AI market round up: Study criticizes extortionate salaries
In 2006, the top 20 hedge fund and private equity fund managers earned more in 10 minutes than an average worker in the US made in the entire year, according to a report by advocacy groups Institute for Policy Studies and United for a Fair Economy.
Top fund managers pocketed an average $657.5 million in 2006, according to Forbes, which the study says is 22,255 times the $29,544 average annual pay of workers in the US.
The top 20 earners in the hedge fund and private equity sectors made 680 times more in rewards than the US’s 20 highest-paid leaders of non-profits institutions. The groups are pushing for higher tax rates, and better checks to ensure investment fund executives pay their fair share of tax.