"CEOs that 60 years ago might have been making four to six times more than what the workers are receiving, the last figure I saw, it's 600 times more than what average workers are receiving."
"The news that Elon Musk is going to be the first trillionaire in the world: What does that mean and what's that about? If that is the only thing that has value anymore, then we're in big trouble."
"Among the 100 S&P 500 corporations with the lowest median worker pay, the average CEO compensation hit $17.2 million in 2024 as compared to an average median worker pay of $35,570, according to the Institute for Policy Studies."
"Billionaire wealth increased three times faster in 2024 than it did in 2023, according to Oxfam. Over the last decade, the top 1% increased their wealth by nearly $34 trillion- enough to eliminate annual poverty 22 times over at the highest poverty line."
The Pope condemned the increasing income gap between the working class and the wealthy, specifically targeting Elon Musk as an example of excessive executive pay. He noted that CEO compensation has skyrocketed to 600 times that of average workers. In 2024, the average CEO in low-paying S&P 500 companies earned $17.2 million, while median worker pay was only $35,570. Billionaire wealth has surged, with the top 1% increasing their wealth by nearly $34 trillion over the last decade, exacerbating economic inequality.
Read at Fortune
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