Your estimates are fine, but you're only talking about the basic salary which in the US is only part of the equation. You've got to include benefits including

Your estimates are fine, but you're only talking about the basic salary which in the US is only part of the equation. You've got to include benefits including health insurance which is easily $10-20k/year in the US for a family. Add in pension costs and it's a good rule of thumb to double the quoted basic salary. If you do this, the $350k of your estimate becomes $700k. Add in more for two to three layers of management, and you're easily over $1m.