Abstract: Human capitalists are compensated with shared firm ownership and earn dividends from firms’ profit streams. In this paper, I use a linked manager-firm dataset for more than 25,000 managers across listed firms in the U.S. and the U.K. to examine the impact of global sourcing on human capitalists at the top of corporate hierarchies. I find that global sourcing contributed substantially to rising top inequality across firms, in particular due to an increasing dispersion in the value of managers' equity ownership. To rationalize these empirical regularities, I develop a model that introduces simple incentive contracts into a multi-sector span-of-control assignment model that endogenizes the level and sensitivity of managerial compensation in general equilibrium. An increase in the supply of foreign production labor raises top inequality in managerial incomes and equity wealth across domestic firms such that managers in larger firms obtain steeper incentives due to larger wealth-performance sensitivity driven by an appreciation of the firms' stock prices. Estimating the model for the U.S. and the U.K. suggests that the global division of labor can explain a substantial fraction of the variation in managerial incomes.