My theory is that they simply like their work and get satisfaction from it. They get paid a lot but they also work a lot and I can’t imagine anybody doing this to themselves if they didn’t genuinely like it.
The work argument is bullshit too. I'm convinced with a few months of hands on training, any passionate and competant person can do the job of a CEO. It is really a job that lacks any qualifications beyond managing a small network of people. CEOs don't work 100x as hard as someone working full time and a second job to make 1% a CEOs pay.
I think most CEOs - used to working extra hours/hard have the least idea what they would do after they retire.
[0]: https://en.m.wikipedia.org/wiki/Psychopathy_in_the_workplace
I expect a large number of middle/upper-middle class people would already be made for life if they just moved to a low cost area/country and simplified their lifestyle.
But we carry on because we want more.
It makes no sense to me why the CEO and higher ups of the company I work at still work there. They are already set for life many times over. I can only speculate that they share a character flaw that they all see as virtuous. However it isn't--they are impeding someone's chance to "make it" in life, especially the older executives who could have stepped aside a decade ago or more. Even if you just look at the absurd salaries, it doesn't paint a pleasant portrait of greed in America.
There is a great absurdity to life in America. We basically work for the appearance of something that ends up being eaten away to a large degree. Taxes and inflation keep the goalposts moving away but we don't rebel because it's a magic trick and who doesn't like magic?
I don't work because I enjoy it but because it is a means to an end that is a better formula than some other arrangement. I would happily volunteer my time, travel, read, or simply do nothing if I could.