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A new report by Oxfam has highlighted the widening gap between CEO pay and worker wages globally, calling it a “grotesque spectacle” of inequality.
Oxfam’s findings show that billionaires earn more in an hour than most workers make in a year. (Photo Credit: freepik.com)
A new report by research and advocacy group Oxfam has highlighted the widening gap between CEO pay and worker wages globally, calling it a “grotesque spectacle” of inequality. According to the report, the average CEO pay in India has hit $2 million a year, while globally, CEO salaries have jumped by 50 per cent in real terms since 2019. In contrast, the average worker’s wages grew by just 0.9% over the same six-year period.
Oxfam’s findings show that billionaires earn more in an hour than most workers make in a year. Meanwhile, countries like Ireland and Germany lead the pack, with average CEO salaries of $6.7 million and $4.7 million respectively.
“This is a 50 per cent real-term increase from $2.9 million in 2019 (adjusted for inflation) — a rise that far outpaces the real wage growth of the average worker, who saw a 0.9 per cent increase over the same five-year period in countries where CEO pay data is available,” the analysis said.
In South Africa, CEOs earned an average of $1.6 million in 2024, while France, Spain, and South Africa saw real wage growth for workers at a meagre 0.6% last year.
Oxfam International Executive Director Amitabh Behar said, “Year after year, we see the same grotesque spectacle: CEO pay explodes while workers’ wages barely budge. This isn’t a glitch in the system — it’s the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food and healthcare.”
Gender Pay Gap Still Wide
The report also noted slight progress in narrowing the global gender pay gap. Among 11,366 companies across 82 countries, the average gap shrank from 27 per cent to 22 per cent between 2022 and 2023.
Yet, on average, women in these corporations still effectively work without pay on Fridays, while their male counterparts are paid for the full week, the study said.
Billionaires Gaining Billions
In the past year, billionaires — many of whom are major shareholders in large corporations — added $206 billion in wealth, averaging $23,500 per hour. For perspective, that’s more than the global average yearly income of $21,000.
Rising Risks: Tariffs and Trade Tensions
The report also warned that new US tariffs, particularly under Donald Trump’s trade policies, may worsen global inequality. These measures could lead to job losses, higher prices for essential goods, and deepen poverty — especially in low-income countries.
As inequality deepens, Oxfam is calling for greater accountability from corporations, particularly in transparent wage reporting and closing gender pay gaps.
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