The Oxfam Intermón report “Las brechas salariales de las grandes empresas” finds that the average salary of senior executives at Spain’s 40 largest companies is 111 times higher than the average wage for all workers.
Scope of the analysis
The study examines remuneration across 40 major Spanish firms, covering average salaries, top‑executive pay, senior‑management earnings and board member compensation. Oxfam Intermón notes that the data allow a comparison of internal pay gaps and how these relate to national wage levels.
Key findings
In one‑third of the companies, the highest salary exceeds the firm’s average wage by more than 100 times. Men earn 20 % more than women for comparable roles in 40 % of the firms.
Half of all employees earn at most €24,124 annually – roughly 1.5 times the minimum wage – while executive pay remains markedly high amid rising housing costs and inflation.
The average top‑earner’s 2024 remuneration among the 40 firms was €4.37 million. The highest individual payouts were €14.2 million at Iberdrola, €13.8 million at Banco Santander and €11.2 million at Inditex. More modest maximum salaries were recorded at Aena (€212,000), Dia (€272,000) and Unicaja (€677,000).
Overall, 37.5 % of the companies paid more than €5 million to their highest‑paid executive, and 7.5 % exceeded €10 million. Senior‑management members earned over €1 million on average in 32.5 % of cases, while 15 % of firms compensated board members above that threshold.
The report concludes that the average gap between the highest salary and the firm‑wide average is 111 times, meaning a median‑paid employee would need to work more than a century to match a top executive’s annual earnings.
Implications
The disparity coexists with a labour market where many workers earn low wages, intensifying concerns about income inequality during a period of price pressure on housing and general inflation.
Possible next steps
Oxfam Intermón calls for increased corporate transparency on remuneration policies and suggests establishing a maximum pay ratio of 1 to 20 between the highest and median salaries, phased in through interim milestones. Mechanisms to prevent circumvention via outsourcing and requirements for a living wage throughout supply chains are also proposed.
Frequently Asked Questions
What does the Oxfam Intermón report analyse?
It examines average wages, top executive salaries, senior‑management earnings and board member pay across Spain’s 40 largest companies, comparing internal pay gaps and national wage levels.
How large is the pay gap between executives and average workers?
The average executive salary is 111 times higher than the average wage, with the highest‑paid executives in some firms earning more than 400 times the average salary.
Which companies have the highest executive compensation?
Iberdrola paid the highest individual remuneration at €14.2 million, followed by Banco Santander at €13.8 million and Inditex at €11.2 million for 2024.
What measures could help narrow these gaps, and how likely are they to be adopted?