You've picked an odd set of figures there as it's just transfer spend and not net transfer spend which is clearly the more important one. i.e.
# Nett Spend 92 - 2011
1 Chelsea £515,965,000
2 Manchester City £473,627,000
3 Liverpool £226,235,000
4 Manchester United £177,310,000
5 Tottenham £168,832,500
6 Aston Villa £128,115,000
7 Sunderland £103,985,000
8 Newcastle £99,820,000
9 Fulham £91,686,000
10 Wolves £57,024,000
11 Stoke City £53,485,000
12 Everton £52,975,500
13 West Bromwich Albion £39,112,499
14 Queens Park Rangers £29,143,500
15 Arsenal £21,616,000
16 Bolton £16,300,000
17 Wigan £9,022,500
18 Swansea City £7,142,500
19 Blackburn Rovers -£3,723,000
20 Norwich City -£15,625,000
Namely it shows how ridiculously well Arsenal have done in the transfer market over the last 10 years - there is a whole Emirates stadium (390 million) difference just in transfer fees between Chelsea/City and Arsenal

Factor in wages too and I think Chelsea have spent almost a billion pounds more than Arsenal