Hong Kong – A recent analysis of corporate filings from Hong Kong’s top publicly listed companies reveals a stark contrast in compensation trends between executive leadership and the broader workforce. In 2024, the 14 highest-paid executives in the city collectively earned nearly HK$590 million—approximately 2,400 times the city’s median annual wage.
Hong Kong’s median monthly salary between May and June 2023 stood at HK$20,500, translating to under HK$250,000 annually.
Leading the earnings chart, AIA Group’s (1299) Chief Executive and President Lee Yuan Siong took home US$13.73 million (HK$107.1 million), a 2.3% increase from the prior year. His daily compensation—HK$293,000—surpasses the median annual income of most city employees.
Close behind, CK Hutchison (0001) Co-Managing Director Frank Sixt received HK$86.6 million in 2024, marking a 24.3% pay rise. Meanwhile, Link Real Estate Investment Trust (0823) CEO George Hongchoy earned HK$70.4 million. His compensation package included 14.94 million unit shares, drawing attention due to the company’s recent cost-cutting measures and workforce reduction.
Link REIT announced that, starting FY2025/26, executive pay for both Hongchoy and CFO Ng Kok Siong will be more tightly linked to unitholder returns. Sources suggest the firm may lay off as many as 60 employees this year.
At Hong Kong Exchanges and Clearing (0388), CEO transition triggered notable changes in pay structure. Former CEO Nicolas Aguzin’s total compensation fell 39.2% to HK$54.3 million after his February 2024 retirement. His successor, Bonnie Chan Yi-ting, received HK$22.7 million through year-end.
New World Development (0017), amid leadership instability and significant downsizing, saw the exit of CEO Adrian Cheng Chi-kong in September. His short-term successor Eric Ma Siu-cheung earned HK$24 million before stepping down two months later. Echo Huang Shaomei, the current CEO, reported HK$23.9 million—down 29.3% from her predecessor’s figures.
The company reported a reduction of approximately 2,500 employees throughout 2024.
Other high earners from major listed entities include:
- Peter Wong Wai-yee (Hong Kong and China Gas, 0003): HK$37.4 million
- Justin Chiu Kwok-hung (CK Asset, 1113): HK$37.33 million
- Colin Lam Ko-yin (Henderson Land, 0012): HK$32.35 million
- Victor Lui Ting (Sun Hung Kai Properties, 0016): HK$30.33 million
- Weber Lo Wai-pak (Hang Lung Properties, 0101): HK$25.2 million
- Chiang Tung Keung (CLP Holdings, 0002): HK$24.2 million
- Ronald Lam Siu-por (Cathay Pacific, 0293): HK$14.15 million
While compensation growth among top executives remains strong, analysts and stakeholders continue to raise concerns over widening income gaps and cost rationalization measures. Industry observers note that aligning executive pay with long-term performance and shareholder returns will remain a priority theme in Hong Kong’s corporate governance discourse.