Premier League clubs boast some of the highest wage bills in Europe at the moment. This is due to the fact that the league has grown a lot in the last few years in terms of its revenue generation, its popularity and its competitive nature.Due to this, many world-class players are attracted to the Premier League and are keen to ply their trade in England. Due to the revenue generated, many of these Premier League clubs can afford to sign these players and can offer them high wages.This has enabled the Premier League to start dominating in European competitions in recent years. It has also moved way ahead in terms of revenue generation as compared to Serie A, Bundesliga and La Liga.Premier League clubs who boast the huge wage billsWhile other domestic leagues are financially-crippled by the pandemic, Premier League clubs have continued to spend big in the summer by bringing in quality players. As such, the wage bills of English clubs have also seen a significant rise.Here, we take a look at the five clubs who currently boast the highest wage bill in the Premier League.Note: All wage bills are as listed on Spotrac.com#5 Arsenal - £114,965,273West Bromwich Albion v Arsenal - Carabao Cup Second RoundArsenal have not lived up to expectations post the departure of Arsene Wenger and their struggles on the field have really piled up in recent years.The Gunners have failed to finish in the top four of the Premier League since Wenger left and even failed to qualify for any European competition last season, finishing eighth. But this hasn't stopped Arsenal from splashing the cash on big players and offering them high wages.Striker Pierre-Emerick Aubameyang is the club's highest earner with a weekly salary of £250,000. Thomas Partey is second to Aubameyang as he earns £200,000.Willian, who has struggled at Arsenal since joining them last summer, is the club's third-highest earner, with a weekly wage of £192,308. One of Arsenal's summer signings, Ben White, is the club's sixth-highest earner, with a wage of £120,000.Arsenal have been the highest spenders among Premier League clubs in the transfer market this summer. As a result, Mikel Arteta's men were expected to challenge for the top four. However, they have lost all three of their opening matches in the league this season without scoring a goal. Things will need to improve quickly if the Gunners want to be anywhere near Champions League qualification.No Premier League club has spent more than Arsenal in this transfer window 🤑 pic.twitter.com/5zDPHHEgGs— ESPN FC (@ESPNFC) August 20, 2021#4 Liverpool - £135,818,000Liverpool FC v Chelsea FC - Premier LeagueJurgen Klopp has transformed Liverpool into one of the best sides in the Premier League and Europe in recent years. The Reds managed to win their first Premier League title in 30 years in the summer of 2020 while they also won the Champions League for the sixth-time in their history the year before.Liverpool have only spent heavily on Virgil van Dijk and Alisson Becker to reinforce their backline in recent seasons. Most of the other players have developed into world-beaters under Klopp's management.🗣 "Comparing with other teams is like comparing with other couples, you might think she is more beautiful but then she's annoying the whole day."Jurgen Klopp with an interesting analogy about Liverpool's transfers compared to Manchester City pic.twitter.com/uEdtC0QrtA— Football Daily (@footballdaily) August 14, 2021Liverpool's entire squad is on decent wages, with Van Dijk being the top earner at £220,000. Thiago Alcantara and Mohamed Salah are behind him with a salary of £200,000 each. Roberto Firmino bags £180,000 while Sadio Mane takes home a salary of £100,000. Meanwhile, summer signing Ibrahim Konate is on a modest wage of £70,000 per week.Van Dijk is back in the team after missing the majority of last season due to an ACL injury. The trio of Salah, Mane and Firmino have also shown signs of clicking together in the opening two games against Norwich City and Burnley.With key players picking up form, Liverpool are once again expected to mount a Premier League title challenge this season.