According to a survey in British newspaper the Daily Mail, Hitzfeld earns 3.2 million francs ($3.5m) a year, putting him in fifth place behind the managers of Russia, England, Italy and Brazil.
Former England boss Fabio Capello, who now manages Russia, tops the table with an annual 10 million francs ($11.1m) on a two-year contract.
That’s nearly double the second highest paid manager, current England coach Roy Hodgson, who pockets 5.3 million francs ($5.9m) a year.
Italy’s Cesare Prandelli earns 3.9 million francs ($4.3m) annually, ahead of Luis Felipe Scolari of Brazil in fourth place on 3.6 million francs ($4m).
The lowest paid of the 32 managers is Mexico’s Miguel Herrera on 189,000 francs ($210,000) a year, reports the Daily Mail.
According to Swiss newspaper Le Matin, Hitzfeld’s 3.2 million francs amounts to more than his three rival managers in Group E put together.
France’s Didier Deschamps earns 1.85 million francs, reports the paper, with Honduras’ Fernando Suarez and Ecuador’s Reinaldo Rueda receiving 539,000 francs and 485, 000 francs respectively.
The Swiss side start their campaign in Brazil on June 15th with a match in Brasilia against Ecuador.
Speaking to Laureus.com, Hitzfeld said it will be difficult for a European side to win the tournament in Brazil.
Each of the four previous times the World Cup has been hosted by a South American country, a nation from that continent has won it.
"It cannot be a coincidence that a European team couldn't win a World Cup held in South America,” he said. “Not in Uruguay, not in Mexico, not in Argentina and for sure not in Brazil."
Regarding Switzerland’s chances, Hitzfeld said: “We do have the potential to qualify for the round of the last 16. That is our goal. Then there are no limits.”
Hitzfeld, who has been Switzerland manager since 2008, is retiring following this year's tournament after having taken the team to three successive World Cup Finals. In December Lazio manager Vladimir Petkovic was appointed his successor.