Eye-watering earnings put the richest business leaders in a world of their own, says JULENA DRUMI
For those struggling with the cost of living or trying to secure a pay rise that will help with the bills it will come as an added frustration that the gulf between rich and poor is getting wider. Even during the two-years of the pandemic, when many company owners and their employees were focused on simply staying in business, about $42 trillion in new wealth was created, almost all of it for big tech entrepreneurs in the US.
Two-thirds went to the world’s richest 1%, according to a report published last year by Oxfam. In the US, billionaires are a third richer now than they were before the pandemic – and the first trillionaire is not too far away.
Much of this new wealth was based on investments in the stock market which soared during a period of low interest rates. In the US upwards of 70% of all stock is owned by just the top 5% of richest households, according to the Brookings Institution.
In a new report published in January, Oxfam said the world’s five richest men have more than doubled their fortunes to $869bn (£681.5bn) since 2020, while the world’s poorest 60% – almost five billion people – have lost money.
The world’s billionaires were $3.3tn (£2.6tn) richer than in 2020, and their wealth grew three times faster than the rate of inflation.
The report, Inequality Inc, found that seven out of 10 of the world’s biggest corporations have a billionaire as CEO or principal shareholder, despite stagnation in living standards for millions of workers around the world. In the UK, the richest 1% own 36.5% of all financial assets, with a value of £1.8tn.
Based on data from the research company Wealth X and Forbes compiled since the pandemic, the report said the combined wealth of the top five richest people in the world – Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg – has increased by $464bn, or 114%. Over the same period, the wealth of 60% of the world population has declined by 0.2% in real terms.
Aleema Shivji, Oxfam’s interim chief executive, said: “These extremes cannot be accepted as the new norm, the world can’t afford another decade of division.
“Extreme poverty in the poorest countries is still higher than it was pre-pandemic, yet a small number of super-rich men are racing to become the world’s first trillionaire within the next 10 years.”
Bonus payments continue to be a bone of contention, with some arguing that they add to the gulf between rich and poor, while others say they are merely a result of the market rewarding top performers.
Max Bramwell, founder of FounderPass, has published new research, below, on the highest executive bonus payouts.
Top 10 highest payouts
| Rank | Executive | Company | Average Yearly Bonus |
| 1 | Elon Musk | Tesla Inc. | $456.7 million |
| 2 | Sundar Pichai | Alphabet Inc. (Google) | $98 million |
| 3 | Andy Jassy | Amazon | $53 million |
| 4 | Safra Catz | Oracle | $50 million |
| 5 | Tim Cook | Apple | $43 million |
| 6 | Satya Nadella | Microsoft | $41 million |
| 7 | Jamie Dimon | JPMorgan Chase | $40 million |
| 8 | Patrick P. Geisinger | Intel | $37 million |
| 9 | Shantanu Narayen | Adobe | $34 million |
| 10 | James P. Gorman | Morgan Stanley | $31 million |
Elon Musk, CEO of Tesla Inc.
Elon Musk, the maverick CEO of Tesla Inc., secured an astronomical bonus of $456.7 million. Musk’s visionary leadership not only revolutionised the electric vehicle market but also propelled Tesla to financial heights, thanks to innovative product launches, sustainable energy initiatives, and market dominance. Max says, ‘His audacious goals for the future promise to further redefine the automotive and tech industries, as well as reaching into outer space with his innovative Space X program.’
Sundar Pichai, CEO of Alphabet Inc. (Google)
Sundar Pichai, the tech luminary leading Alphabet Inc. (Google), earned a bonus of $98 million. Pichai’s tenure witnessed Google’s expansion into diverse technological realms, from artificial intelligence to cloud computing, solidifying Alphabet Inc.’s status as an industry juggernaut. Under Pichai’s guidance, Google continues to shape the future of technology, with ambitious projects ranging from quantum computing to internet connectivity initiatives.
Andy Jassy, CEO of Amazon
Andy Jassy, at the helm of Amazon as its CEO, received a notable bonus of $53 million. Jassy’s strategic prowess elevated Amazon’s market presence, with a focus on e-commerce innovation, cloud services, and the company’s broader expansion into new business ventures. Under his leadership, Amazon remains at the forefront of technological innovation and continues to disrupt traditional industries through bold initiatives like drone delivery and space exploration.
Safra Catz, CEO of Oracle
Safra Catz, the financial strategist steering Oracle, was rewarded with a significant bonus of $50 million. Catz’s leadership played a pivotal role in Oracle’s growth, marked by strategic acquisitions, cloud services expansion, and a steadfast position in the competitive tech industry. Her strategic foresight has not only strengthened Oracle’s financial standing but also positioned the company as a key player in emerging technologies such as blockchain and artificial intelligence.
Tim Cook, CEO of Apple
Tim Cook, the steady hand currently guiding Apple, earned a bonus amounting to $43 million. Cook’s leadership at Apple witnessed continued product innovation, successful product launches, and sustained financial success, solidifying Apple’s position as a global technology leader. His commitment to sustainability and ethical business practices further enhances Apple’s reputation, making it a beacon of corporate responsibility in the tech sector.
Satya Nadella, CEO of Microsoft
Satya Nadella, leading Microsoft, received a bonus of $41 million. As Max explains, ‘Nadella’s transformative vision repositioned Microsoft as a leader in cloud computing, artificial intelligence, and enterprise solutions, driving innovation and fostering sustainable growth.’ Beyond financial success, Nadella has been an advocate for inclusivity in the tech industry, championing initiatives that promote diversity and accessibility.
Jamie Dimon, CEO of JPMorgan Chase
Jamie Dimon, the strategic mind behind JPMorgan Chase, earned a bonus of $40 million. Dimon’s leadership underscored effective risk management, strategic acquisitions, and financial stability, contributing to JPMorgan Chase’s position as a financial powerhouse. His active involvement in policy discussions and commitment to corporate social responsibility solidify his role as a leading figure not just in finance but also in shaping economic policies.
Patrick P. Gelsinger, CEO of Intel
Patrick P. Gelsinger, at the helm of Intel, secured a significant bonus of $37 million. Gelsinger’s leadership focused on revitalising Intel’s position in the semiconductor industry, emphasising innovation, technology, and addressing global supply chain challenges. His emphasis on collaborative partnerships and sustainable practices signals Intel’s commitment to responsible corporate citizenship in the ever-evolving tech landscape.
Shantanu Narayen, CEO of Adobe
Shantanu Narayen, guiding Adobe as its CEO, earned a bonus of $34 million. Narayen’s strategic direction emphasised creative software solutions, contributing to Adobe’s sustained success in the digital media and marketing space. Max says, ‘His visionary leadership has positioned Adobe as a leader in creative software, with a constant focus on user experience and cutting-edge technology.’
James P. Gorman, CEO of Morgan Stanley
James P. Gorman, leading Morgan Stanley, received a bonus of $31 million. Gorman’s leadership steered Morgan Stanley through challenging financial landscapes, emphasising wealth management and investment banking, resulting in sustained growth and stability. His active involvement in philanthropy and commitment to environmental, social, and governance (ESG) principles highlight Morgan Stanley’s dedication to responsible business practices under his stewardship.
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