Brazil executives' salaries top London, New York
* Surveys find Sao Paulo tops global executive pay
* Skill shortage, currency rise boosting pay levels
* Results defied executives' own expectations
By Stuart Grudgings
RIO DE JANEIRO, Dec 10 (Reuters) - Top company bosses in Brazil are earning higher salaries than their developed-world counterparts in New York and London as the Latin American country's economy and currency surge ahead.
A chief executive in Brazil's financial capital Sao Paulo can on average expect to pocket $620,000 a year excluding bonuses, a survey by Brazilian firm Dasein Executive Search found. That was comfortably ahead of the $574,000 average salary of top bosses in New York and $550,000 in London, the next two top-ranking cities for executive pay.
The results partly reflect a shortage of executive talent in Brazil as the education system has failed to keep pace with the booming economy.
The dollar value of salaries has also been pushed higher by Brazil's supercharged currency, which has risen 11 percent against the greenback since May and been described by bank Goldman Sachs as the most overvalued in the world.
As a rare bright sport in the global economy, Brazil has been the destination of choice for global investors looking to park funds and escape paltry returns in the developed world.
Latin America's largest economy is on course to grow 7.5 percent this year, driven by vibrant consumer demand and record high employment that has led to skill shortages in some industries. Inflation is a growing worry for policy makers, who nonetheless deny that Brazil is showing signs of an asset bubble.
* Skill shortage, currency rise boosting pay levels
* Results defied executives' own expectations
By Stuart Grudgings
RIO DE JANEIRO, Dec 10 (Reuters) - Top company bosses in Brazil are earning higher salaries than their developed-world counterparts in New York and London as the Latin American country's economy and currency surge ahead.
A chief executive in Brazil's financial capital Sao Paulo can on average expect to pocket $620,000 a year excluding bonuses, a survey by Brazilian firm Dasein Executive Search found. That was comfortably ahead of the $574,000 average salary of top bosses in New York and $550,000 in London, the next two top-ranking cities for executive pay.
The results partly reflect a shortage of executive talent in Brazil as the education system has failed to keep pace with the booming economy.
The dollar value of salaries has also been pushed higher by Brazil's supercharged currency, which has risen 11 percent against the greenback since May and been described by bank Goldman Sachs as the most overvalued in the world.
As a rare bright sport in the global economy, Brazil has been the destination of choice for global investors looking to park funds and escape paltry returns in the developed world.
Latin America's largest economy is on course to grow 7.5 percent this year, driven by vibrant consumer demand and record high employment that has led to skill shortages in some industries. Inflation is a growing worry for policy makers, who nonetheless deny that Brazil is showing signs of an asset bubble.
