That's the market rate now. Banks & GovTech : 5 - 5.8 range. Chinese Tech companies : 6-8. FAANG should be around 6-10+, the range varies. SMEs and consultancies should be around 4 - 5.

It doesnt matter whether we're worth this much or not, there are companies willing to pay this amount for us, so the rest of the companies will have to follow to be competitive. It's all a game anyways, someone in a start up earning 4-5k could always be alot better than someone in Bytedance making huge bucks.