A new report from the Canadian Centre for Policy Alternatives suggests the average Canadian CEO earned $8.96 million in 2014.
The centre says the country’s 100 highest paid CEOs will have earned $48,636 by lunchtime on their first working day of the year – about what the average Canadian earns in a year.
Not all CEOs do that well. Mid-pack bosses have to work about 11.3 hours to earn what the average Canadians makes in a year.
While the average Canadian makes do on around $935 a week – or a little better than $23 an hour — the average CEO takes in $172,307.69 weekly. That’s about $4,307.69 per hour (assuming a 40-hour work week).
At that rate, it takes the average wage earner 4.6 weeks to earn what the average CEO earns in an hour.
Most Canadians have to make their average annual industrial wage of $48,636 cover expenses like food, housing, clothing and transportation. The average CEO could use their $8.96 million annual stipend to:
- Buy 480 of the best seats in the house to every Toronto Blue Jays game for the 2016 season. Or they could afford 7,900 of the cheapest seats for all 81 homes games in 2016.
- Buy 1,478 season tickets for the Montreal Canadiens – assuming they can first persuade the more than 800 people currently on the waiting list to give up their places.
- Take 34 of their best friends on a space flight with Virgin Galactic.
- Buy a couple of homes in Kardashian country.
- Help offset Ottawa’s annual cost of resettling 1,120 Syrian refugees.
CEO pay may be high — but in 2014 it was around two per cent lower than it was in 2013. For the rest of us, wages rose last year by an average of 3.4 per cent.