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Who is the UK’s highest-paid boss?

Who is the UK’s highest-paid boss?
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The average UK worker would have to work for more than 40 years to earn what the highest-paid UK boss can earn in a single day.

This astounding fact comes from recent reports revealing that the highest-paid boss in the UK earned a whopping £421 million last year, which equates to £1.2 million every day.

So who are the UK bosses that are raking it in? Let’s investigate.

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Who is the highest-paid boss in the UK?

That would be Denise Coates, the joint CEO of gambling firm Bet365.

Ms Coates, who’s also the founder and majority shareholder of Bet365, earned a salary of £421 million in the fiscal year that ended on 29 March. When you factor in the £48 million that she earned in dividends, her total salary comes to £469 million.

This is more than the bosses of every FTSE 100 company combined, according to the latest report by think tank the High Pay Centre. The report shows the median chief executive pay across almost all of the FTSE 100 was £3.61 million.

Coates’ salary is also thought to be the highest financial reward package ever offered to a UK company executive in history.

After earning such a huge amount, it’s no surprise that Coates is also the UK’s top taxpayer, according to the Sunday Times tax list. For the 2019-2020 year, Coates and her company had to fork out more than £573 million to the taxman.

Who are the other high-paid bosses in the UK?

Hedge fund manager, Sir Chris Hohn, is second on the list of highest-paid UK bosses.

Hohn is the owner of TCI Fund Management (UK) Limited. This is the company that runs the TCI Fund and which holds total shareholder funds of £1.94 billion.

The tycoon, whose personal fortune is estimated by Forbes to be £4.3 billion, reportedly paid himself £343 million last year after the TCI Fund soared 66% in pre-tax profits to £499 million.

The other person in the list of highest-paid UK bosses, who also happens to be the highest-paid boss in the FTSE 100 is Tim Steiner, the CEO of online shopping giant, Ocado.

Steiner received a compensation package worth nearly £59 million in 2019, according to the High Pay Centre. That’s seven times lower than that of Hohn.

Steiner is followed by Pascal Soriot, CEO of AstraZeneca, the large pharmaceutical company at the forefront of the fight against Covid-19, who earned £14.5 million.

Here’s the full list of highest-earning FTSE 100 CEOs in 2019 and the amount each earned.

Chief executive

Company

2019 pay

Tim Steiner

Ocado

£58.783m

Pascal Soriot

AstraZeneca

£14.330m

Ivan Menezes

Diageo

£11.654m

Mark Cutifani

Anglo American

£11.225m

Bob Dudley

BP

£10.373m

Brian Cassin

Experian

£10.344m

Benoit Durteste

Intermediate Capital Group

£9.526m

Ben van Beurden

Royal Dutch Shell

£8.761m

Erik Engstrom

RELX

£8.681m

Emma Walmsley

GlaxoSmithKline

£8.369m

 

There are six CEOs in the FTSE 100 who earn more than £10 million per year. The bottom line? UK top companies’ bosses are extremely well compensated.

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How to grow your own wealth

It goes without saying that most of us may never become as rich or earn the same as the UK’s highest-paid executives. But don’t think that you need to be a part of the rich elite or a CEO of a major corporation to achieve financial independence.  

For example, the stock market has been around for decades, providing investors with opportunities to become wealthy and attain financial freedom.

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Please note that tax treatment depends on the specific circumstances of the individual and may be subject to change in the future.

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