In more equal countries, CEO pay is 10-30 times that of an average worker.
And the "average worker" pays 50% tax.
It's always intrigued me that the denizens at the top get paid top, top dollars because it's a global market and we have to get the very best, yet the position those top denizens take is we have to get the cheapest labour to do the actual work, or at least slash wages to as low as they possibly can.
Always though of a company consisting of three participants, with equal investment in a company's success, management, work force, investors. It seems management looks out for its own reward and shareholder returns, Boeing currently providing the proof of the pudding.
This is getting more to the heart of our current predicament. There is no accountability between the board and senior management and as you suggest there is all the talk of "global competition" until we reach executive level and above when suddenly it disappears and we have to justify inflated salaries. Honestly there would be plenty of CEOs and management from third world countries who would have the ability to run any Australian Public company for 1/3 of what the current cohort get paid. One of the problems in Australia is the relationship between boards and CEOs is to cosy there needs to be more of a adversarial relationship and the Board needs to keep the management in check rather than some sort of "buddy" relationship which appears to be how it works now.