Oxfam’s recent report is definitely a mustread. It uncovers that since 2019, CEO compensation has skyrocketed 56 times faster than workers’ wages. This revelation comes as the organization marks International Workers’ Day, highlighting the stark wage disparity that continues to grow globally. The survey included 45,501 corporate entities. These companies had CEOs whose total compensation exceeded $10 million and whose gender was publicly available.
The findings reveal a troubling trend: fewer than 7% of the surveyed companies employed female CEOs. Despite frequent headlines about any number of compensation increases—including overall CEO pay—this statistic highlights the persistent gender gap in corporate leadership. Oxfam’s survey came back with some outrageous results. It surveyed 2,000 businesses in 35 countries and found that CEO pay on average across the globe has increased by 50% in real terms since 2019. By comparison, the average worker’s wage increased just 0.9% over this time.
Between salaries and benefits, countries like Ireland and Germany reported the equivalent of some of the highest CEO pay in the country. In 2024, Irish CEOs took home an average of $6.7 million a year—well over a million dollars more than their German counterparts, who made an average of $4.7 million. At the same time, typical CEO pay in South Africa was $1.6 million, and in India, $2 million.
Oxfam’s findings are all the more startling when considering that the global average income is about $21,000 in 2023. The report highlights that billionaires amassed an astounding average of $206 billion in new wealth over the past year. These numbers are staggering and demonstrate an appalling degree of racial wealth inequality. While workers fight to afford basic necessities, corporate executives are swimming in record profits.
To Amitabh Behar, the Executive Director of Oxfam International, the findings were nothing short of shocking. He stated, “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.”
Luc Triangle, General Secretary of the International Trade Union Confederation (ITUC), decried the gap. He remarked, “Around the world, workers are being denied the basics of life while corporations pocket record profits, dodge taxes and lobby to evade responsibility.”
The report is intended to be a call to action for stakeholders—governmental and non-governmental, within the Global North and Global South alike—to help reverse this widening divide. As our workers are still some of the most economically vulnerable members of our society, the necessity for fair pay systems and corporate accountability is more critical than ever.
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