The real voltage shouldn't exceed about 14.7 volts, but you will need to use a decent quality volt meter to check it, not the cheap POS mounted in the fairing. If you have a DVOM set it to DC volts and attach the leads to the battery terminals. You can use the battery tender pigtail if you have one so you don't have to remove the seat. If you actually get a 16 volt reading with a good gauge, something isn't right and you should have the dealer take care of it ASAP. If you just have a worse than normal gauge, ask them to replace it but don't be surprised if they just tell you they all do that. Some dealership personnel seem to have that phrase tattooed on the inside of their eyelids so they can call it up regardless of the situation.
Jerry
I just checked, and the fairing gauge on mine reads high as well. This is what I found using my Fluke DMM:
Motor running = 14.30vdc
Bike off, ignition switch on = 12.67vdc
Bike off, ignition switch off = 13.06vdc
Your readings should be somewhere in those ranges. Like Jerry said, if your voltages are what the fairing gauge says, get it fixed asap before something cooks!