The rich man in his castle

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Abstract
This year has seen recurring reports of the swelling salaries and breathtaking pronouncements of rich people. Early this month Iain Vallance, the chairman of British Telecom, described his salary—which, with additions, is now in excess of pounds sterling750 000, as “modest.” By comparison with what is going on at the top of Britain's hierarchy in the 75 largest nonfinancial companies perhaps he was right: average salaries of senior executives now range between pounds sterling200 000 and pounds sterling505 000, and each executive may receive average annual bonuses of 15% to 20% of salary, substantial share options, “top hat” pensions, and redundancy payments going into six and seven figures.5

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