CEO pay increased 20 times faster than worker pay around the world in 2025, according to a new analysis from Oxfam and the International Trade Union Confederation, the world’s largest trade union federation.

When adjusted for inflation, global worker pay declined 12% between 2019 and 2025, the equivalent of 108 days of free work during that time period. In comparison, CEO compensation increased by 54% between 2019 and 2025.

The average CEO received $8.4m in total compensation in 2025 compared to $7.6m in 2024.

The analysis also found billionaires were paid $2,500 a second in dividends in 2025, according to the investment portfolios of more than 1,000 billionaires. For every two hours in the 2025, the average billionaire received more in dividends than the average worker earned in annual pay.

The wealth of billionaires has reached record highs in 2026, with the wealthiest gaining $4tn over the past 12 months, a 13.2% increase from 2025.

Inequality in the US was worse than the global average, with CEO pay increasing 20.4 times faster than worker pay in 2025.

For 384 CEOs in the S&P 500 where CEO compensation data was available, pay increased by 25% from 2024 to 2025, while average hourly earnings for workers at private companies increased 1.3% in the same period.

“This analysis exposes the billionaire coup against democracy and its costs for working people,” said Luc Triangle, general secretary of the International Trade Union Confederation, in a statement. “Companies promise us a virtuous cycle, but what we see is a vicious cycle led by mega corporations – they undermine collective bargaining and social dialogue while billionaire CEOs capture the wealth created by productivity gains.”

The top-paying 1,500 corporations across 33 countries that report CEO compensation for 2025 were covered under the analysis. Among these corporations, researchers found a 16% gender pay gap, noting women at these companies essentially work for free after 4 November every year.

The top 10 highest paid CEOs received more than $1bn collectively last year, with four corporations – Blackstone, Broadcom, Goldman Sachs and Microsoft paying their CEOs more than $100m in 2025.

“We can’t continue to let a handful of super-rich people siphon off the rewards of work that belong to millions. Governments must cap CEO pay, fairly tax the super-rich and ensure minimum wages at the very least keep pace with inflation and ensure a dignified living,” said Amitabh Behar, executive director of Oxfam International, in a statement.

“These measures can do far more than redistribute income; they can create economies that reward work, invest in communities and hold powerful interests accountable,” added Behar. “This is how we turn a system rigged for the few into one that works for everyone.”