AFL-CIO Report: S&P 500 CEOs Earned 268x Worker Pay in 2023

New research shows companies increased their CEOs' take-home pay and raised prices on consumers, even as commodity costs fell last year.

WASHINGTON, D.C. — CEOs of S&P 500 companies earned $17.7 million on average in 2023, more than 268 times their median worker’s income, according to a new report released today by the AFL-CIO.

The new Executive Paywatch research highlights persistent inequality, showing wealthy corporate executives prioritizing high salaries over workers’ wages. AFL-CIO researchers reviewed compensation data for executives at 3,000 companies, including those in the S&P 500 Index. They found it would take more than five career lifetimes for workers to match a CEO's annual earnings, even as companies raise prices on consumers. Trump's Project 2025 Agenda promises further tax cuts for the wealthy, worsening this disparity if he is elected.

“Working people are tired of politicians like Donald Trump pushing massive tax giveaways for CEOs whose inflated salaries, bonuses, and stock options drive inequality. Today, these CEOs make 268 times what their workers earn. Corporate profits and stock prices soar, but workers’ wages lag,” said Fred Redmond, secretary-treasurer of the AFL-CIO. “Years of poor policies have favored large corporations at the expense of working people. We need leaders who prioritize people over profits and hold CEOs accountable. That’s why the AFL-CIO is mobilizing to elect Kamala Harris and Tim Walz in November.”

The 2024 AFL-CIO Executive Paywatch Report reveals:

• Corporations increased prices on consumers despite falling commodity costs, boosting profits and CEO pay.
• Companies like ExxonMobil, Johnson & Johnson, and Starbucks raised prices and CEO salaries.
• The average S&P 500 CEO earned 268 times their median employee’s total compensation. CEOs of Abercrombie & Fitch (6,076-to-1), Mattel (3,620-to-1), and AMC Entertainment (2,201-to-1) made much more.
• S&P 500 stock buybacks, totaling $795 billion in 2023, further boosted reported profits for shareholders and executives instead of investing in workers.

The full report and findings can be viewed at paywatch.org.

Researchers at the AFL-CIO surveyed compensation data filed with the U.S. Securities and Exchange Commission and collected by CSuiteComp.com for over 3,000 corporations, including those listed in the Russell 3000 Index, and the U.S. Bureau of Labor Statistics’ National Occupational Employment and Wage Estimates. Additional methodology details are available here.

Contact: Prerna Jagadeesh, 202-637-5018