Arsenal spent less than £10 million net over the summer, just the 17th highest in the Premier League.
The Gunners signed only one player in Petr Cech, refusing to gamble further in the transfer market.
This was less than one twelfth of what Manchester City spent, and less than a third of the money invested by Chelsea and Manchester United.
The three clubs they spent more than, according to SkySports' calculated net spend table, were Tottenham Hotspur (5.27m), Stoke City (£3m) and Southampton (-£0.1m).
The nearest competitor was Liverpool, who spent £10.35 million compared to Arsenal's £8.3 million, with their net spend helped by the £49 million recouped for selling Raheem Sterling to Manchester City.
If Arsenal fall short in the Premier League this season, critics - including frustrated fans - will point to a lack of investment in comparison to their rivals.
But it is not just the comparisons to City which stand out, it's the way mid-table clubs like West Brom are committing £27.5m and West Ham (£26.5m) put Arsenal in the shade that may be most concerning.