If you wanted to get angry today, you’ve come to the right place.
According to a new report from the Canadian Centre for Policy Alternatives, Canada’s highest-paid 100 CEOs earned $48,636 by lunchtime today, meaning they have already made more cash than the average Canadian will earn all year.
That’s right, in the very first workday of January, these CEOs likely matched your annual salary by around noon. Which means by year’s end, they will take home an average of $8.96 million – more than 184 times what the average person makes. Just in case you’re not understanding just how insane that is, here is the same information on a graph:
Seems pretty fair, amirite?
“The total pay package of the 100 highest paid CEOs exceeds the 2014-15 budgetary deficits of every province in Canada except Ontario, Quebec, and Newfoundland,” says CCPA Research Associate Hugh Mackenzie, who has been tracking CEO pay since 2006. “What we’ve learned is that the average pay of the top 100 CEOs in Canada has proven to be extraordinarily resilient, in good times and bad.”
Resilient is right. During the recession in 2008, for example, the top CEOs still managed to rake in an average of $7.3 million each. Talk about hard times.
Topping the list this year was Blackberry’s John Chen, whose compensation totaled a stunning $89.7 million. But if it makes you feel any better, CEO pay on average in 2014 was down two per cent when compared to 2013, so it was probably a challenging year for Mr. Chen and his family.
Either way, we can’t help but feel like our paycheques just got a little lighter.