Historicalically, I recall having read that in germany it was also between 20-40 in the 2 last centuries, and something similar in Europe and the States (a little higher in Britain, and again in France - not so egalitarian societies).
But never ever over 100 !!!
And everyone wanted to be the boss exactly the same, not a single company remained without a manager, did it?

Talk about bargaining position shamelessly used, and what free market without control leads to.
If I call it distorted market instead of free market, am I allowed to say my politic representative they must rein in? For instance, what about a rule making mandatory to have the top executive salary approved by 95% approval of the votes at the assembly, for instance with a reverse auction ? Every exec should be very good and convincing for getting his today package, and I couldn't oppose it anymore.
By the way, it would still be free market, just with a slight changed bargaining position...
Just let change
 

La répartie est dans l'escalier. Elle revient de suite.