Ultra-elite executive assistants make $400K a year
The Wall Street Journal published an article illustrating how some Executive Assistants can earn up to $400,000 a year (that of course doesn't even include the perks and end-of-year bonuses). It has caused a worldwide stir in our industry, to say the least. I've summarized the article below if you don't have the premium subscription to the WSJ.
As the founder of an elite executive assistant staffing agency for CEOs, the UHNW, and billionaires, I've seen firsthand how the salaries for elite executive assistants can climb over $400,000 a year, plus perks like a Mercedes, luxury townhome and year-end bonuses.
Affluent families with mega-mansions, private jets, and superyachts need the best of the best to help them manage their lives, and they won't settle for less. Simply put, there aren't very many aides who have the temperament and skill to handle working for the ultra-rich, and that's why the compensation packages are so lucrative at the top level in 2024.
Affluent families with mega-mansions, private jets, and superyachts need the best of the best to help them manage their lives, and they won't settle for less. Simply put, there aren't very many aides who have the temperament and skill to handle working for the ultra-rich, and that's why the compensation packages are so lucrative at the top level in 2024.
Executive assistants who serve the super-rich are in demand
The demand for top-notch assistants is insatiable
In the super-exclusive world of billionaires, there are a lot of moving parts when it comes to running their operations. So much can go wrong on any given day, and the demand for a highly qualified executive assistant to manage it all is insatiable. Some of these superhero EAs will even make it to the Chief of Staff level, where salaries climb even higher.
One of the main factors for the elite executive assistant shortage is the sheer numbers of wealthy families. There are, for example, more than 2,700 billionaires worldwide. Additionally, there are tens of thousands of ultra-high net worth families worth hundreds of millions of dollars. Again, they need small armies of well-trained staff to cater to their every whim, 24 hours a day.
One of the main factors for the elite executive assistant shortage is the sheer numbers of wealthy families. There are, for example, more than 2,700 billionaires worldwide. Additionally, there are tens of thousands of ultra-high net worth families worth hundreds of millions of dollars. Again, they need small armies of well-trained staff to cater to their every whim, 24 hours a day.
What are the salaries for elite executive assistants?
The wages for elite assistants who serve the wealthy can command salaries in the $200,000 a year range when working in cities like New York City and Los Angeles. Those compensation packages are, essentially, paying people to wait around and candidates need a very thick skin to handle the pressure.
When a very specialized set of skills come into play, especially if the assistant has a master's degree or higher, then the assistants can command salaries in the $300,000 to $400,000 range; and that doesn't even count the fringe benefits like flying on private jets and staying in 5-star hotels.
When a very specialized set of skills come into play, especially if the assistant has a master's degree or higher, then the assistants can command salaries in the $300,000 to $400,000 range; and that doesn't even count the fringe benefits like flying on private jets and staying in 5-star hotels.
What is it like to be an assistant to a billionaire?
A billionaire's PA works 24/7
It's very hard to have any attachments whatsoever, so forget about a cat, dog, or even a house plant. When assistants get hired to work for ultra-high net worth individuals, they are often whisked away and are jet set all over the world. It can be a very lonely job. The lists of daily tasks are always extensive, and assistants have to work at break-neck speeds to meet deadlines.
One of the biggest challenges when trying to fill executive assistant roles like this is to get candidates to accept all tasks big and small. While it's true that the assistant will often be in high-level meetings and dealing with other business leaders, they often have to do menial tasks like getting coffee or running to the store to pick up a snack for their boss.
One of the biggest challenges when trying to fill executive assistant roles like this is to get candidates to accept all tasks big and small. While it's true that the assistant will often be in high-level meetings and dealing with other business leaders, they often have to do menial tasks like getting coffee or running to the store to pick up a snack for their boss.
What skills to elite assistants who serve the rich need?
Each employer's needs are unique because of the size of the estate, the level of service they expect, and what industry they are in. That creates its own set of challenges when trying to hire the best executive assistant. In the old days, the Executive Assistant and the PA roles were often separate, but now they have been combined into a hybrid role.
What that means is many "old school" personal assistants became obsolete because they didn't have the administration skills needed to survive in today's workplace. If you're going to work for a billionaire, you need to master technology and be a wizard with Microsoft Office.
While each billionaire's job descriptions will be unique, there are many commonalities in the positions:
One thing is certain, though, and that is the need for elite assistants to serve the super-rich will always be in demand. If you think that you have what it takes, why not reach out to your local headhunter to see what jobs are available.
Additionally, you can read about my role as Executive Personal Assistant and Chief of Staff to the Saudi Royal Family here.
What that means is many "old school" personal assistants became obsolete because they didn't have the administration skills needed to survive in today's workplace. If you're going to work for a billionaire, you need to master technology and be a wizard with Microsoft Office.
While each billionaire's job descriptions will be unique, there are many commonalities in the positions:
- Managing household staff
- Booking private jets and yachts
- Management of exotic car fleets
- Being on call 24/7 and having thick skin
One thing is certain, though, and that is the need for elite assistants to serve the super-rich will always be in demand. If you think that you have what it takes, why not reach out to your local headhunter to see what jobs are available.
Additionally, you can read about my role as Executive Personal Assistant and Chief of Staff to the Saudi Royal Family here.
