Study: Germany's top executives earn 42 times average worker

Pay for managers at Germany's top listed companies rose again in 2025, with executives at the 40 companies in the DAX stock index earning an average of just over €3.9 million ($4.5 million) - 42 times the pay of an average employee - according to a study. 

The annual analysis by the German shareholder protection association DSW and the Technical University of Munich, published on Thursday, found that remuneration for board members rose 4% compared with the previous year. A large share of the pay came from performance-related bonuses, which are paid out with a time delay, the researchers said.

The chief executives of DAX companies earned an average of around €6.14 million in 2025, the study found.

Two chief executives exceeded what DSW chief executive Marc Tüngler described as a "magic threshold" of €10 million - a figure which he said is considered socially acceptable and therefore justifiable within companies. 

Christian Klein, chief executive of software company SAP, received around €10.9 million, with almost 86% coming from variable compensation. Deutsche Bank boss Christian Sewing received €10.5 million, with roughly 64% comprising short and long-term bonuses linked to business performance.

Executive compensation in Germany remains relatively modest by international standards. Top executives of companies in the Euro Stoxx 50 - excluding German companies - received an average of €9.5 million for the 2025 financial year, according to the analysis. For chief executives of the 30 companies in the Dow Jones Industrial Average, the average was €30.5 million.

Goldman Sachs chief executive David Solomon topped the Dow Jones ranking with total compensation equivalent to €105.3 million, including €93.3 million in long-term variable pay. He was followed by Microsoft head Satya Nadella at €85.5 million and Apple chief executive Tim Cook at €65.8 million.