Top managers in the UK have among the lowest levels of disposable income in the world, a new study has claimed.

The study, from management consultancy Hay Group, found that senior UK executives came 47th out of 51 countries in terms of real pay.

Austrian senior managers ranked 15th, while German senior professionals were 15th and Swiss managers were 20th.

Oman and Kuwait came 6th and 7th respectively, while China was 17th and India 38th. The US was 41st on the list.

Peter Christie, director, reward consulting at Hay Group, said:  “As the UK creeps toward recession, British companies will be increasingly constrained by tightening budgets over the coming year. Pay rises will be driven by what companies can afford, rather than what’s needed to compete in the global management market.
 
“As a result, UK firms could risk a brain-drain to higher growth economies, as executives seek better standards of living. UK Plc will need to be smarter about how firms allocate resources. Best performing companies will carefully target pay increases to key roles and high-performing individuals.”