CEOs make 290 times as much as typical workers: CEO-to-worker compensation ratio, 1965–2023
| year | Realized CEO compensation | Granted CEO compensation |
|---|---|---|
| 1965 | 20.77 | 15.41 |
| 1966 | 22.01 | 16.33 |
| 1967 | 23.24 | 17.24 |
| 1968 | 24.48 | 18.16 |
| 1969 | 24.20 | 17.96 |
| 1970 | 23.93 | 17.75 |
| 1971 | 23.66 | 17.55 |
| 1972 | 23.39 | 17.35 |
| 1973 | 23.11 | 17.15 |
| 1974 | 24.68 | 18.31 |
| 1975 | 26.25 | 19.48 |
| 1976 | 27.82 | 20.64 |
| 1977 | 29.39 | 21.80 |
| 1978 | 30.96 | 22.97 |
| 1979 | 33.65 | 24.96 |
| 1980 | 36.34 | 26.96 |
| 1981 | 39.03 | 28.95 |
| 1982 | 41.71 | 30.95 |
| 1983 | 44.40 | 32.94 |
| 1984 | 47.09 | 34.94 |
| 1985 | 49.78 | 36.93 |
| 1986 | 52.47 | 38.93 |
| 1987 | 55.16 | 40.92 |
| 1988 | 57.85 | 42.92 |
| 1989 | 60.53 | 44.91 |
| 1990 | 76.17 | 56.51 |
| 1991 | 91.81 | 68.11 |
| 1992 | 107.44 | 79.71 |
| 1993 | 108.34 | 99.41 |
| 1994 | 87.41 | 116.72 |
| 1995 | 117.72 | 130.85 |
| 1996 | 150.65 | 177.28 |
| 1997 | 223.54 | 234.66 |
| 1998 | 307.50 | 303.47 |
| 1999 | 277.24 | 291.22 |
| 2000 | 384.05 | 397.99 |
| 2001 | 214.78 | 326.49 |
| 2002 | 185.74 | 233.82 |
| 2003 | 228.94 | 226.55 |
| 2004 | 262.11 | 231.81 |
| 2005 | 320.01 | 244.54 |
| 2006 | 322.38 | 237.39 |
| 2007 | 330.16 | 243.57 |
| 2008 | 199.86 | 218.63 |
| 2009 | 166.45 | 181.19 |
| 2010 | 210.04 | 203.95 |
| 2011 | 240.24 | 213.10 |
| 2012 | 367.92 | 208.39 |
| 2013 | 322.14 | 212.64 |
| 2014 | 319.02 | 219.98 |
| 2015 | 318.84 | 216.98 |
| 2016 | 270.35 | 221.44 |
| 2017 | 295.39 | 233.00 |
| 2018 | 285.47 | 230.01 |
| 2019 | 312.05 | 230.41 |
| 2020 | 359.10 | 219.47 |
| 2021 | 405.04 | 268.61 |
| 2022 | 360.20 | 225.46 |
| 2023 | 290.26 | 191.63 |
Notes: Average annual compensation for CEOs is for CEOs at the top 350 U.S. firms ranked by sales. Typical worker compensation is the average annual compensation (wages and benefits of a full-time, full-year worker) of production/nonsupervisory workers in the industries that the top 350 firms operate in.
Notes: Average annual compensation for CEOs at the top 350 U.S. firms ranked by sales is measured in two ways. Both include salary, bonus, and long-term incentive payouts, but the “granted” measure includes the value of stock options and stock awards when they were granted, whereas the “realized” measure captures the value of stock-related components that accrues after options or stock awards are granted by including “stock options exercised” and “vested stock awards.” Projected value for 2023 is based on the percent change in CEO pay in the samples available in June 2022 and in June 2023 applied to the full-year 2022 value. “Typical worker” compensation is the average annual compensation (wages and benefits of a full-time, full-year worker) of production/nonsupervisory workers in the industries that the top 350 firms operate in.
Source: Authors’ analysis of data from Compustat’s ExecuComp database, the Bureau of Labor Statistics’ Current Employment Statistics data series, and the Bureau of Economic Analysis NIPA tables.