Wenger is also a master at balancing the books and keeping us in the black, but that comes at a cost when you are servicing a £750m debt, which usually impacts on your ability to keep your best players and pay the going rate for the best replacements. As mentioned, an alternative route is to develop youth, but they don't always come to fruition and it's a long term project, which impacts on keeping your current players happy.
Depending on what figures you look at, the comparative net spend of Arsenal and Spurs is very little, once source gives it as being nowhere near the £60m you cited, and lists it at £9m. In the last 5 years your net spend is one of the best in the league, but you benefited from the cash windfall from the Bale sale which kind of skews those figures. As for wages, if you manage to qualify for the Champions League regularly, then you will have to pay the players accordingly, the top players demand the top wages.