Despite posting record unemployment figures in the first quarter of this year, Spain and Italy's CEOs are the best paid in the euro zone, according to a new report.
The annual Pay in Europe survey from The Federation of European Employers revealed that an Italian CEO of a multinational company could receive up to €1,144 per hour, while their Spanish counterpart could take home €946.
This comes despite Italy's rate of unemployment hitting 12 percent in the first three months of 2012, its highest in 36 years, and Spain's unemployment reaching a record 27.16 percent.
(Read More: Woman Tops List of Britain's Highest-Paid CEOs)
By comparison, the maximum a CEO in France could earn per hour was €655, the report said, while Germany's top executives could expect to take home €647.
The Netherlands had the highest wages for average employees, according to the survey, but a boss in the country could only earn up to €581 per hour – almost half that of a top executive in Italy.
The report said the differences between Europe's poorer and higher paying countries was narrowing, but stressed that in some countries - particularly in Eastern Europe - progress was slow.
It came as Angela Ahrendts, the chief executive of luxury fashion brand Burberry, was named the highest paid CEO in Britain, according to research by proxy voting agency Manifest and pay consultancy MM&K.
(Read More: EU Bank Bonus Cap to Put Pressure on US: Schulz)