The research from London Economic says the figure is based on the 2,455 international students undertaking higher education in the city during 2015/16.
The think tank claims that the costs associated with living in the city, such as rent, bills, food, provides the city with a significant cash injection to its local economy.
This is in addition to the cost of tuition fees.
The report said: "Reflecting the relatively high number of international students undertaking higher education in Sheffield (2,455), as well as their relative concentration in the city, the analysis indicates that the contribution to the UK economy from the 2015/16 cohort of international students in Sheffield Central stands at approximately £226m, which is equivalent to £1,960 per member of the resident population.
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"The other constituencies where international students make the greatest contribution to the UK economy (and to the resident population) include Newcastle upon Tyne East (£192m (£2,010)), Nottingham South (£183m (£1,680)), Oxford East (£179m (£1,480)) and Manchester Central (£179m (£1,330))."