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Strong growth: Compensation millionaires in the European financial industry at record levels
The rise in compensation millionaires in the European financial industry is causing a stir. The number increased from 1,350 to 2,342 people by 2022, according to the European Banking Authority report. Inflation and Brexit play a role.
Strong growth: Compensation millionaires in the European financial industry at record levels
The European Banking Authority (EBA) recently published its annual report showing that the number of compensation millionaires in the European financial industry has increased significantly. While between 2017 and 2020 the number of these people fluctuated around 1,350, it increased to 2,342 by 2022. This increase is attributed to both positive business development and higher salaries due to inflation.
Especially in 2021, the relocation of business activities as a result of Brexit also played a role in this increase. However, it is important to note that the numbers for 2022 and 2021 are not directly comparable. This is because employees of investment companies are recorded separately for the first time according to their own criteria. This change, for example, may have contributed to the number of compensation millionaires in the Netherlands more than quadrupling from 46 to 189.
The data shows a clear trend towards an increase in high earners in the financial industry, which can be attributed to various factors. In addition to the good business development and higher salaries as a result of inflation, the geopolitical situation, particularly Brexit, also appears to have an impact on the distribution of these remunerations. It remains to be seen how this increase will develop in the coming years as the financial industry continues to undergo constant change.
In view of these developments, the question of the fair distribution of remuneration in the European financial sector is becoming increasingly relevant. It will be crucial that regulators such as the EBA and other institutions take action to ensure an appropriate remuneration structure and transparency are maintained to balance the different players in this sector.