Here's the popular net spend chart for 2015-20 that went around:
The 20 Premier League clubs ranked by net spend over last five years - Planet Football
We're 15th in that chart- slightly below Liverpool and Chelsea, who I was going to say have sold very, very well (over 500m worth) but let's not forget they just spent 250m-ish in the last window
So they are much higher now. Liverpool have recruited fantastically but are also bolstered by selling for bigger fees, which I think reflects how good they are in both recruiting and selling players + maybe a higher original squad value.
Out of curiosity I took a look at 2015 to
this season (sort by balance):
Transfer income and expenditure
Yup, Chelsea jumped from 17th to 5th - still behind Arse and Everton, mind you (which also reminds me of how badly Everton are underperforming if their slide continues). Shoutout as well to Southampton, who have net-spent less than the club I think of as the quintessential "but they have pennies!" club in Burnley. (Also, transfermarkt shows a jump of 112m to 210m for us from last season to this one, which I actually couldn't figure out at first until I realized they counted Gio in this year - so basically 110m since last summer).
So that suggests net spend's not the end all or be all, especially when clubs are starting from different places (e.g. Aston Villa's spent a fantastic sum but they were coming from relegation battlers) though there's usually some correlation. I think that's mainly because people under-appreciate the importance of the selling side, for example Southampton's net spend is so low because they're selling so well from their academy but they can still spend a good chunk. I suspect gross spend is the better proxy then (
sort by expenditure): the top 8 are roughly as you'd expect, City - Chelsea - United - Liverpool, then Everton - Arse - us - Leicester. We're still overachieving quite a bit if you consider our average position in the last 5 years.
The other proxy I've often heard as a much better one than net spend is wage bills, since it reflects the underlying quality of the current squad. That sounds about right looking at
Surprise Premier League club makes UEFA's top 20 highest wage bills in Europe - the top PL wage bills are United, Man City, Liverpool, Chelsea, Arse, Everton, us, Leicester, Crystal Palace. It's very similar to gross spend, we're in 7th and overachieving while United, Arse, and Everton are badly underachieving. Liverpool are still overachieving, but at 255m their wage bill
dwarfs ours (143m).