Olympic coaches can win half as much50,000, 30,000 or 20,000 eurosfor their athletes performances. Its not the only country that offers additional pay for a record breaker. 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. As a reward for her historic achievement, Diaz will reportedly receive at least 33 million Philippine pesos (around $600,000) from the Philippine Sports Commission as well as the country's top businessmen. Some other countries similarly offer pensions to medalists, including Croatia, which has had more success on the snow, with 11 medals in its Winter Olympic history. That's been hard to come by because people don't know water polo. Advertisement A professional athlete's median salary is about $35,004 per year, with a range that goes up to more than $5 million dollars. After an August 2016 decree, Malaysias Paralympians receive the same amounts. And the San Miguel Corporationa large Filipino conglomerateannounced in mid-July that it would match the governments donation amount for every gold medalist. Written into Article 39 of the Korean constitution, this provision is hard to avoidunless, say, youre a K-pop star specially recommended for exemption by the Ministry of Culture. Additionally, they stay in the Olympic village for around a month. Among the most generous nations is Turkey, which is willing to pay roughly $380,000 for a gold medal. "Its not just, like, 'Hey, sponsor me because Im on TV,'" alpine skier Stacey Cook told CNBC. But what else does it earn them? Some international leaders have taken the prizes to new levels. This was deemed a historical breakthrough since it was the first medal ever by a Canadian artistic gymnast and it was a gold medal. In between Games, many Olympians partner with companies for endorsement deals. It's safe to assume most Olympic athletes compete for the love of the game. I want to go back. I want to have the opportunity to win an individual medal. You may opt-out by. Singapore's Yu Mengyu during the women's singles table tennis bronze medal match on July 29. Lauryn: When sponsors and brands are looking at athletes, they're looking at marketability, the return on investment they're going to get. Those paychecks will add up for champions like the fencers who triumphed in the womens team pe event. He'd been making $10 an hour at a resort, but he gave notice because he couldn't get race . A sports governing body will have varying levels of support for different athletes. This is very common with medal-winning Olympians. Those salaries are RM5,000 ($1,182 USD) for gold, RM3,000 ($709 USD) for silver, and RM2,000 ($473 USD) for bronze. Narrator: There's the price of gym time, massage and sports medicine appointments, dieticians, lots of healthy food, you name it. American Olympians who win a gold medal get awarded $37,500. . Is it all worth it? Narrator: That's because unless they win a medal, Olympians don't get paid for competing at the games. The IOC has recently eased Rule 40, which prohibited athletes from making money off their image rights before, during, and after the Olympics. 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. All Rights Reserved. A handful of athletesmay score multimillion dollar endorsements or sponsorship deals, either before competing at the Olympics or after achieving success in the Games. Kosovo's Nora Gjakova after defeating Japan's Tsukasa Yoshida in a judo semifinal bout on July 26. 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. Compared to the Olympics and their large monetary rewards, Paralympic champions historically have not earned as much for each medal finish. In 2016, along with straight cash, the Russian government gave away luxury cars, apartments, and a literal racehorse to various winners for the country at the Rio Games. As a result, some countries have instituted government-backed incentives for medal winners, to encourage greater participation and, in turn, the drive to win national bragging rights. 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.". If you buy through our links, we may earn a commission. South Korea: $55,000 (The special bonus will be explained momentarily.) And then you also have to pay taxes. Estonia doesnt officially hand out a six-figure paycheck but deserves recognition as an honorary No. Eko Yuli Irawan is the delegations best performer so far in Tokyo, having captured a silver in the mens 61-kilogram division of weightlifting. Copyright 2023 Sporting News Holdings Limited. (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.). ), you might expect a lot of fortune to go with it. If there are any other additional costs not covered by the committee, athletes must look to their sponsors to cover the expenses. If a team wins, each member gets their own . For elite athletes, theres a loophole: win a medal at the Olympics or the Asian Games. The money may also be used for medical expenses, depending on each sport's regulations. So, not only is there an incentive to stand on the pedestal in order to have your name etched in. However, the Olympic Committee tends to pay for most of the expenses, such as food, accommodation and transportation. For example, snowboarder Chloe Kim signed with Nike, meaning she can appear on their advertisements. The path to the 2024 Paris Olympics for Ukrainian athletes is clouded by war, anger and pain. Estimated pay from 2016 Olympics: $115,000. It gives medalists a lifetime allowance starting at age 45: 100% of the average net salary in the country for gold medalists (roughly $1,100 in 2021), falling to 80% for silver medalists and 60% for bronze. Some countries, mostly those who win very few medals, are much more generous with their prize money, according to moneyunder30.com. Like Indonesia, the Malaysian government gives medalists both a one-time payment and a monthly allowance: an upfront check of roughly $237,000 for gold, $71,000 for silver or $24,000 for bronze. He attained a gold medal at the Athens Olympics in 2004. Another win for athletes: if their gross income is $1 million or less, their winnings won't be taxed, either. (In the team events, medalists divide up larger pots of money.) 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. Athletes can also pick up another $112,000 from the government for an Olympic-record performance. The Russian Olympic Committees theme song when winning gold is Tchaikovskys Piano Concerto No. And instead of a onetime jackpot, Malaysia, Estonia, and Indonesia promise their winning athletes decades of subsidies. As of Friday night, Singapore was not among the 70 countries that had scored a medal at these Games, but it could contend in the womens team table tennis event next week. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. I never earned less than $250,000. But is it worth being broke again? In our country, you get 4 million roubles for the gold ($55 thousand), 2,5 million roubles for the silver ($34 thousand), and 1,5 million roubles ($20 thousand) for the bronze. 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. Maggie Steffens: Some of us as athletes have been really fortunate to gain individual sponsorships. 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. Prize money is doubled in the case a medal is won by a team of four or more individuals. Weightlifter Hidilyn Diaz will benefit from this match, as she won the countrys first gold medal ever last weeka feat the country has chased since its first Olympic delegation attended the 1924 Paris Games. If there are any other additional costs not covered by the committee, athletes must look to their sponsors to cover the expenses. Additionally, they stay in the Olympic village for around a month. I get to play the sport I love every single day. Beijing individual gold medalists are entitled to 3,049 BSB, or about $143,000 at the current level. "Its, 'Sponsor me because look at the money that I brought you last year in these events and this is what I plan to bring you next year.'". So, how much does an Olympian make? Taiwanor Chinese Taipei, as it is known at the Olympicsis already on the hook for one big payment this year: Weightlifter Kuo Hsing-chun set Olympic records in the womens under-59-kilogram division to claim gold. Several have actually gone into debt competing in the Olympicslike former UFC star Ronda Rousey, who became homeless a few months after winning a judo bronze medal in the 2008 Beijing Games. For most athletes, it's not enough. Like the Philippines, Hong Kong also won its first ever gold medal during the 2020 Olympics, in dramatic fashionand the territory decided to break the bank to celebrate. Rp 5 billion, Rp 2 billion, and Rp 1 billion, for Gold, Silver, and Bronze, respectively. 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. Indonesia paid out 5 billion rupiah to its 2016 gold medaliststhe mixed doubles badminton team of Tontowi Ahmad and Liliyana Natsirand an official said before this years Games that the prize for Tokyo would be at least that large. 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. 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). If youre competing for Team China, the government is moving away from cash prizes. Norway, which topped the medal table at the 2018 PyeongChang Olympics with a total of 39, also doesnt pay for medals. Russia was runner-up with a $135,000 golden bonus, and France. Access your favorite topics in a personalized feed while you're on the go. Additionally, Olympians can receive an athletic grant or part-time job through the Olympic Job Opportunities Program. Here's How To Shop The Dyson Airwrap Restock, 15 Best Amazon Deals to Shop This February, Saatva Just Extended Its Presidents' Day 2023 Sale, 14 TikTok Cleaning Products That Actually Work, The Best Post-Presidents' Day Deals to Shop Now, The Best Amazon Presidents' Day Deals of 2023, 20 Best Presidents' Day Mattress Sales of 2023, The Best Presidents' Day Furniture Deals of 2023, Weve been independently researching and testing products for over 120 years. . A gold medal is worth $37,500, a. 2K Sports and Nike sponsor Kevin Durant, who rakes in $40 million in sponsorship money every year. The Estonian fencers won the women's epee team final against South Korea on July 27. Another source of income is through endorsement deals. Some of the Korean public wonder if too many athletes are gaining exemptionsskepticism that the Washington Post found was even more marked when the program was extended to specific finishes in the World Cup and other athletic events. Narrator: How much funding an athlete gets depends on performance, and Lauryn: Their ability is to be able to earn medals. To date, though, athletes have always received the maximum, the government says. But, due to the nations massive doping scandal, medalists wont get to hear their national anthem when they scale the podium. In comparison, the US Olympic and Paralympic Committee shells out around 27,000 for a gold medal, 16k for silver and 10k for bronze. 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. With all of the fame that .css-7qz8rz{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:#f7623b;text-underline-offset:0.25rem;color:inherit;-webkit-transition:background 0.4s;transition:background 0.4s;background:linear-gradient(#ffffff, #ffffff 50%, #feebe7 50%, #feebe7);-webkit-background-size:100% 200%;background-size:100% 200%;}.css-7qz8rz:hover{color:#000000;text-decoration-color:border-link-body-hover;-webkit-background-position:100% 100%;background-position:100% 100%;}Olympic athletes seem to have (hello, Simone Biles! So, the short answer is no, that Olympians don't normally pay for any expenses while competing at the Olympics. With of all this time designated to the Olympics, how do Olympic athletes make money? But every athlete's contract is different. Narrator: Sponsorship deals among athletes are inconsistent, ranging from hundreds of dollars to millions. It's now up to $30,000. Weightlifter Hidilyn Diaz snagged the Philippines first-ever Olympic gold on Monday, ending a 97-year drought and securing the roughly $200,000 official prize on offer from the Philippine Sports Commission. Another source of income is through endorsement deals. At the same Olympiad, German medalists got a lifetime supply of beer, and Belarusian winners received a stockpile of sausage. Malaysia diver Yan Yee Ng during the three-meter springboard preliminary round on July 30. That said, those at the Phelps level have to send a good chunk of their payouts right back to Uncle Sam.) Narrator: An Olympic gold-medal rower told USA Today she receives $2,000 a month. Annual stipend of $38,339 to each athlete. But countries bonus schemes can differ in ways other than the amount. 2023 CNBC LLC. That's being rich. A 2012 CNN Report states most American Olympic athletes make $15,000 or less. 958 in the worldquite a drop-off for someone who ranked as high as 26th during his career. (The price tag for a silver is $111,000.) Weightlifter Kuo Hsing-Chun of Taiwan (or Chinese Taipei) on July 27. The countrys Central Asian neighbors also reportedly offer big cash prizes to medalists. Incentives by Country (USD equivalent in 2021) Countries Gold Silver; Philippines: $200,000: $100,000: Russia: $61,000: $38,000: Serbia: $10,000 - Olympic bronze medal. Russia has one of the smaller payments worldwide. UK Sport's funding for Olympic and Paralympic sport for the Tokyo cycle is 374 million, with 69 per cent from Lottery money, and 31 per cent from the government. Narrator: In every sport, the USOPC awards a $37,500 medal bonus for gold, $22,500 for silver, and $15,000 for bronze. Competitors don't really receive a fixed salary. Athletes who win gold in the Beijing Olympics receive 50,000,000 Hungarian Forint, or roughly $161,000. Phil thinks that some of the funding for Team USA should come from the US government. Aaron: If I got to get shoes every two to three months, that's $200, $300. NT$20,000,000, NT$7,000,000, NT$5,000,000, for Gold, Silver, and Bronze, respectively. But the moves haven't been sweeping enough. Athletes around the world salary ranges from $16,628 to $187,200. However, if an athlete earns a medal, there is a medal. The IOC has recently eased Rule 40, which prohibited athletes from making money off their image rights before, during, and after the Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032. A gold medal is worth $37,500, a silver medal is worth $22,500 and a bronze medal is worth $15,000. Monica: That's my only question over the next three years of, do I continue another three years of being broke? They do receive a lifetime government pension, which may have played a role in gymnast Artur Dalaloyan competing in Tokyo three months after rupturing an Achilles. In Beijing, Meinhardt became the youngest U.S. Olympic fencer of all time. There's times where I don't even have money in my bank account. And with the Games about to start, you can expect to see plenty more popping up on Instagram and Twitter. Singapore offers the highest known payout for an individual gold medalist at 1 million Singapore dollars, plus rewards of 500,000 for silver medalists and 250,000 for bronze medalists. They also depend on the athlete's popularity. Olympic athletes do not get paid by just attending the Olympic Games. Olympic athletes do not get paid by just attending the Olympic Games. I own a business. Lauryn: The funding was quite different between the two. The U.S. only pays out $37,500 to gold medal winners, $22,500 for silver, and $15,000 for bronze. 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. Everything was shut down. 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. Aaron: It kind of puts a chip on my shoulder to go even harder, to compete at the best and compete with the best so that I can take myself out of this position. A lot of hourly jobs went away for a good period of time during COVID. And Hong Kong, which competes at the Olympics independently of China, is promising the equivalent of $642,000. Medallists get the most out of this, with training worth between 37,000 and 57,000 being provided. In 2017, the amount athletes earn for medals at the Olympics games was raised from $25,000 for gold, $15,000 for silver and $10,000 for bronze. The United States Olympic Committee awards cash prizes of $25,000 for gold, $15,000 for silver, and $10,000 for bronze. She has also been offered two homes and free flights for life, according to reports. 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. However, if an athlete earns a medal, there is a medal bonus attached to it. Silver medalists get $22,400, while bronze medalists get $15,000, as per Forbes. (Lin-Manuel Mirandas Hamilton neglected to mention you could go pro in that.) Not every country offers financial compensation explicitly for medal winners. We pay to our very top athletes around $4,000 a month, plus performance bonuses. HK$5,000,000, HK$2,500,000, HK$1,250,000, for Gold, Silver, and Bronze, respectively. The nation also dropped rewards for team officials. S$1,000,000, S$500,000, S$250,000, for Gold, Silver, and Bronze, respectively. In Rio, the first-time Olympian earned a bronze in the men's light flyweight event. Turns out, it varies. So it's a tough kind of balancing act that the NGBs are doing to figure out, how do we support the athletes that are up-and-coming, but then also how do we make sure that those who are doing awesome right now are well cared for? Top performers collect prize money by winningnational and international tournaments. So always going into a race with that is an immense amount of pressure. So, the Chinese medalists will at least be fashionable. Per NBC, U.S. Olympic winners get $37,500 for winning gold, $22,500 for winning silver, and $15,000 for winning bronze. Spending around a month in the Olympic village can be costly for Olympic athletes. As the Beijing Winter Games get underway, plenty of athletes will be competing for medals, honor, andas it turns outlots of money. However, the Olympic Committee tends to pay for most of the expenses, such as food, accommodation and transportation. Athletes who win gold receive 1 million ringgit ($236,149), while silver winners are awarded 300,000 ringgit, and 100,000 ringgit is given to athletes who win bronze. Most Team USA athletes are not represented by sports agents and some have no sponsors or endorsements at all, according to a Forbes report. Russia . Mar 2, 2023 Updated Mar 2, 2023. Russian athletes who won gold medals at the Sochi Winter Olympics have each been rewarded with a Mercedes GL-Class SUV worth $146,500. Olympic athletes do not get paid by just attending the Olympic Games. Bangladesh archer Diya Siddique competing on July 29. In Slovenia, Olympic gold medalists can collect through both routes: about $22,000 from the national Olympic committee and roughly $62,000 per gold medal from the government. The U.S., for instance, is awarding $37,500 for each gold medal an athlete earns in Tokyo, plus $22,500 for silver and $15,000 for bronze, on top of the grants and benefits like health insurance that it makes more widely available. I worked at Panera, a bank. So, not only is there an incentive to stand on the pedestal in order to have your name etched in Olympic history, but the athletes also look forward to the cash prize that comes with it. 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. Spending around a month in the Olympic village can be costly for Olympic athletes. 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. 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. The money, however, is taxable and the medal winner is obligated to make a donation back into the sport they are representing. Working a part-time job at Scheels, which is an all-sports store here in Iowa City. Create an account and youll be able to save and revisit articles. 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. Making the podium isnt always the financialor gustatorywindfall you might expect, especially if you compete in a rather niche sport, like say, race walking. 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. [3], According to Forbes, only Great Britain, New Zealand, Norway and Sweden don't provide monetary incentives for their athletes winning an Olympic medal (as of the 2020 Summer Olympics). He teaches statistics at Brigham Young University, but the marathoner only uses basic math to train for the 26.2 mile race. Some, like U.S. badminton player Zhang Beiwen, reportedly relied on crowdsourcing to finance their trip to Tokyo. All rights reserved. You can now save articles. Few feats in sports earn athletes as much glory and respect as winning an Olympic medal. Competitions leading up to the Olympics, like the Diamond League meets, can have $10,000 first-place prizes. Answer (1 of 3): Zero. Still, the lucky few who manage to climb the Olympic podium could be in line for a hefty bonus checkas long as theyre from the right place. A 29-year-old Olympian who reaches the life expectancy of 78 would collect more than $300,000. Plus, how the winnings stack up for individual and team event athletes. So if you earn a medal at the Olympic Games, there's prize money for the top three places there. While the International Olympic Committee itself don't provide monetary rewards to Olympic medalists, some countries provide prize money to athletes for winning a medal in the Olympics. The United States gives athletes who win gold $37,500, while one European country awards six figures. Cheung Ka-long of Hong Kong fencing against Daniele Garozzo of Italy in the men's foil final on July 26. Clement's got a few more famous moves than the 400-meter hurdles. 11 Best Parenting Books for New Moms and Dads, 12 Best LED Face Masks to Zap Acne and Wrinkles.