I've done a calculation to work out the current squad cost of each of the 'Big 6'. It won't be 100% accurate as some clubs haven't published their 2022 accounts yet and even the ones that have been published won't cover last summers ins and outs. But it should be pretty close.
Us, rags and Chelsea should be around £1bn total cost.
Then it's Liverpool, whose current squad cost around £770m
Arsenal are around £675m
Spurs are around £500m.
So their squad cost significantly less than ours, united's and Chelsea's but I've already said they don't reinvest all their available cash, plus Arsenal seem to be doing fine with a less expensive squad and even Spurs are above them. Newcastle's squad cost will be a fraction of theirs.