I think you might be taking the approximate pay figures quoted in these articles too literally. These are always order-of-magnitude ranges, not exact amounts. We can say that the average HF PM and average PE MD both earn, order of magnitude, closer to $1 million than they do to $10 million or $100 million.

There are hedge fund PMs who earn tens of millions or hundreds of millions or even billions per year, but the average is far lower because there are thousands of much smaller funds out there with less money to distribute. The average MD in PE and the average HF PM probably earn in about the same range (low millions per year) once everything is factored in, but there’s far more variance with hedge funds because they depend more on year-to-year performance.

Also, I would not suggest basing your career plans on what senior-level positions in these industries pay. Compensation changes over time, industries change, and you first need to figure out if you can get in and perform well on the job before thinking about these issues.