Highest Paid CEOs of 2025: Who Earned the Most and Why It Matters

Executive compensation has soared to new heights, particularly in sectors like private equity, tech, and media. While many top‐earning chief executives have long commanded substantial salaries, this year’s packages combined vast equity grants, merger‐based bonuses, and accelerated sign‐on awards that pushed single‐year tallies into stratospheric territory. The result is a roster of the richest CEOs and highest paid CEOs whose pay structures often reflect multi‐year gambits, placing them at the epicenter of debate about incentives, shareholder returns, and corporate culture.

Critics question the wisdom of bestowing such lavish pay—even if largely stock‐based—while many employees earn a fraction of a percent of these sums. Supporters counter that rapid corporate growth and transformative deals justify tying a CEO’s fortune to an organization’s success. Whether it’s a private equity magnate capitalizing on market upswings, a fresh recruit lured to reverse a firm’s fortunes, or a founder stepping down with an IPO windfall, these top ten executives illustrate how extraordinary events, from strategic mergers to front‐loaded grants, can yield jaw‐dropping compensation figures in a single fiscal year.

1. Jon Winkelried – TPG Inc. (USA)‍

Jon Winkelried’s $198.7 million package granted him the top spot among the highest paid CEOs, a figure so large that TPG’s median staff wage—even at $290,997—would require 683 years to catch up. Despite its shock value, TPG’s board described the bulk of his compensation as a forward‐looking equity award meant to retain Winkelried’s leadership for years ahead. As a former Goldman Sachs leader, he has been instrumental in shaping TPG’s rise, culminating in a successful IPO in 2024.

In interviews and disclosures, TPG justified this magnitude by tying it to Winkelried’s track record of boosting assets under management and expanding investor bases worldwide. The firm’s board emphasized that absent this lump‐sum award, TPG risked losing key strategic momentum. Skeptics, however, highlight that while TPG’s stock performance has been strong, awarding one person nearly $200 million in a year evokes persistent concerns about pay disparity, even in a high‐earning environment like private equity.

2. Harvey M. Schwartz – The Carlyle Group (USA)‍

Harvey Schwartz, enticed away from Goldman Sachs to helm Carlyle, has already earned $186.99 million—an astronomical total that instantly placed him among the richest CEOs. Nearly 96% of that amount emerged from a new‐hire stock grant, intended as a multi‐year incentive to guide Carlyle through a strategic reboot. His base salary was modest by comparison, though he did receive a $6 million annual cash bonus to acknowledge progress in his first months.

Carlyle’s board took a calculated gamble, awarding Schwartz one of the largest equity packages ever seen in private equity leadership. Their rationale stemmed from an impressive 86% rise in Carlyle’s total shareholder return and renewed investor optimism. By year’s end, the firm’s market cap surged, corroborating board statements that an infusion of high‐caliber leadership under Schwartz could revitalize performance. Critics, on the other hand, questioned whether the quick jump to such an excessive pay ratio was warranted, but most investors lauded the immediate share price gains tied to his arrival.

3. Hock E. Tan – Broadcom Inc. (USA)‍

Semiconductor powerhouse Broadcom awarded Hock Tan a multi‐year equity grant so large that it propelled his compensation past $161.8 million, positioning him high among the highest paid CEOs. This single grant, meant to last five years, dominated his pay structure, leaving a base salary of just $1.2 million. Tan’s long tenure, marked by major acquisitions like VMware, has transformed Broadcom into a multi‐disciplinary tech giant thriving on AI‐driven chip demand.

Critics note that the up‐front grant locks Tan’s incentives until 2029, removing the need for annual bonuses or smaller equity refreshes. Broadcom’s board insists the strategy ties Tan’s prosperity to sustained shareholder returns, pointing to an 80% spike in share price during 2025 alone. Although that performance clearly benefitted both investors and Tan’s net worth, skeptics wonder if awarding over $160 million in one year needlessly concentrates risk. Proponents maintain that keeping Tan for the long haul justifies the grand gesture, aligning him with Broadcom’s continued push into enterprise software and next‐gen chip solutions.

4. Nikesh Arora – Palo Alto Networks (USA)‍

Cybersecurity firm Palo Alto Networks, amid rising demand for cloud and AI‐based protection, saw CEO Nikesh Arora surpass $151.4 million in total pay for the last fiscal year. Almost every dollar came via stock grants intended to drive long‐term shareholder value. Even so, Arora also realized an additional $266 million from previously vested performance shares, unveiling how multi‐year incentives can snowball when share prices surge 80% in a single year.

nder Arora’s stewardship, Palo Alto Networks evolved from a firewall vendor into a broader platform covering network, endpoint, and SaaS security. This strategic pivot propelled its market capitalization from $19 billion to beyond $50 billion. The board defended Arora’s outsized equity by stating that his decisions broke new ground in consolidating cybersecurity solutions. Skeptics highlight that his pay ratio soared above 700:1, but the success made it hard for shareholders to oppose. For them, the synergy of Arora’s leadership and Palo Alto’s financial rise validated these massive equity grants.

5. Sue Y. Nabi – Coty Inc. (USA)

Coty’s share price climbed enough under Sue Nabi’s guidance that the board felt compelled to issue a $145.9 million stock grant in 2025, boosting her total compensation to $149.4 million. Nabi thus became the year’s richest CEO in cosmetics and the highest‐paid female CEO recorded in a single fiscal cycle. Despite the dramatic pay ratio of over 3,700:1, Coty leaders lauded her turnaround strategy as impetus for awarding her a front‐loaded equity plan that vests through 2029.

Before joining Coty, Nabi made her name at L’Oréal, credited for revitalizing key brands. Her immediate impact at Coty apparently merited a long‐term retention scheme. That soared from her 2024 compensation of under $4 million. Some critics label it an overreach—Coty’s stock rose 167% but still lags behind some industry rivals. Yet Nabi’s supporters argue that revamping Coty’s digital channels and new product lines deserves extraordinary pay, given the scale of transformation required. Regardless of ongoing debate, her 2025 haul shows how even a battered cosmetics house can reward an effective CEO with near‐historic equity sums.

6. Stephen A. Schwarzman – Blackstone Inc. (USA)‍

Blackstone co‐founder and CEO Stephen Schwarzman remains an outlier, forgoing typical salaries or bonuses and instead taking pay in the form of carried interest and profit distributions. He officially earned $119.8 million in “other compensation,” excluding hundreds of millions more in dividends from his large shareholding. Despite that distinction, he ranks among the highest paid CEOs when viewed by proxy disclosures alone.

Blackstone’s real estate, credit, and buyout funds soared to over $1 trillion in assets under management, yielding robust performance fees. Critics note that Schwarzman’s “reported” pay might mask the true scale of wealth accumulation once dividends are included. The board, however, emphasizes that when deals do poorly, Schwarzman’s income shrinks proportionally—a factor aligning him with investor outcomes. With no base salary and no equity awards in 2025, the unusual structure underscores how founder compensation in private equity can break the mold of conventional annual pay packages while still placing him among top earners.

7. Christopher L. Winfrey – Charter Communications (USA)‍

Christopher Winfrey’s leap to CEO at Charter in January 2025 triggered a quick leap in total pay to $89.1 million for the year, a top‐tier figure on par with leaders in tech or private equity. Over $83 million of that arrived in performance‐based stock options, demanding Charter’s share price double in the coming years for full vesting. Critics viewed it as a gamble, tying the new CEO’s fate to a cable company grappling with consumer cord‐cutting.

Charter argues that the bold compensation package suits a bold pivot, with Winfrey aiming to expand Spectrum’s mobile offerings and streaming partnerships. While some question awarding a brand‐new CEO a mega grant before outcomes are proven, the board insists it aligns Winfrey’s ambitions with shareholders’ desire for share price gains. The base salary plus partial bonus of about $5 million pales beside the stock’s potential. By year’s end, Charter’s share price edged up only 5%, signaling that Winfrey has a long road ahead to realize the high payout from those options. Still, his single‐year disclosed compensation underscores how large sums can get front‐loaded for a CEO expected to lead through massive industry disruption.

8. Dr. Shao‐Lee Lin – Acelyrin, Inc. (USA)‍

Acelyrin, a pre‐revenue biotech, surprised many by awarding Dr. Shao‐Lee Lin $88.7 million in the last fiscal year—nearly all from stock linked to the company’s spring IPO. Lin, who co‐founded Acelyrin in 2020, reaped the windfall once Acelyrin went public at a robust valuation. In an unexpected twist, she parted ways with the company later in the year, leaving questions over how much of that equity she would ultimately retain.

For critics, it became a classic cautionary tale: small biotechs can sometimes dish out major founder grants in their IPO moment, effectively front‐loading years of compensation. Defenders note that Lin’s leadership secured licensing deals and advanced immunology pipelines, justifying an equity reward pegged to long‐term pipeline success. Once she stepped down, though, it fueled debate about whether awarding a near‐nine‐figure sum for a brief tenure really aligned with investor interests. Either way, Lin’s 2025 pay points to biotech’s capacity for one‐year mega payouts when an IPO and strategic licensing come together.

9. Pablo Legorreta – Royalty Pharma PLC (USA)‍

Pablo Legorreta’s $84.8 million pay in 2023 largely flew under the radar compared to more conventional CEOs because it came exclusively from “other compensation.” Royalty Pharma’s partnership‐style model grants Legorreta direct cuts of deal profits rather than typical salaries or bonuses. In 2025, the company sealed milestone transactions—particularly around Biohaven—translating into massive distributions for Legorreta.

Although his official salary remained $0 and no fresh equity grants were logged, those performance fees effectively vaulted him among the richest CEOs. Some see it as a quirk of disclosing carried interest under a single “other” line item. Others argue it’s the purest form of aligning pay with results, since if Royalty Pharma’s royalty streams underperformed, Legorreta would receive far less. The board underscores that absent these deals, his pay would sit well below the year’s record, illustrating how easily one major transaction can transform a single year’s executive totals.

10. Ariel “Ari” Emanuel – Endeavor Group Holdings (USA)‍

Ari Emanuel, the Hollywood super‐agent turned global entertainment mogul, secured $83.9 million as Endeavor’s CEO—triple his prior year’s pay. This jump derived from finalizing the massive $21 billion UFC‐WWE merger, widely seen as a sports‐entertainment coup. Emanuel captured both a $34.6 million cash bonus for sealing the deal and $43.5 million in stock awards pegged to Endeavor’s performance over the next few years.

While some label it “CEO stacking”—Emanuel simultaneously holds key roles at Endeavor and TKO, the newly formed UFC‐WWE entity—shareholders overwhelmingly approved, pointing to the synergy that boosted Endeavor’s stock. Still, a 1,370:1 pay ratio drew the usual scrutiny. For a media firm navigating labor strife and shifting broadcast rights, awarding a single executive nearly $84 million is inevitably provocative. Yet Endeavor’s board contends Emanuel delivered a transformative year of deals and expansions, justifying a pay figure that propelled him to the upper echelon of highest paid CEOs for 2025.

Key Takeaways and Trends‍

Throughout 2025, these chief executives earned spectacular sums, often from multi‐year stock packages or special event‐driven grants. In many cases, boards front‐loaded multiple years’ incentives into a single grant, thereby spiking the disclosed compensation for that year. Though each story differs—some from new hires, others from groundbreaking M&A—the consistent theme is aligning top‐tier executives with shareholder fortunes through equity. Critics worry such lofty pay might outpace actual economic returns, while defenders emphasize that if the stock falters, much of the CEO’s paper wealth could remain unrealized.

Beyond the equity dynamic, certain founders in private equity and pharma illustrate how partnership structures can yield large “other” pay from performance fees. Meanwhile, expansions into AI, major acquisitions like WWE or VMware, and big IPO payouts shaped the trajectory of many on this list. Opinions vary on whether these sums reflect justified recognition for monumental achievements or a sign of stark inequality in modern corporate life. Regardless, the 2025 figures reaffirm that in industries where stock can surge and deals can transform entire sectors, top CEOs can see their compensation climb to staggering levels—often in a single milestone year