The Anfield outfit recorded a pre-tax profit of a staggering £125m in the 2017-18 season, thanks to £72m in Champions League cash and the £140m sale of Philippe Coutinho to Barcelona.
But the 26 per cent jump in wages, to stand behind only Manchester United, shows the ambition of the club.
Liverpool had a total wage bill up from £208m to £263m for the year in a season which saw the arrivals of Mo Salah, Virgil van Dijk, Alex Oxlade-Chamberlain and Andy Robertson.
That was before this summer’s £163m spending splurge which brought in Alisson Becker, Naby Keita, Fabinho and Xherdan Shaqiri, set to see the wage bill rise again this season.
The huge sum saw Liverpool move above City, whose wages rose just seven per cent to £260m from the previous season’s £244m.
United still lead the way with a total bill of £296m, while are Chelsea fourth on £244m and then Arsenal on £223.
Spurs have yet to announce their 2017/18 figures but it is expected their wage bill will be nearer £160m, significantly lower than their top six rivals.
After tax, Liverpool’s profit was £105m, with revenues up to £455m, a rise of just under £90m.
Liverpool chief operating officer Andy Hughes said: "What we have seen is a stable and sustained improvement in the club’s financial position over recent years.
"This growth and increase in revenue has enabled us to significantly reinvest both in the playing squad and the football operational infrastructure.
"What’s clear in these latest results is the further strengthening of our underlying financial footing and profits being reinvested in the squad and infrastructure."
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