World football’s governing body (FIFA) said in its report on Monday that clubs have spent $48.5 billion in transfer fees over the past decade.

FIFA said in its report 10 Years of International Transfers that this sum was spent in 2011-2020 and that clubs mostly increased their transfer fee expenditures from the beginning of the decade until 2019.

The report said $2.85 billion had been spent in 2011, but that this figure had risen to $7.35 billion in 2019, which was the peak point of the 10-year-term.