Pay for the top 20 CEOs will rise by as much as 40% this year, and overall CEO compensation could rise by 20%, according to research by executive search firm Christian and Timbers. It noted CEO pay rose by 14.1% in 2020.

“Compensation for highest paid CEOs in 2020 is heavily weighted by IPO valuation and will increase by up to 40% in 2021,” says Jeff Christian, CEO, Christian and Timbers. “There is a direct correlation between number and size of mega IPOs, number of CEOs making over $100 million and highest compensation for the top 20.”

Most of the highest-paid CEOs in 2021 will be from recent initial public offerings, according to Christian and Timbers. It notes the highest-paid CEOs in 2020, with the exception of Elon Musk, were from companies that went public that year.