The association's president, Peter Felix, told China Daily at the time he sees the talent shortage hampering the ability of China and other developing nations to fulfill their growth aspirations.

While the Asia-Pacific region may be offering the highest base salaries in the world, a cost of living survey in July by Mercer, a consulting unit of Marsh & McLennan Cos, found that Hong Kong had the world's highest housing costs for expatriate employees.

It cost $7,100 a month to rent a luxury two-bedroom unfurnished apartment in Hong Kong, the survey found — more than the $6,500 it cost to rent a comparable apartment in Luanda, the capital of Angola, which Mercer ranked as the world's most expensive city for expatriates.

The association's survey looked at the base salaries of 67 executives from the Asia- Pacific region, compared with 274 from the Americas and 188 from EMEA.

Chappell said the sample size is "relevant to portray a broad picture of executive compensation worldwide and to compare the three broad regions of the world".

In the past, international companies offset local managerial shortages by bringing in Taiwan- and Hong Kong-born executives, hiring graduates born on the Chinese mainland returning from international universities, or by sending out expatriates.

But these managers can lack an instinct for local markets, the Financial Times reported. Cash-strapped global companies are also starting to balk at the cost of sending out expatriates, the newspaper said.

Meanwhile, as executives in the Asia-Pacific region enjoy the world's highest average base pay rates, executive salaries in general are slipping.

The association found that the average salary among global executives — also known as the "C suite" (for titles with "chief" in them, such as CEO, COO and CIO) — fell by 8.8 percent for the year ended Sept 30. Meanwhile, middle-management salaries rose by 4.6 percent during the same period.

"It is interesting to note that the C-suite appears to no longer be as differentiated from non-C-suite executive-level positions in terms of compensation," Chappell said.

Of executives surveyed who reported a rise in total compensation, the greatest percentage — 41.8 percent — reported an increase of 1 to 5 percent; 26.6 percent had a 6 to 10 percent increase, while 10 percent reported increases above 20 percent.

Felix said the results highlight the inconsistencies in perception about executives being overpaid.