Manchester City have assembled the first billion-euro squad, says a report by the CIES Football Observatory.
Premier League champions City, who were bought by the Abu Dhabi United Group in 2008, have spent 1.014bn euros (£906m) on their current players.
They spent 32 times the amount Norwich have laid out, the report found.
Paris St-Germain (913m euros) and Real Madrid (902m euros) are next in the list, with Manchester United (751m euros) the second English team.
Top 10
1 Manchester City – 1.014bn
2 Paris St-Germain – 913m
3 Real Madrid – 902m
4 Manchester United – 751m
5 Juventus – 719m
6 Barcelona – 697m
7 Liverpool – 639m
8 Chelsea – 561m
9 Atletico Madrid – 550m
10 Arsenal – 498m
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