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100 CEOs Have More in Retirement Savings Than 41% of Americans
Surprise! Most of them are white dudes.
According to a report released this week by the Center for Effective Government and the Institute for Policy Studies, just 100 CEOs have retirement accounts that total $4.6 billion—that's more than the retirement assets of 41 percent of Americans, or 116 million people. The authors used SEC filings to examine the 100 largest retirement accounts among Fortune 500 CEOs, and found that the average CEO has saved up $49.3 million for retirement. By contrast, the median balance in 401K accounts at the end of 2013 was $18,433.
Even more than the overall disparity, what caught my eye was the race and gender inequality, both at a CEO level and in the general population. The CEOs with the ten largest retirement funds were all white men, and their retirement assets dwarfed those of the top ten CEOs who were women or people of color (two women are counted in both of the ladder groups: Indra Nooyi of Pepsi, and Ursula Burns of Xerox.)
MORE, graphs & links:
http://www.motherjones.com/politics/2015/10/top-100-ceos-retirement-savings-racial-inequality