WHO EARNS WHAT
Toronto Life|July 2024
Groceries, rent, inflation, shrinkflationToronto has never been more expensive. What better time than now to obsess over other people's incomes?
ANTHONY MILTON
WHO EARNS WHAT

MONEY IS ON EVERYONE'S lips in these financially fraught times-the exorbitant price of food, gas and shelter; the stagnating state of our wages; the ever-expanding income gap-so it seemed like the perfect moment to resurrect our city-wide salary survey, which we last compiled in 2011. A lot has changed. To figure out who makes what in 2024, we dug through documents, consulted experts, emailed subjects, then called them, then emailed them again-and got turned down. A lot. (Everyone wanted to know what other people made, but their own earnings were none of our &@*#*%?! business.) In the following pages, you'll find out who's squeaking by, who's maxing out their RRSPs and who's buy-anarchipelago rich. You'll read about the CEOs who draw $1 salaries but have some eye-popping perks, the public servants who make more than the mayor (lots of them), and the city's newest crop of athletes, who should probably, definitely be asking for a raise.

BUSINESS

Tobias Lütke

Shopify's founder relocated to Toronto this year, shifting the e-commerce giant's centre of gravity out of Ottawa. A few months earlier, the company announced plans to slash roughly 20 per cent of its staff. Amid such layoffs, Lütke's stated salary of one loonie per year appeared to be a gesture of noblesse oblige. But its effect was undercut somewhat when he was awarded $27.3 million in stock options in 2023 and approved for $205 million in stock- and share-based awards to be paid out over the coming years-one of the largest compensation packages in Canadian history. Lütke, who already owns some $8 billion in Shopify stock, also serves on the board of crypto exchange platform Coinbase, which paid him $411,145 in stocks last year. All told, his net worth is a whopping $7.4 billion.

Dani Reiss

Denne historien er fra July 2024-utgaven av Toronto Life.

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