The Gunners are without a trophy since winning the FA Cup seven years ago and have not won the title since 2004.
Big-spending Chelsea and City have enjoyed domestic success since then, while Arsenal have been criticised by some supporters for not splashing out the cash, but Wenger believes that doesn't means the team lacks ambition.
"Firstly, I must say that not being able to match the spending of the richest clubs does not mean that you can't compete with them on the pitch. When I first came to England, this question did not exist. Every club was run within its resources," The Daily Mail quoted Wenger, as saying.
"The Chelseas and the Man Citys are new problems. But with this new financial environment, what has not changed at all is our policy that we will be as ambitious as ever and spend the money that we have available, if possible in an intelligent and wise way," he added.
"We have always spent money because we are ambitious for top-class players and if you look at the history of our last 15 years, we have always had top-class players. It does not mean you can't win the title if you can't compete financially," he said. (ANI )