The Wales international joined the Spanish giants on Sunday in a reported world-record £85m deal from Tottenham Hotspur.
Reports have claimed that the 24-year-old, who has signed a six-year contract, will receive £300,000 a week before tax.
"The £300,000-per-week wages it's reported the Spanish team will be paying their £85.3m player seems an obscene amount of money to me," the Daily Mail quotes Le Tissier as saying.
"No-one is worth that sort of money, not even Cristiano Ronaldo or Lionel Messi, who can virtually guarantee you a goal a game.
"I've always said that a footballer is only ever worth what someone is willing to pay for him. But in the real world is Gareth Bale really worth £300,000 a week? And if he gets that sort of money every superstar player will want the same."
Bale was presented to the Madrid fans at the Bernabeu yesterday.