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As people worldwide filled the streets Thursday to celebrate International Workers’ Day and mobilize against attacks on the working class, a new analysis showed that average global CEO pay has surged 50% since 2019 — 56 times more than the pay of ordinary employees.
The Oxfam International analysis examined figures from nearly 2,000 corporations across 35 countries where CEOs were paid more than $1 million on average last year, including bonuses and stock options. Across those companies, the average pay of chief executives reached $4.3 million in 2024, up from $2.9 million just five years ago.
By contrast, average worker pay in those 35 nations rose just 0.9% between 2019 and 2024.
“Year after year, we see the same grotesque spectacle: CEO pay explodes while workers’ wages barely budge,” said Amitabh Behar, Oxfam’s executive director. “This isn’t a glitch in the system — it’s the system working exactly as designed, funneling wealth ever upwards while millions of working people struggle to afford rent, food, and healthcare.”
According to Oxfam, global billionaires “pocketed on average $206 billion in new wealth over the last year,” or $23,500 an hour. That’s more than the average annual income globally — $21,000 — in 2023.
To begin redressing global economic inequality, Oxfam called for top marginal tax rates of at least 75% on the highest earners and wage increases to ensure worker pay keeps up with inflation.
Luc Triangle, general secretary of the International Trade Union Confederation, said in a statement that the “outrageous pay inequality between CEOs and workers confirms that we lack democracy where it is needed most: at work.”
“Around the world, workers are being denied the basics of life while corporations pocket record profits, dodge taxes, and lobby to evade responsibility,” Triangle added. “Workers are demanding a New Social Contract that works for them — not the billionaires undermining democracy. Fair taxation, strong public services, living wages, and a just transition are not radical demands — they are the foundation of a just society.”
“It’s time to end the billionaire coup against democracy and put people and planet first,” he added.
In addition to spotlighting the growing chasm between CEO and worker pay, the Oxfam analysis warned that the global working class “is now facing a new threat” in the form of U.S. President Donald Trump’s tariff regime. The humanitarian group argued that “these policies pose significant risks for workers worldwide, including job losses and rising costs for basic goods that would stoke extreme inequality everywhere.”
“For so many workers worldwide, President Trump’s reckless use of tariffs means a push from one cruel order to another: from the frying pan of destructive neoliberal trade policy to the fire of weaponized tariffs,” said Behar. “These policies will not only hurt working families in the U.S., but especially harm workers trying to escape poverty in some of the world’s poorest countries.”
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