Though again, most of these earnings do not come from medal prizes. If you buy through our links, we may earn a commission. He teaches statistics at Brigham Young University, but the marathoner only uses basic math to train for the 26.2 mile race. Here, we dive into the math behind 15 Olympians' take-home pay, from hourly wages to multi-million-dollar salaries. Yahoo Finance reports that those delicious prizes remain on offer in Tokyo. You may be able to find the same content in another format, or you may be able to find more information, at their web site. But, due to the nations massive doping scandal, medalists wont get to hear their national anthem when they scale the podium. So always going into a race with that is an immense amount of pressure. Naomi Osaka of Team Japan serves during her Women's Singles Third Round match against Marketa Vondrousova of Team Czech Republic on day four of the Tokyo 2020 Olympic Games at Ariake Tennis Park on July 27, 2021 in Tokyo, Japan. Estimates put his net worth at around $55 million. It's now up to $30,000. In places like Singapore, India and elsewhere, many of the national sporting initiatives are driven by governments that sometimes use higher monetary rewards to encourage a growing sporting culture, he told CNBC. A Division of NBCUniversal. The IOC has recently eased Rule 40, which prohibited athletes from making money off their image rights before, during, and after the Olympics. Italy has also adopted a model of massive payoutsalthough a little less than Singapore. The Estonian Olympic Committee bestows roughly $112,000 for each individual-sport gold, $78,000 for silver and $50,000 for bronze. Some changes have been made to get more money in the hands of the athletes. I own a business. Good old spon-con helps many athletes make it big. The United States is one of them. Outside of the ring, the boxer works with his dad as a lube technician at a Kansas trucking company. The 25th percentile is $29,500, as determined by Forbes. Aaron: In a matter of 22 hours, I want to say it was, I had all the money that I needed, and it was such a wild moment for me. A 2012 CNN Report states most American Olympic athletes make $15,000 or less. We get a stipend, and it is $300 a month. If there are any other additional costs not covered by the committee, athletes must look to their sponsors to cover the expenses. Off the field, the gold medalist works as a professional makeup artist and has a motivational sports camp in the works called "You Throw Girl.". Athletes have to go out and get their own sponsors. And gymnast Simone Biles no doubt makes a massive chunk of change from her deals with Uber Eats, Nike, Visa, and more. To read and save unlimited articles, sign up to become a GH+ member. A gold medal is worth $37,500, a silver medal is worth $22,500 and a bronze medal is worth $15,000. Individual-sport athletes from Bulgaria are eligible to receive up to about $143,000 per gold medal, depending on the budget of the Ministry of Youth and Sports. Outliers make more than this. A vault maneuver was even named after him. Women's Health may earn commission from the links on this page, but we only feature products we believe in. That makes its bonuses all the more eye-popping: Paying roughly $212,000 per gold, $106,000 per silver and $71,000 per bronze at last summers exchange rateand the same for athletes in team eventsthe nation shelled out more than $9 million for its haul in Tokyo. [4], The Singapore National Olympic Council in the 1990s under President Yeo Ning Hong instituted the Multi-Million Dollar Award Programme (MAP), an incentive scheme to reward athletes who win medals in major international tournaments, including the Olympics, for Singapore. Additionally, they stay in the Olympic village for around a month. Lithuanias government anchors its medal bonuses to the countrys basic social benefit, a monthly amount used in various social security calculations. Those figures are up from $25,000, $15,000 and $10,000 at the 2016 Rio Olympics. Not every country offers a prize for a podium performance. Tiny Cyprus has competed at every Winter Olympics since 1980, with skier Yianno Kouyoumdjian set to race in Beijing. Access your favorite topics in a personalized feed while you're on the go. Narrator: Many athletes have turned to crowdsourcing to supplement their incomes. And then you also have to pay taxes. For example, snowboarder Chloe Kim signed with Nike, meaning she can appear on their advertisements. Narrator: Things have shifted a bit to help athletes. Some, like U.S. badminton player Zhang Beiwen, reportedly relied on crowdsourcing to finance their trip to Tokyo. For elite athletes, theres a loophole: win a medal at the Olympics or the Asian Games. Narrator: And those bonuses are only up for grabs every four years when the Olympics come around again. In addition, the Kosovo Olympic committee plans to offer its own reward to the gold medalists, with the sum still being decided, a committee official tells Forbes. Like, even social media companies weren't even paying for us to be putting out different campaigns. Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. Though U.S. athletes aren't paid just for competing, Team USA does issue financial rewards for medaling. Those salaries are RM5,000 ($1,182 USD) for gold, RM3,000 ($709 USD) for silver, and RM2,000 ($473 USD) for bronze. If they somehow manage to claim a gold medal, they will be eligible for a one-time payment of about $238,000 from the government, plus a lifetime monthly allowance of roughly $1,200. Spending around a month in the Olympic village can be costly for Olympic athletes. What you stand to earn by grabbing medals: $20,000 - Olympic gold medal. Unlike countries such as the UK or Singapore, American Olympians don't get paid to attend the Olympics. Malaysia also has hefty rewards for its Olympic winners. Although the medal bonuses help, it is not enough money to live off of, especially when the Olympic Games only occur every four years. A 29-year-old Olympian who reaches the life expectancy of 78 would collect more than $300,000. The prize for a gold medal is $25,000, $15,000 for a silver medal, and $10,000 for a bronze. As the Beijing Winter Games get underway, plenty of athletes will be competing for medals, honor, andas it turns outlots of money. The rewards actually trickle down below the podium spots, with Olympic athletes who finish seventh or eighth in their events still claiming 900,000 New Taiwan dollars ($32,000)almost as much as an American gold-medal winner. Create an account and youll be able to save and revisit articles. But I wouldn't be upset if in the future, we were able to make some more money and not necessarily have to have two jobs. The United States gives athletes who win gold $37,500, while one European country awards six figures. Narrator: Some Olympians make millions of dollars. How Olympians make money, explained. Athletes don't get paid for taking part in the Summer or Winter Olympic Games, but do tend to receive a monetary reward from their country's Olympic committee if they win a medal. And Hong Kong, which competes at the Olympics independently of China, is promising the equivalent of $642,000. Lauryn: I've seen athletes get very upset because they've performed really well, better than their competitor even, but the competitor has a lot more sponsorship opportunity. Narrator: They also have a long list of expenses to train for their sport. Cheung Ka-long won a tense individual foil fencing match against one of the top ranked men in the world, Alessio Foconi of Italy, to advance to the quarterfinals. Most athletes who compete at the Olympics can only hope to break even as they hunt for modest stipends and scarce sponsorships that often dont cover the costs of years of training, equipment, medical and travel expenses. The payments extend through the top eight places in each event. As long as the athlete's other earnings don't exceed $1 million, the medal . The 19-year-old phenom passed up on sponsorship deals in order to swim for Stanford this fall, but she'll still accept hundreds of thousands in prize money for her six medals. This is very common with medal-winning Olympians. Dozens of countries are offering bonuses to athletes who claim one of the 327 medals available across the 15 sports at the Beijing Olympics, which officially kick off with todays opening ceremony. Malaysian gold medalists receive roughly $1,200 in monthly payments for life, Estonian winners receive 4,600 a year, and Indonesian champions get an $18,000-a-year retirement plan. Of course, athletes only win medals once every four years. And then there was training facilities being shut down. In dollar terms, a. A lot of them have part-time drop jobs and it's only in the Olympics where we really, really see them shine.. I never earned less than $250,000. Canada is not the only country to reward their Olympic athletes for earning medals. The United States pays a handsome fee per medal: $37,500 for each gold medal, $22,500 for each silver medal, and $15,000 for each bronze medal. They've taught, modeled and engineered their way to Rio. Monica started one to fund her way to Tokyo. Actual swimming competitions bring in less than 2% of his income, but those medals still paid out a cool $1.89 million. And with the Games about to start, you can expect to see plenty more popping up on Instagram and Twitter. Gold medalists for the island nation make around $737,000, and payouts even for bronze medals top $180,000. During this year's Winter . Instead, their income comes from a bunch of different revenue streams. Those paychecks will add up for champions like the fencers who triumphed in the womens team pe event. And like other countries including Germany and Liechtenstein, Latvia pays for finishes a few spots past the podium; its payments extend through sixth place. You've hit your max! Not only will a gold medal earn an athlete $113,200, but also regional. Hell soon collect gold of a different kind: The territorys government rewards its Olympic athletes with 5 million Hong Kong dollars ($643,000 at the current exchange rate) for gold medals in individual events. Everyone, that is, except for boxer and former Olympian Floyd Mayweather who earned at least an estimated $80M, possibly more, in just one fight (against Saul "Canelo" Alvarez) alone in 2013. Today, the bronze medalist heads back to work as a risk analytics consultant for Deloitte. In between Games, many Olympians partner with companies for endorsement deals. 2023 CNBC LLC. A handful of athletesmay score multimillion dollar endorsements or sponsorship deals, either before competing at the Olympics or after achieving success in the Games. Team USA skier Jaelin Kauf wins a silver medal for her Womens Mogul run at the 2022 Beijing Olympics. Aaron: For me, when I get prize money, I have to immediately disburse that to bills and savings, and also I have to think about, I can't lose, or I can't come in a certain place because I have to make a certain amount of money to either break even or to gain a profit. 2K Sports and Nike sponsor Kevin Durant, who rakes in $40 million in sponsorship money every year. Most teams have corporate or private sponsors who pay for the Olympians' costs. Moinca Aksamit: If you're not going to be able to afford it, and if you're not doing well, there's like six other people waiting in line just to have the opportunity. This article details standard incentives given to Olympic athletes for winning a medal either by their National Olympic Committee, the government of their country/territory, or both. Beyond that, Olympians rely on other revenue streams for their sporting endeavors, including efforts to land lucrative endorsement deals. For example, snowboarder Chloe Kim signed with Nike, meaning she can appear on their advertisements. US Olympians . If there are any other additional costs not covered by the committee, athletes must look to their sponsors to cover the expenses. To date, though, athletes have always received the maximum, the government says. Olympic coaches can win half as much50,000, 30,000 or 20,000 eurosfor their athletes performances. (Update, February 7: On top of that big prize, the Sports Federation & Olympic Committee of Hong Kong offers smaller rewards of its own, including the equivalent of $1,900 for gold.). ZipRecruiter has a payroll of $26,499,880,000. For example, speed skater Mitch Whitmore said he received a nine-month stipend that paid for his training and living expenses after finishing fourth in a 2017 competition. Aaron: If I got to get shoes every two to three months, that's $200, $300. Thats a lot of green: The Italians won 28 medals at the 2016 Games, the ninth-most among all countries, and have 20 medals in Tokyo, good for seventh on the table as of Friday night. That can be anywhere from $510,000 per gold medal in Azerbaijan, $180,000 for an Italian gold medal champion, $135,000 for a Russian who takes home the gold or $19,500 for a gold medal winning German. So if you earn a medal at the Olympic Games, there's prize money for the top three places there. Plus, there are also hefty costs associated with competing at this level. Russia . As the most decorated Olympian of all time, Phelps has earned major endorsement deals with companies like Visa and Under Armour. New! However, if an athlete earns a medal, there is a medal bonus attached to it. Few feats in sports earn athletes as much glory and respect as winning an Olympic medal. Bae explained that he lost [his] feel how to play golf. Narrator: And the pay gap among athletes has only worsened during the pandemic. Australia, however, offers far less Olympic medal prize money relative to other nations. So, they sold emwhich while totally understandable, feels a little like kicking a gift horse in the mouth.) Olympians who actually earn a gold, silver, or bronze medal at the Olympics have actually been able to receive between $10,000 and $30,000 for selling their medals online, according to USA Today. Aaron's GoFundMe helped finance his way to the Olympic track and field trials in July. South Koreas podium prize might be the most practical: The country enforces one of the worlds longest forced military service conscription policies in the world. But many countries do, and while the U.S. and Japan have plenty of company in their general price rangethe individual-gold-medal payouts in Australia, Brazil, Canada, Finland, Portugal, Serbia and Switzerland, to name a few, are in the same ballpark, stretching from about $15,000 to about $70,000they ultimately land on the modest end of the spectrum. If you're on the Burton team you're probably getting a salary and most expenses paid. Whitmore, the speed skater, explained that financial worries put a lot of extra pressure on Olympians. 1, which, depending on your musical tastes, could be a nice prize itselfor if your preferences are more like mine, maybe a punishment. Massage therapists, nutritionists. The first, stipends. Plus, how the winnings stack up for individual and team event athletes. Lauryn Williams: You see someone that's on television all the time and assume all Olympic athletes are famous, all you have to do is get a medal and you'll be rich. Heres what winners around the world can take homealong with their gold, silver, or bronze. Bangladesh, which has never won an Olympic medal, has pledged to pay about $300,000 for gold, about $150,000 for silver and about $100,000 for bronze, according to an official at the national Olympic committee. Here's a look at how much money medalists from 12 countries could take home, based on data compiled by CNBC from various national Olympic committees, sport associations as well as personal finance site Money Under 30. By clicking Sign up, you agree to receive marketing emails from Insider 10 Kyle Keith Shewfelt Shewfelt is a gymnast from Canada. Do Russian Olympic athletes get paid for medals? Cyprus skier Yianno Kouyoumdjian in the slalom at the world championships in February 2021. NT$20,000,000, NT$7,000,000, NT$5,000,000, for Gold, Silver, and Bronze, respectively. This year, U.S. Olympians can expect to receive $37,500 for each gold medal they win, $22,500 for each silver, and $15,000 for each bronze from the United States Olympic and Paralympic Committee. Sign up for free newsletters and get more CNBC delivered to your inbox. But that money doesn't come from the International Olympic Committee. Team-sport athletes receive smaller bonuses from the National Sports Agency than the $110,000, $82,000 and $55,000 that individual-sport athletes get for gold, silver and bronze medals, respectively. Narrator: Athletes can also make money through sponsorships. Athletes from bigger, more competitive countries receive stipends or training grants from their national sports associations. In 2012, US News & World Report found it costs up to $100,000 a year for athletes to be Olympians. .css-26w0xw{display:block;font-family:NationalBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-26w0xw:hover{color:link-hover;}}@media(max-width: 48rem){.css-26w0xw{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-26w0xw{line-height:1.2;}}@media(min-width: 48rem){.css-26w0xw{font-size:1.28598rem;line-height:1.2;margin-bottom:0rem;}}@media(min-width: 64rem){.css-26w0xw{font-size:1.575rem;line-height:1.1;margin-bottom:-0.5rem;}}Jenna Dewan Has Legs, Butt In Pole Dancing IG, Sharon Stone, 64, Flaunts Abs In String Bikini IG, Madelaine Petsch Frees The Nip With Epic Abs On IG, Kerry Washington Is So Toned In Naked Dress Photos, Simone Biles Has A Toned Butt In Bikini IG Pics, Riley Keough Flaunts Her Abs In A Crop Top On IG, Elizabeth Hurley Has A Toned Butt In A Bikini IG, Elsa Pataky Rocks Curly Hair And Epic Legs On IG, Halsey Has Sculpted Abs In Nipple-Baring Dress Pic, Madonna Has Legs In Fishnets In IG Pics, Christina Hendricks Flaunts Strong Legs In IG Pics, Gisele Bndchen Shared Her Yoga Moves In New IG. Coaches who are Filipino citizens who personally trained winning Filipino Olympians are also entitled to prize money 50% of the cash incentives for gold, silver, and bronze medalists. (Ironically, most Olympians couldnt afford to own and maintain such cars. Outside of the major sports, and those athletes that have high profiles, a lot of these athletes really struggle financially, Dr. Tim Baghurst, the head of the Interdisciplinary Center for Athletic Coaching at Florida State University, told WUSA9. Playing sports can be lucrative for some people - even if they don't . But the select few who are able to scale the podium339 sets of medals are set to be awarded at the Tokyo Games, across 33 sportsmay find that their countries are willing to make it all worth their while. Parthasarathi pointed out that one profitable career move for someathletesis to go into coaching after retirement as people are willing to pay a premium for former Olympians. Even if it was half the income, I don't think that I would for regret one moment having participated in sport. Hearst Magazine Media, Inc. All Rights Reserved. S$1,000,000, S$500,000, S$250,000, for Gold, Silver, and Bronze, respectively. So, how much money do Olympians make? Olympic champions also receive an allowance of about $1,400 a monthfor life. The sporting economy in the U.S. allows athletes to better monetize their talents as most of it is driven by the private sector, according to Unmish Parthasarathi, founder and executive director at consulting firm Picture Board Partners. Got a confidential news tip? I want to go back. Insuring the Olympics a $2.5 billion affair. Each member of a medal-winning team is eligible for the same amount as an individual athletegreat news for the Hungarian mens water polo team, a perennial gold-medal threat. Kosovo's Nora Gjakova after defeating Japan's Tsukasa Yoshida in a judo semifinal bout on July 26. You may opt-out by. Polish ski jumper Dawid Kubacki claimed bronze in the men's normal hill individual, earning him a bonus of. Maggie Steffens: Some of us as athletes have been really fortunate to gain individual sponsorships. This year, athletes will receive up to 142,288 (roughly $159,000) per gold in individual sports, and teams will receive up to 426,862 ($477,000) to divvy up. Ongoing uncertainty about letting Russian and Belarusian athletes try to qualify for the Paris Olympics affects "less than half" of the 32 sports at the games. Some U.S. athletes also receive stipends that help cover their rent and food, per CNBC. The Philippines promised roughly $200,000 in prize money to any gold medal winner on top of additional allowances that the government approved ahead of these Games. Valentina Rodini and Federica Cesarini of Italy won gold in the women's lightweight double sculls. The Olympians were presented with their brand new set of wheels at a ceremony on Thursday, which was also attended by Prime Minister Dmitry Medvedev, Interfax . Multiple Korean athletes have already earned themselves a pass in Tokyo: 17-year-old Kim Je-deok, who won multiple medals in the archery competition; the gold-winning fencers on the mens sabre team; and gymnast Shin Jea-hwan, who took home the gold in mens vault. The New York Times previously reported that Team USA . Russian athletes who won gold medals at the Sochi Winter Olympics have each been rewarded with a Mercedes GL-Class SUV worth $146,500. Philippines [ edit] The Czech Republic has 116 athletes competing in Beijingtying with Sweden for the ninth-largest delegation at the Gamesalthough 48 come from its mens and womens hockey teams. Turns out, it varies. For Olympic athletes who may not be big names quite yet, they often receive funding from friends or family and local businesses. Russia certainly has a great deal to celebrate, delivering an exciting and well-run event while finishing atop the medal count in both the number of medals (33) as well as gold garnered (13). The money, however, is taxable and the medal winner is obligated to make a donation back into the sport they are representing. Do Olympic athletes get paid? The synchronized swimmer landed a part-time job at Dick's Sporting Goods, which hires Olympians and Olympic hopefuls as part of its Contenders program. But some nations have made sure that their athletes will get paid handsomely for capturing Olympic glory, in cash and otherwise. Olympic athletes train for years at a time, competing in various events ahead of the Winter Olympics. Still, many athletes aren't at the Simone Biles or Lindsey Vonn level of fameand that makes scraping together an income much harder. NBA, I mean, we don't even have to cover that one. She went into credit card debt because of me. Great Britain, New Zealand, Norway and Sweden, for example, dont provide any extra pay for medals, and neither do smaller delegations like Saint Kitts and Nevis, Tonga or the U.S. Virgin Islands. At the same Olympiad, German medalists got a lifetime supply of beer, and Belarusian winners received a stockpile of sausage. Eko Yuli Irawan is the delegations best performer so far in Tokyo, having captured a silver in the mens 61-kilogram division of weightlifting. China: $31,400. Still, these exemptions can be critical for prolonging an athletes career. It can literally be you have a huge following on Instagram, or you can just be so good that it's undeniable. But the moves haven't been sweeping enough. However, as stated by US Olympic rower Megan Musnicki, her total stipend amounts to a meagre $2000 a month and for athletes competing in less mainstream sports such as fencing it can often drop to as low as $300 a month.