Canada's Top CEOs Are Making 243 Times What The Average Canadian Earns & It's Eye-Watering
Inflation is making them richer.💰
A luxury home in Canada. Right: A sports car.
Canada's highest-paid CEOs are raking in more money than ever.
According to a new study by the Canadian Centre for Policy Alternatives, Canada's top 100 CEOs broke all earning records in 2021.
Just when you thought inflation has put the squeeze on everyone, it seems that some Canadians are getting record-high compensation.
The study stated that the average pay for a CEO in Canada in 2021 was $14.3 million.
This breaks the previous record set in 2018 of $11.8 million and is a 31.2% increase from 2020 – which had an average of $10.9 million.
Woah!
All of this means that the richest CEOs in Canada earn 243 times more than the average Canadian worker – who has a yearly salary of $58,000.
Matter of fact, the report estimates that by 9:43 a.m. on January 3, 2023, Canada's 100 best-paid CEOs would have already made what it takes the average Canadian to make in an entire year!
The study also found the main reason for CEOs' soaring salaries.
Inflation has led to record-high profits for some corporations in Canada, which has translated to higher pay for those heading the companies.
Matter of fact, in the second quarter of 2022, corporate after-tax profits were 18.5% of the entire country's GDP, which is the highest ever seen in modern Canadian history.
Along with these high numbers, it was also found that the amount of women in the top 100 CEOs list is staggeringly low. There were only three women on the list, outnumbered by men named Mark by one!
On the top of the list is Nuvei CEO Philip Fayer, whose total compensation in 2021 was $140,778,515. He's followed by Patrick Dovigi, CEO and President of GFL Environmental Inc who makes $43,440,598.
The third is Joseph C. Papa, whose compensation for being the CEO of Bausch Health Companies Inc is $28,691,533.
If you aren't a CEO but are looking to get a job to make big bucks, there are a bunch of skills that are in high demand in 2023.
This article's cover image was used for illustrative purposes only.