Forget Labor Day: Only Top Managers' Salaries Are Rising Around the World

CEOs earn 56 times faster than before. KEYSTONE

While “Labor Day” was celebrated in many countries around the world yesterday, statistics on wealth distribution paint a picture of a reality in which there is little to celebrate. According to a recent analysis by Oxfam, in fact, between 2019 and 2024, the real remuneration of CEOs grew by 50%, from 2.9 to 4.3 million dollars. At the same time, in the same period of time, the average real salary of workers in the countries monitored increased by just 0.9%. The result is that CEO compensation has grown 56 times faster than that of workers. A disproportion that, according to Oxfam, makes the official narrative on economic progress appear “grotesque.”

Oxfam looked at the total pay – including bonuses and stock options – of nearly 2,000 CEOs in 35 countries. All earned more than $1 million in 2024. The data shows dramatic growth at the top, with peaks in Europe: in Ireland, the median CEO pay reached $6.7 million, and in Germany, $4.7 million. Emerging economies such as South Africa and India also see high pay, at $1.6 million and $2 million a year, respectively. Meanwhile, billionaires, often major shareholders in big businesses, have seen their wealth increase by an average of $206 billion in the past year. This disconnect between the top and the bottom is made even more painful by inflation. After two years, 2022 and 2023, of soaring prices, purchasing power has collapsed for millions of low-income workers. Costs, including rent, food and healthcare, have exploded while wages have stagnated. And while in 2024, according to the International Labour Organization, real wages grew by 2.7% globally, in many countries – such as France, South Africa and Spain – the actual increase was just 0.6%. Too little to recover the huge losses of previous years.

In this context, Italy also stands out negatively. Following the collapse of purchasing power caused by the inflationary surge, in 2024 real wages have increased (+2.3%), but the sum of the losses from 2008 to today speaks clearly: -8.7%. If we consider only the period 2019-2023 and take into account inflation on essential goods, the reduction is as low as 15%. Mikhail Maslennikov, policy advisor on economic justice for Oxfam Italy, commented on the statistics by stating that to date, the Italian government's actions have "completely lacked a clear industrial policy, aimed at creating quality jobs, which bets on innovation, green transition and training, without leaving anyone behind". In addition to wage stagnation, the gender pay gap persists, although it has slightly decreased (from 27% to 22% in a year). Of over 11,000 companies analyzed in 82 countries, only 7% have a woman at the top. Weighing on workers' prospects are now also the new US tariffs, which according to the organization could lead to a contraction in employment and a further increase in the cost of basic necessities, further amplifying inequalities.

The global picture, in short, is clear: the gap between the super-rich and the rest of the working world is widening. A fact already well outlined in the recent Oxfam report entitled Takers, not Makers (literally “those who prey, not those who produce”), which stated that, in 2024, the wealth of billionaires grew by two trillion dollars, equal to about 5.7 billion dollars a day, at a rate three times higher than the previous year. The report showed that, although overall poverty rates have decreased in the world, the number of people living in poverty remains unchanged compared to 1990, still representing 44% of the global population. Meanwhile, the richest 1% of people own about 45% of all global wealth.

https://www.bluewin.ch/en/news/ceo-salaries-are-exploding-and-the-rest-are-left-holding-the-bag-2676039.html

https://www.oxfamitalia.org/wp-content/uploads/2025/04/CS_OXFAM_IN-35-PAESI-I-COMPENSI-DEGLI-AD-SONO-CRESCIUTI-DEL-50-RISPETTO-AL-2019-56-VOLTE-PIU-DEI-SALARI-DEI-LAVORATORI_-1_5_2025_FINAL.pdf