What Is the BlackRock CEO-to-Worker Pay Ratio?
BlackRock's CEO-to-worker pay ratio is 109:1 — CEO Larry Fink earned $12.0M in 2023, or 109 times the median BlackRock employee's pay of $110,000. That is below the S&P 500 median of roughly 300:1.
This page answers a common executive-compensation question: What Is the BlackRock CEO-to-Worker Pay Ratio?. The answer draws on SEC DEF 14A proxy statements, the public disclosure mechanism for U.S. public-company executive pay. Every public company must file an annual proxy statement disclosing CEO and named-executive-officer compensation in detail. Why this matters for shareholders: executive compensation is the single most-disclosed governance metric at U.S. public companies, and the Dodd-Frank-mandated say-on-pay vote gives shareholders an explicit channel to express approval or dissent. Reading pay data well — including pay-versus-performance, peer-group selection, and time-vesting structures — is a basic part of stock-by-stock fundamental analysis.
The detailed answer below uses the actual proxy-statement filings, explains how to read them, and translates the executive-compensation accounting into the shareholder-relevant interpretation.
BlackRock Pay Ratio Breakdown
- CEO-to-worker ratio
- 109:1
- CEO total comp
- $12.0M
- Median worker pay
- $110,000
- S&P 500 median ratio
- ~300:1
- Employees
- 20,000
- Pay-Performance grade
- C
Source: BlackRock SEC DEF 14A proxy statement (Dodd-Frank §953(b) pay-ratio disclosure). S&P 500 median is an industry benchmark.
Public companies have been required to disclose the ratio of CEO pay to median-employee pay in their proxy statements since 2018, under Section 953(b) of the Dodd-Frank Act. At BlackRock, Larry Fink's $12,000,000 total compensation works out to 109 times the $110,000 earned by the company's median employee — a Asset Management workforce of roughly 20,000 people.
For context, the typical S&P 500 CEO-to-worker pay ratio runs near 300:1, so BlackRock's 109:1 figure is lower than the large-cap norm. The ratio is driven mostly by equity: Larry Fink received $6,000,000 in stock awards and $1,440,000 in option awards in 2023, versus $1,200,000 in base salary. Median worker pay reflects total cash and benefits for the employee at the 50th percentile of the company's global workforce.
Whether a high ratio is "fair" is contested. Critics argue wide gaps signal misaligned incentives and weak labor bargaining power; defenders argue CEO pay is mostly performance-linked equity that only pays out if shareholders gain. BlackRock's three-year total shareholder return of -15.3% and Pay-for-Performance grade of C (52/100) are the data points to weigh that against.
In the most recent say-on-pay vote, 86.2% of shareholders approved the executive compensation plan. Moderate shareholder support suggests some investor concern with pay practices.
Pay Ratio Inputs
| Component | Amount |
|---|---|
| Total Compensation | $12,000,000 |
| Base Salary | $1,200,000 |
| Stock Awards | $6,000,000 |
| Option Awards | $1,440,000 |
| Median Worker Pay | $110,000 |
| CEO-to-Worker Pay Ratio | 109:1 |
| Pay-Performance Grade | C |
Frequently Asked Questions
BlackRock's CEO-to-worker pay ratio is 109:1. CEO Larry Fink earns approximately 109 times the median worker's pay of $110,000, as disclosed in the company's SEC DEF 14A proxy statement.
The typical S&P 500 CEO-to-worker pay ratio is around 300:1. BlackRock's 109:1 figure is below that benchmark.
The ratio is driven mainly by equity. Larry Fink received $6,000,000 in stock awards and $1,440,000 in option awards in 2023, against base salary of $1,200,000. The median BlackRock employee earns $110,000.
Larry Fink, CEO of BlackRock, earned $12.0M in total compensation in 2023, including $6.0M in stock awards and $1,200,000 in base salary.
Larry Fink is the chief executive officer of BlackRock (BLK).
Our Pay-for-Performance Score rates BlackRock as C (52/100), based on three-year total shareholder return of -15.3%, revenue growth of -4.3%, and shareholder say-on-pay vote approval.
More about BlackRock
BlackRock's CEO-to-worker pay ratio is 109:1 — CEO Larry Fink earned $12.0M in 2023, or 109 times the median BlackRock employee's pay of $110,000. That is below the S&P 500 median of roughly 300:1.
Source: SEC EDGAR DEF 14A proxy statements, 2026.