The rich are getting richer
Posted Jan 3, 2012 05:34:21 AM.
This article is more than 5 years old.
A new report says the wealthiest in this country are now making 189 times the average Canadian wage.
The figures come from the circulars of companies listed on the S&P/T-S-X composite index.
The Canadian Centre for Policy Alternatives looked at the numbers to find just how much the 100 highest paid execs were getting.
Economist Hugh Mackenzie says the average pay package for the top 100 was 8.38 million dollars in 2010, compared to the average worker’s yearly earnings of $44, 366.
Mackenzie says the execs collectively got a 27 per cent raise from the 6.6 million dollar average compensation for the top 100 CEOs in 2009.
Regular Canadians, on the other hand, have seen their wages stagnate over the past few years.
The top earner on the list is Frank Stronach who is the honorary chairman of auto-parts manufacturer Magna International.
He took home almost 62 million dollars in 2010.
The top banker was Richard Waugh of Bank of Nova Scotia, who pocketed 13.8 million.
