Global transfer spending in football reached $7 billion, while the clubs of the Big Five – the U.K., France, Germany, Italy and Spain – surpassed $5 billion in 2018, a FIFA report said Wednesday.

According to the FIFA's Global Transfer Market Report 2018, the spending on player transfers reached a total of $7.03 billion, up 10.3 percent compared to the previous year.

The clubs from the Big 5 associations spent a total of $5.14 billion, 73.1 percent of all spending on transfer fees worldwide during the year. After the Big 5, China and Saudi Arabia were the next big spenders in 2018 – each spending $192.4 and $173.9 million, respectively.

In 2018, clubs from Saudi Arabia spent 444.5 percent more than the previous year. Also, a total of 16,533 international transfers – a new record – were completed around the world last year, 5.6 percent more than in 2017.