January 4, 2016 3:53 pm
Updated: January 5, 2016 6:01 pm

CEO pay: what can you buy for $8.96M?

A model of the Virgin Galactic, the world's first commercial spaceline, is displayed at the Farnborough International Airshow in Hampshire, southern England, on July 11, 2012.

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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.

READ MORE: Top CEOs earned an average of $8.96 million in 2014: study

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.

cp-canadas-top-paid-ceo-list-2014

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:

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.

© 2016 Shaw Media

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