An Institute for Policy Studies analysis found that chief executives at the 100 largest S&P 500 companies with the lowest median worker pay earned, on average, 614 times their employees’ pay in 2025. The report highlights widening pay inequality, arguing that executive rewards have risen far faster than workers’ pay and inflation, while many employees may depend on public assistance.

Average CEO compensation at the firms was $17.5m, compared with median worker pay of $36,571; from 2019 to 2025, CEO pay rose 41.4% while median pay increased 20.7%, below 25.9% inflation. The companies spent $108.6bn on share buybacks in 2025, including Walmart’s $8.1bn; its former chief executive Doug McMillon received $29.2m, or 958 times its median worker pay of $30,520. IPS proposed measures including higher taxes on large CEO-worker pay gaps and buybacks; Walmart did not respond to requests for comment.