Neymar’s transfer more than doubled the previous world record fee Manchester United paid for Paul Pogba when they paid Juventus 105 million euros for the midfielder last August.
Wenger expressed further concern over an inability to control the transfer market, describing current player valuations as “beyond calculation and beyond rationality”.
“It also looks like inflation is accelerating. We crossed the 100 million euros line last year and, only one year later, we’re crossing the 200 million line,” the Frenchman added.
“When you think that Trevor Francis was the first one million pound ($1.31 million) player (in 1979) and that looked unreasonable, that shows you how much distance and how far we have come, how big football has become.”
Arsenal broke their own transfer record last month when they signed French international striker Alexandre Lacazette for a reported fee of 46.5 million pounds ($61.11 million) but Wenger insists his side cannot compete with the richer clubs.
“We still live with rationality,” Wenger added. “We are not the only ones. I think 99 percent of the clubs do that but of course we cannot compete at that level.”
FA Cup holders Arsenal kick off their season with a Community Shield showdown against Premier League champions Chelsea on Sunday.