Nearly 6000 Fonterra workers are paid more than $100,000 - 750 more than in 2017.
One of the country's biggest employers, with 21,500 workers, also has 24 staff on at least $1 million - one less than in 2017.
The average annual salary in 2017 was $50,000.
The top earner at the co-op is, unsurprisingly, its chief executive.
Departing Fonterra boss Theo Spierings netted $8m in the year to June, slightly down from the $8.3m he banked during 2017.