olympique Lyonnais (£214,000).
The past three transfer windows - January 2023 and the summers of 2022 and 2023 - have each set new Premier League spending records but the 2024 January transfer window has seen a decline in spending.
Transfer deadline day for Thursday, February 1, 2024, but only 13 players have been signed by Premier League clubs.
Amongst these 13 players acquired, 8 were permanent transfers and 5 loan deals, while disclosed fees cost £45.4 million.
The footballing world is a money-spinning and bubbling world, with clubs needing to spend to be able to compete favorably amongst the big guns.
Real Madrid, Paris Saint Germain, Manchester United, and Chelsea are some clubs that are known to be huge spenders in the transfer market.