South African CEOs earn more in 7 hours than you do in a year
A new study released by Quartz has revealed that South African CEOs topped the list of fastest earners in the world, taking just over seven hours to earn the average South African’s annual wage.
Quartz combined British think tank High Pay Center’s data, which monitors pay at the top of the income distribution, along with Bloomberg’s Global CEO Pay Index and average worker pay in several countries in order to arrive at the result.
“While CEOs in South Africa make far less on average than their American counterparts, their salaries were 541 times more than the average income in their own country,” noted author Aamna Modin.
“It took CEOs in South Africa just over seven hours to make $13,194, which is the country’s average yearly wage. Assuming Monday, Jan. 2, was a public holiday and they started work at 7:30am on Tuesday, Jan. 3, CEOs in South Africa clocked in the annual average wage by 3pm that day”.
South Africa was also the only African country to make the list with the rest of the top 5 comprised of economic heavyweights including the USA, the UK, Canada and Switzerland.
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