The FIFA Transfer Matching System (TMS) released their annual global transfer market report, which examines the data and trends relating to international transfers among the six Confederations of FIFA.

A total of $4.79 billion (£3.82 billion/€4.48 billion) was spent during 2016, according to the study, representing an increase of 14.3 per cent from the previous year.

Clubs from UEFA continued to dominate spending as their total fees reached $3.93 billion (£3.13 billion/€3.68 billion), representing 82.1 per cent of the overall figure.

English clubs remained the biggest spenders with their total of $1.3 billion (£1 billion/€1.2 billion) on incoming transfers, with the figure including the world record transfer of France’s Paul Pogba from Juventus to Manchester United for $112 million (£89 million/€105 million).

Their figure represented 43 per cent of the total spending of the big five countries, which include Germany, Spain, Italy and France.

While England were the largest spending association, they were followed by Germany, whose spending totaled $576 million (£459 million/€538 million).

Spain and Italy were the next highest in the rankings, having spent $508.7 (£405.79 million/€475.75 million) and $508.5 (£405.63 million/€475.66 million) respectively.

China have leapfrogged France, Portugal and Russia to become the fifth highest spending association, following the vast transfer fees paid by Chinese Super League clubs.

The country’s football clubs have sought to sign talent from European clubs over the past 12 months, with Shanghai SIPG’s $60 million (£48 million/€56 million) signing of Brazilian striker Hulk standing out as one of the largest fees paid.

China’s recent splurge has continued this January, with their spending set to count towards next year’s rankings.

Their 2016 spending of $451 million (£359 million/€421 million) was over twice as much as their figure from 2015, while it was 344.4 per cent more than the rest of the Asian Football Confederation (AFC) combined.

China’s transfers contributed to the AFC being the second largest spending Confederation with $553 million (£440 million/€517 million), followed by the South American Football Confederation (CONMEBOL) clubs total of $182 million (£145 million/€170 million).

The Confederation of North, Central American and Caribbean Association Football (CONCACAF) clubs spent $111 million (£88 million/€103 million), while Confederation of African Football (CAF) clubs spent $9.8 million (£7.8 million/€9.1 million).