I believe you are on the right track. It's the iceberg issue, no matter how much the CEO makes it's the factors at the bottom which make the difference, i.e. ho

I believe you are on the right track. It's the iceberg issue, no matter how much the CEO makes it's the factors at the bottom which make the difference, i.e. how much workers get paid in general. However in saying that we live in a culture and climate which pays people somewhat (mostly) on the value of the services/skills they provide. So if you're a janitor, then you are probably going to get a low salary and it would be hard to justify increasing that salary simply because the cost of living is high. If this guy earns $660,000 or $66m, the problem at the lower end still exists.