executive paywatch
Inflation has slowed, but large corporations are still charging high prices.
Meanwhile, it would take more than five career lifetimes for workers to earn what CEOs receive in just one year.
ceos-stats
In 2023, commodity prices that companies pay fell by 3% while consumer prices rose 3%, boosting corporate profits and CEO pay.
S&P 500 Index Company CEO Pay Has Increased $4.2 Million Over the Past Decade
Average CEO Pay Is Growing, Fueling Economic Inequality
In 2023, CEO pay at S&P 500 companies increased 6% over the previous year—to an average of $17.7 million in total compensation.
The average CEO-to-worker pay ratio was 268-to-1 for S&P 500 Index companies in 2023. It would take more than five career lifetimes for workers to earn what CEOs receive in just one year.
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Companies Where CEO Pay and Prices Are Rising
Charter Communications
Delta Air Lines
Exxon Mobil
Johnson & Johnson
Starbucks
UDR
Trump’s Tax Cuts Continue to Benefit Corporations and CEOs
The 2017 tax cuts that primarily benefited corporations and the wealthy during the Trump administration remain in place, costing an estimated $1.9 trillion over 10 years.
These tax cuts permanently reduced the top corporate income tax rate from 35% to 21%. Economists estimate that 51% of the income gains from the corporate tax cuts went to firm owners, 10% went to the top five highest-paid senior executives, 38% went to the top 10% and 0% of the wage gains went to the bottom 90% of workers.
Who Benefits? Trump's Corporate Tax Cuts Increased Inequality and Executive Pay, but Did Not Increase Wages for the Bottom 90% of Workers
Source: Patrick Kennedy et. al., The Efficiency-Equity Tradeoff of the Corporate Income Tax: Evidence from the Tax Cuts and Jobs Act, March 21, 2024, Table 11.
Stock Buybacks Continue to Boost Executive Pay
In 2023, S&P 500 companies repurchased $795.1 billion in shares, a financial engineering practice that increases earnings per share that is used in many CEOs’ incentive pay plans. The Institute for Policy Studies notes that the money used for stock buybacks could instead be reinvested by companies to create good jobs, and has called for a ban on stock buybacks for companies receiving federal grants under the CHIPS and Science Act.
CEO Pay Matters
The ratio of CEO-to-worker pay is important. A higher pay ratio could be a sign that companies suffer from a winner-take-all philosophy, where executives reap the lion’s share of compensation. A lower pay ratio could indicate the companies that are dedicated to creating high-wage jobs and investing in their employees for the company’s long-term health.
How Long Workers Would Need to Work to Earn One Year of CEO Pay
On average, the median employee of an S&P 500 company would have had to start working in 1755 (prior to the start of the American Revolution) to earn what the average CEO received in 2023. Here is how long the median employee would need to work at the companies with the highest pay ratios to earn what their CEO received in just one year.
Nu Skin Enterprises Inc.
10,377:1
A median worker from Nu Skin Enterprises would have to work starting in 8,354 B.C. in order to earn what the CEO made in 2023.
For comparison, the tower of Jericho was built circa 8,000 B.C.
Abercrombie & Fitch Co.
6,076:1
A median worker from Abercrombie & Fitch would have to work starting in 4,053 B.C. in order to earn what the CEO made in 2023.
For comparison, the Great Pyramid of Giza was built circa 2,560 B.C.
Coty Inc.
3,769:1
A median worker from Coty would have to work starting in 1,746 B.C. in order to earn what the CEO made in 2023.
Mattel Inc.
3,620:1
A median worker from Mattel would have to work starting in 1,597 B.C. in order to earn what the CEO made in 2023.
For comparison, the Poverty Point Earthworks was built circa 1,200 B.C.
Yum China Holdings Inc.
2,858:1
A median worker from Yum China Holdings would have to work starting in 835 B.C. in order to earn what the CEO made in 2023.
For comparison, the Greek Parthenon was built circa 447 B.C.
Universal Corp.
2,411:1
A median worker from Universal would have to work starting in 388 B.C. in order to earn what the CEO made in 2023.
Concentrix Corp.
2,333:1
A median worker from Concentrix would have to work starting in 310 B.C. in order to earn what the CEO made in 2023.
For comparison, the Great Wall of China was built circa 220 B.C.
AMC Entertainment Holdings Inc.
2,201:1
A median worker from AMC Entertainment would have to work starting in 187 B.C. in order to earn what the CEO made in 2023.
Skechers USA Inc.
2,199:1
A median worker from Skechers would have to work starting in 176 B.C. in order to earn what the CEO made in 2023.
Gap Inc.
2,160:1
A median worker from Gap would have to work starting in 137 B.C in order to earn what the CEO made in 2023.
For comparison, the Roman Colosseum was built circa 80 A.D.
What Can You Do?
Large corporations should pay their fair share by increasing corporate taxes if their CEO-to-worker pay ratios exceed 50-to-1. Tell Congress to tax runaway CEO pay.
Trump Wants Further Cuts to the Corporate Tax Rate
As reported in The Washington Post, Donald Trump and his top advisers have said they would like to implement further tax breaks for corporations. The Trump Project 2025 Agenda for a second Trump administration would make it tougher for working people to win gains in union contracts and would stack the deck in favor of CEOs.
World’s Richest CEO Endorses Trump for President
Elon Musk, the CEO of Tesla and the world’s richest person, has pledged his support to re-electing Donald Trump as president. In 2024, Tesla’s shareholders voted to re-approve Musk’s $56 billion pay plan—the largest ever received by a CEO—that a Delaware court had struck down. Musk responded to the court decision on his pay package by reincorporating Tesla from Delaware to Texas.
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How S&P 500 Company CEO Pay Breaks Down
| Pay Type | Average Amount |
| Salary | $1,249,632 |
| Bonus | $2,936,266 |
| Nonequity Incentives | $3,123,279 |
| Restricted Stock | $10,494,176 |
| Stock Options | $1,927,899 |
| Retirement Plans | $1,284,350 |
| All Other | $680,422 |
| Total | $17,734,075 |
CEO Pay by Industry
S&P 500 company CEO pay was the highest in the Communication Services sector; those CEOs received more than $27.9 million on average in 2023. The pay ratio was the highest in the Consumer Discretionary sector, where the average CEO-to-worker pay ratio was 492-to-1 in 2023.
| Sector | Average Executive Compensation | Average Median Worker Pay | Average Disclosed Pay Ratio |
| Communication Services | $27,938,121 | $127,872 | 346 |
| Consumer Discretionary | $15,803,514 | $53,044 | 529 |
| Consumer Staples | $16,214,288 | $56,497 | 384 |
| Energy | $18,385,001 | $159,793 | 122 |
| Financials | $19,418,746 | $94,398 | 217 |
| Health Care | $16,991,232 | $89,636 | 237 |
| Industrials | $14,555,428 | $75,212 | 210 |
| Information Technology | $24,791,710 | $100,370 | 333 |
| Materials | $14,389,469 | $76,495 | 217 |
| Real Estate | $14,174,661 | $114,737 | 155 |
| Utilities | $13,790,950 | $141,522 | 101 |
| All S&P 500 Companies | $17,734,075 | $91,917 | 268 |
CEO Pay by State
Too many working people across the country are struggling to afford the basics, much less save for college or retirement. Some states serve as stark examples of the incredible gap between CEOs and the hardworking people who make their companies profitable. This map shows how the CEO pay at companies headquartered in each state compares with the pay of the average employee in the state.
NOTE: For companies with more than one CEO during the year, the highest-paid CEO is included in the database. Pay ratio between CEO pay and median employee pay are displayed as disclosed by each company’s proxy statement. The CEO pay ratio may not equal the displayed CEO’s total compensation due to differing company methodologies in calculating pay ratios.
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