Number of Executives Earning Over ¥100 Million in Japan Tops 1,000

In the fiscal year ended March 2024, the number of Japanese listed companies that reported compensation for executives earning more than ¥100 million rose from 475 the previous year to a new record high of 509. A total of 1,120 executives received individual annual compensation of more than ¥100 million, compared to 995 last year, marking the first time that the number surpassed 1,000.

Tokyo Shōkō Research analyzed the annual securities reports of 3,874 companies listed on all stock exchanges in fiscal 2023 (April 2023–March 2024) and counted those that had disclosed individual executive compensation of ¥100 million or more. It says that rising overall compensation is due to the increased proportion linked to business performance, as well as stock-based compensation.

Meanwhile, political backing has contributed toward a growing disposition to increase wages, which was reflected in the average annual salary for employees at 3,229 listed companies (excluding pure holding companies) rising to ¥6.34 million (a ¥6.1 million median), which is the highest on record since fiscal 2010.

The highest amount of individual remuneration was ¥7.7 billion, received by Seven & I Holdings’ director and CEO Joseph Michael DePinto. This was 944 times higher than the average annual salary of ¥8.2 million for employees at the same company.

(Originally published in Japanese. Banner photo © Pixta.)