Toronto – January 5, 2024 – A new report by the Canadian Centre for Policy Alternatives reveals that the salaries of Canada’s Top 100 CEOs have shot up to record highs – collecting over 246 times what the average worker in Canada earns in one year.

$14.9 million

The average salary of Canada’s highest-paid CEOs in 2022 – surpassing the previous record of $14.3 million in 2021.

$7,162

The average CEO collects $7,162 an hour. It would take just over eight hours in the new year for the top 100 CEOs to receive the average Canadian worker salary of $60,600.

4.4%

CEOs saw their pay rise by an average of 4.4 per cent in 2022, while the average Canadian worker only received a raise of three per cent.

$7.5 million

Since the CCPA started tracking executive pay in 2008 the average salary for Canada’s Top 100 CEO’s have more than doubled – making an average of $7.5 million per year annually.

298

The average CEO in Ontario made 298 times more than the average worker in the province.

$152 million

The highest paid CEO on the list was compensated $152 million for 2022.

6.8 per cent

While the average Canadian received an average wage increase of $1,800, prices went up by 6.8 per cent (Consumer Price Index). Workers took a real pay cut of almost four per cent since their dollar does not go as far as it went in 2021.

Read the full report here.

Source: Macdonald, David. Canada’s new gilded age: CEO pay in Canada in 2022. Canadian Centre of Policy Alternatives, monitormag.ca/reports/canadas-new-gilded-age.