If your New Year's resolution was to make more money in 2019, you are in the wrong career. Clearly, the only real way to make millions of dollars in Canada is by being one of the highest paid CEOs in the whole country. They earn millions faster than you thought possible. In fact, it's only lunchtime on the first official working day of the year, and already Canada's richest people have already earned more than most Canadians will make all year.
For example, the highest paid CEO in all of Canada is Joseph Papa at Valeant Pharamcueticals International Inc. His total annual compensation is a whopping $83,131,252. There are 261 work days in 2019 which means that per day, Papa is taking home around $318,510.
That means by lunchtime today, he will have made almost $160,000 which is still much higher than most Canadians can even dream of making. In fact, the average Canadian only earns $55,806 per year. In Joseph Papa's case, he earned that in less than one and a half hours.
He's not the only CEO already earning more today than the average Canadian will all year. In fact, every CEO on Canada's highest-paid list will make at least $60,000 by the end of today.
The list features the top 100 highest-earning CEOs in all of Canada, making them some of Canada's richest people. CEOs from all sorts of companies made the list including those from Rogers, Telus, Manulife, Bombardier, Air Canada, and all of Canada's biggest banks.
The Canadian Centre for Policy Alternatives also confirmed in a report recently that CEOs already made more money than most Canadians will all year. In their report, they estimated that the highest paid Canadian executives will earn what an average worker makes annually by lunchtime today.
The report also focused on the issue of the gender gap when it comes to executive roles in Canada. According to their findings, only 4% of the country's CEOs are female. They are still out there though and still earning more money today than most of us will all year.
For example, Linda Hasenfratz is the CEO of the Linamar Corp and earns over $14.6 million annually. That means that by the end of today she will have already earned over $56,000 which again is more than the average annual salary for Canadians.
With all that said, a good New Year's resolution for 2019 would be to become a CEO and start raking it in.
*Cover photo for illustrative purposes only.
Source: Financial Post