Global CEO pay increased by 50 percent since 2019, 56 times more than worker wages

 

• Average CEO pay surged by 50 percent in real terms since 2019, while average worker wages increased by just 0.9 percent.
• Every hour, billionaires pocket more wealth than the average worker earns in an entire year.  
• The average gender pay gap in 11,366 corporations worldwide narrowed slightly from 27 percent to 22 percent between 2022 and 2023 ―yet their average female employee still effectively works for free on Fridays, while their average male employee is paid through the week.
• Oxfam and the International Trade Union Confederation (ITUC) are calling for higher taxes on the super-rich to invest in people and planet.

Average global CEO pay hit $4.3 million in 2024, reveals new analysis from Oxfam ahead of International Workers’ Day (1 May). This is a 50 percent real-term increase from $2.9 million in 2019 (adjusted for inflation) —a rise that far outpaces the real wage growth of the average worker, who saw a 0.9 percent increase over the same five-year period in the countries where CEO pay data is available.

The figures are median averages, based on full executive pay packages, including bonuses and stock options, from nearly 2,000 corporations across 35 countries where CEOs were paid more than $1 million in 2024. The data, analyzed by Oxfam, was sourced from the S&P Capital IQ database, which uses publicly reported company financials.

• Ireland and Germany have some of the highest-paid CEOs, earning an average of $6.7 million and $4.7 million a year in 2024 respectively.
• Average CEO pay in South Africa was $1.6 million in 2024, while in India, it reached $2 million.

“Year after year, we see the same grotesque spectacle: CEO pay explodes while workers' wages barely budge. This isn’t a glitch in the system —it’s the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food, and healthcare,” said Oxfam International Executive Director Amitabh Behar.

Boosts to global CEO pay come as warnings grow that wages are failing to keep pace with the cost of living. While the International Labor Organization (ILO) global reports real wages grew by 2.7 percent in 2024, many workers have seen their wages stagnate. In France, South Africa and Spain for example, real wage growth was just 0.6 percent last year. While wage inequality had decreased globally, it remains very high, particularly in low-income countries, where the share of income of the richest 10 percent is 3.4 times higher than the poorest 40 percent.

Billionaires —who often fully, or in part, own large corporations— pocketed on average $206 billion in new wealth over the last year. This is equivalent to $23,500 an hour, more than the global average income in 2023 ($21,000).
Beyond runaway CEO pay, the global working class is now facing a new threat: sweeping US tariffs. These policies pose significant risks for workers worldwide, including job losses and rising costs for basic goods that would stoke extreme inequality everywhere. 
“For so many workers worldwide, President Trump’s reckless use of tariffs means a push from one cruel order to another: from the frying pan of destructive neoliberal trade policy to the fire of weaponized tariffs. These policies will not only hurt working families in the US, but especially harm workers trying to escape poverty in some of the world’s poorest countries,” said Behar.   

Increasingly, corporations are being required by law to report their gender pay gaps ―the average difference in earnings between women and men. Oxfam’s analysis of the S&P Capital IQ database found that among 11,366 corporations across 82 countries that reported gender pay gap data, the average gap narrowed slightly from 27 percent to 22 percent between 2022 and 2023. Yet, on average, women in these corporations still effectively work without pay on Fridays, while their male counterparts are paid for the full week.

Corporations in Japan and South Korea reported some of the highest average gender pay gaps in 2023 (around 40 percent). The average gap in Latin America was 36 percent in 2023, up from 34 percent the previous year. Corporations in Canada, Denmark, Ireland, and the UK reported average pay gaps of 16 percent.

Oxfam’s analysis also found that out of 45,501 corporations across 168 countries where the CEO is paid more than $10 million and their gender is reported, fewer than 7 percent have a female CEO.

"The outrageous pay inequality between CEOs and workers confirms that we lack democracy where it is needed most: at work. Around the world, workers are being denied the basics of life while corporations pocket record profits, dodge taxes and lobby to evade responsibility,” said Luc Triangle, General Secretary of the International Trade Union Confederation (ITUC).

“Workers are demanding a New Social Contract that works for them —not the billionaires undermining democracy. Fair taxation, strong public services, living wages and a just transition are not radical demands —they are the foundation of a just society. It’s time to end the billionaire coup against democracy and put people and planet first."

Oxfam and the ITUC are calling on governments to sustain and accelerate momentum on taxing the super-rich, both nationally and globally. This includes introducing top marginal rates of tax of at least 75 percent on all personal income for the highest earners to discourage sky-high executive pay. Governments must also ensure minimum wages keep up with inflation, and that everyone has the right to unionize, strike and bargain collectively.