Gross spending totalled 29 per cent more than the equivalent 2012 figure of £490m and £130m more than the previous record of £500m set in 2008, according to analysis by Deloitte
Mesut Ozil was the most expensive arrival in the Premier League. The Germany international signed for Arsenal from Real Madrid for a club record £40m, the second largest transfer fee ever for a Premier League club, while Tottenham sold Gareth Bale to Real Madrid for a world-record fee of £86m.
"The story of this summer transfer window is of new records: a new record for Premier League spending as well as a new world transfer record fee," said Dan Jones at Deloitte.
"Whilst the sale of Gareth Bale brought £85m into the Premier League, net spending is also a record, at £400m. As the financial rewards for participation and success in the Premier League increase, so it follows that clubs are investing on the pitch to ensure they continue to benefit from the remarkable Premier League growth story."
Premier League clubs have greater funds at their disposal with cash from their latest domestic three-year TV deal. BT Sport has spent £738m over three years for the rights to 38 live matches a season, while Sky paid £2.3bn for 116 matches a season.
Alex Thorpe, consultant at Deloitte, added: “This is the first year that Premier League clubs will benefit financially from the league's new broadcast deals; each club benefitting from a share of the extra £600m of revenues in 2013-14 alone.
"Testament to the impact this is having is in the scale of Premier League gross spending, as well as the gulf in net spending between the Premier League and other European leagues.
"Whereas many clubs around Europe have been reliant on selling players in order to spend, the financial advantages Premier League clubs enjoy has enabled net spending of £400m across the league.
"Many clubs, including new entrants to the league, have successfully competed in the European transfer market to attract high profile foreign talent."
After the Premier League, the next highest spenders were La Liga and Serie A, each with a gross spend of £335m, followed by Ligue 1 with £315m and the Bundesliga with £230m.