Study: This is how much DAX executives earn in 2025

A study published by the German investor protection organization Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) in collaboration with the Technical University of Munich reveals that top executives of companies listed in Germany's DAX index earned significantly higher salaries in 2025 compared to previous years. According to the analysis, the average compensation for DAX board members reached 3.9 million euros, marking a four percent increase over the prior year. The majority of these earnings came in the form of performance-based bonuses, which are typically paid out with a delay. The research highlights a growing disparity between executive pay and that of regular employees within the same companies. On average, DAX board members received 42 times more than their average employee counterparts. This gap was particularly pronounced at Adidas, where the board’s earnings were 106 times greater than those of typical workers. The DSW noted that while such disparities have long been a point of discussion, they remain a contentious issue among investors and the public alike. In 2025, the total compensation for DAX chief executives averaged around 6.14 million euros, representing a six-point-eight percent rise from the previous year. Despite this increase, many DAX-listed companies saw stagnant profits during the period, even though their stock prices did not decline. The DSW pointed out that two executives crossed the symbolic threshold of ten million euros in total compensation, breaking what the organization described as a “socially acceptable” limit. SAP CEO Christian Klein topped the list with a total compensation package of approximately 10.9 million euros, nearly 86 percent of which consisted of variable components tied to performance metrics. Deutsche Bank CEO Christian Sewing followed closely behind with a total of 10.5 million euros, of which roughly 64 percent was composed of both short-term and long-term performance-based incentives. Marc Tüngler, head of the DSW, emphasized that high executive pay can be justified if it reflects exceptional value creation. He welcomed the increasing importance of long-term variable components in executive compensation, arguing that such structures should reward sustainable corporate success rather than short-term quarterly results. However, he explicitly rejected calls for salary caps, stating that the focus should instead be on ensuring that compensation aligns with genuine contributions to company performance. Comparing European and American executive pay, the study found that DAX chief executives still lag far behind their counterparts in the United States. For the 2025 fiscal year, CEOs of companies listed in the Euro Stoxx 50 index (excluding German firms) earned an average of nine-point-five million euros. Meanwhile, the average compensation for CEOs of the 30 companies in the U.S. Dow Jones Industrial Average reached 30-point-five million euros. At the forefront of this group was David M. Solomon, CEO of Goldman Sachs, who earned a staggering 105-point-three million euros in total compensation, with 93-point-three million euros attributed to long-term variable components. Other notable names included Microsoft’s Satya Nadella with 85-point-five million euros and Apple’s Tim Cook with 65-point-eight million euros. Despite the high figures, the approval of executive compensation packages by shareholders has remained largely uncontested. In the case of the DAX companies, all proposed compensation reports for the 2025 financial year received overwhelming shareholder support, with approvals exceeding 90 percent in most cases. However, Adidas faced some resistance regarding its new compensation structure, with 68 percent of shareholders rejecting the proposal. Nevertheless, Adidas CEO Bjørn Gulden still managed to secure a total compensation of around 9.8 million euros, placing him third on the DSW’s ranking of highest-paid DAX executives. At SAP, CEO Christian Klein’s total compensation was officially stated at 10.9 million euros, but a closer examination of the company’s disclosure revealed a much higher figure of 16.2 million euros when including deferred payments from a long-term incentive program related to the 2022 fiscal year. This discrepancy underscores the complexity of calculating executive pay, as different methodologies for allocating long-term incentives can lead to vastly different outcomes. The situation at Deutsche Bank mirrored this trend, with CEO Christian Sewing receiving 10.5 million euros, while other board members collectively earned an average of seven-point-five million euros, making them the highest earners among DAX companies. The study also highlighted concerns surrounding large severance packages awarded to departing executives, which critics argue contribute to the overall perception of excessive executive pay. While the DSW acknowledged the need for a clear boundary in executive compensation, it stopped short of advocating for legal limits, instead urging companies to adopt self-imposed guidelines to maintain social acceptability. As the debate continues, the findings underscore the ongoing tension between rewarding corporate leadership and addressing broader societal concerns about income inequality.