Per NBC, U.S. Olympic winners get $37,500 for winning gold, $22,500 for winning silver, and $15,000 for winning bronze. 100,000, 70,000, and 45,000, for Gold, Silver, and Bronze, respectively. A gold medal is worth $37,500, a silver medal is worth $22,500 and a bronze medal is worth $15,000. The International Olympic Committees Rule 40 severely limits which sponsors and partners athletes can promote at the Games, and many athletes have had a difficult time profiting off their Olympic experience. Phoenix Petroleum is also honoring her medal with free fuel for life. And Hong Kong, which competes at the Olympics independently of China, is promising the equivalent of $642,000. Italy has also adopted a model of massive payoutsalthough a little less than Singapore. The U.S. payout structure is similar to other countries in the Americas like Brazil and Chile, which offer financial incentives in the tens-of-thousands range. So, how much does an Olympian make? Got a confidential news tip? The Russian Olympic Committees theme song when winning gold is Tchaikovskys Piano Concerto No. This page was last edited on 7 February 2023, at 15:14. He's the fifth-highest-paid player in the NBA, but the New York Knicks athlete agreed to compete in Rio along with fellow multi-millionaires Kevin Durant, Kyrie Iving and Klay Thompson. Narrator: Sponsorship deals among athletes are inconsistent, ranging from hundreds of dollars to millions. 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. US Olympians . Gold medalists for the island nation make around $737,000, and payouts even for bronze medals top $180,000. U.S. competitors in the Paralympic Games will earn $7,500 for each gold, $5,250 for each silver, and $3,750 for each bronze. A professional athlete's median salary is about $35,004 per year, with a range that goes up to more than $5 million dollars. More often, these sponsorships are performance-based, meaning an athlete has to win a certain number of competitions. The United States gives athletes who win gold $37,500, while one European country awards six figures. What you stand to earn by grabbing medals: $20,000 - Olympic gold medal. And then you also have to pay taxes. [22], The largest prize money under the MAP is for athletes who clinch an Olympic gold medal. Tiny Cyprus has competed at every Winter Olympics since 1980, with skier Yianno Kouyoumdjian set to race in Beijing. Others draw regular salary by holding a variety of jobs. Kazakhstan weightlifter Zulfiya Chinshanlo competing on July 26. By JOHN LEICESTER - Associated Press. [1][2] Countries like Singapore and India, sports have heavy government involvement and athletes are given high monetary reward for winning an Olympic medal as a means to promote the growth of sporting culture in those countries. 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. While the International Olympic Committee does not pay prize money to medalists, many countries offer monetary rewards to their athletes for the number of medals they win at the Olympics. The path to the 2024 Paris Olympics for Ukrainian athletes is clouded by war, anger and pain. 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. This content is imported from poll. Narrator: That's because unless they win a medal, Olympians don't get paid for competing at the games. Most Team USA athletes are not represented by sports agents and some have no sponsors or endorsements at all, according to a Forbes report. Kosovo's Albin Tahiri in the slalom at the world championships in February 2021. As a physical education teacher, he uses the experience to teach students perseverance. Silver medalists get $22,400, while bronze medalists get $15,000, as per Forbes. In comparison, Singapore rewards its gold medalists nearly 20 times more than the U.S. Players who clinch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars ($737,000). Other Filipino companies are giving her thousands more in cash to go along with it. Olympic athletes do not get paid by just attending the Olympic Games. "Its not just, like, 'Hey, sponsor me because Im on TV,'" alpine skier Stacey Cook told CNBC. Still, many athletes aren't at the Simone Biles or Lindsey Vonn level of fameand that makes scraping together an income much harder. Russian Sports Minister Vitaly Mutko awards Russian two-time silver medalist swimmer Yulia Yefimova with the Order of Honour during a ceremony at the Kremlin on Aug. 25, 2016, in Moscow. 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. Russia was runner-up with a $135,000 golden bonus, and France. A U.S. Olympic athlete, for example, receives $37,500 US for each gold medal in Tokyo, plus $22,500 for silver. Outside of the ring, the boxer works with his dad as a lube technician at a Kansas trucking company. Weve been independently researching and testing products for over 120 years. TYR Sport sponsors Katie Ledecky for $7 million. Somewhere in the middle, the US Olympic and Paralympic Committee pays members of Team USA $37,500 (26,975) for each gold medal, $22,500 (16,185) for every silver, and $15,000 (10,790) for a . 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. 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. Additional lifetime monthly salary of 5,000, 3,000, and 2,000 ringgit for Gold, Silver, and Bronze, respectively. Aaron's GoFundMe helped finance his way to the Olympic track and field trials in July. Not a bad haul! It's free! This is on top of the grants and benefits like health . It's the niche sports that really struggle the most. Olympic coaches can win half as much50,000, 30,000 or 20,000 eurosfor their athletes performances. Runner Brandon Hudgins has lived on $15,000 to $18,000 a year since 2011. CAD $20,000, CAD $15,000, CAD $10,000, for Gold, Silver, and Bronze, respectively. I never earned less than $250,000. 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. Indonesia's Aflah Prawira competing in a heat for the men's 1,500m freestyle on July 30. Narrator: And those bonuses are only up for grabs every four years when the Olympics come around again. Then in June he quit his job. Athletes can also pick up another $112,000 from the government for an Olympic-record performance. $10,000 - Olympic bronze medal. 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 plus roughly $1,200, $700 or $470 monthly. Spending around a month in the Olympic village can be costly for Olympic athletes. Team USA skier Jaelin Kauf wins a silver medal for her Womens Mogul run at the 2022 Beijing Olympics. There are much bigger bucks available, particularly from countries that are still trying to make the Olympic big time and arent expecting to hand out medal bonuses up and down their rosters. However, some individual prizes remain: The Chinese government partnered with Tim Yip (aka Ye Jintian), a renowned visual artist and Oscar-winning designer, to create Champion Dragon Clothes for athletes to wear on the podium. But we do know in 2012, half of the US track and field Olympic team made $15,000 or less a year from the sport, including stipends, prize money, and sponsorships. 1, which, depending on your musical tastes, could be a nice prize itselfor if your preferences are more like mine, maybe a punishment. More than half of U.S. Olympic hopefuls, or 59%, reported making less than $25,000 during the year of their respective Olympics, according to a COVID-19 impact survey distributed to 4,400. Estonia doesnt officially hand out a six-figure paycheck but deserves recognition as an honorary No. New! But the size of these stipends can vary wildly based on how well an athlete places and which sport they compete in. They are from endorsement deals. For example, retired Jamaican sprinter Usain Bolt has made more than $30 million in one year just from endorsements alone, per AS. Copyright 2023 Sporting News Holdings Limited. Not how to swingI forgot how to play golf. Soccer star Son Heung-min got an exemption, too, after the South Korean national soccer team won the gold medal at the 2018 Asian Games. Create an account and youll be able to save and revisit articles. Those figures are up from $25,000, $15,000 and $10,000 at the 2016 Rio Olympics. The prize money is taxable and awardees are required to return a portion of it to their national sports associations for future training and development. "You want it to just be about the competition," he told CNBC, "but. In Hungary, even bronze medalists receive nearly six figures in bonuses: 28.5 million forints, or roughly $89,000. Athletes around the world salary ranges from $16,628 to $187,200. 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. Cheung Ka-long, a fencer, won gold in mens foil in Tokyo, earning 5 million Hong Kong dollars (about $642,000 at the current exchange rate) under the citys Henderson Land Commendation Scheme for Elite Athletes. Russia Is the Only Winner in the Kamila Valieva Mess, Its Time for USA Gymnastics to Take the Fall Its Been Avoiding, The 24 Craziest Stats From the Tokyo Olympics. And then there was training facilities being shut down. I own a business. In dollar terms, a Malaysian Olympic bronze winner will receive a higher performance reward than a gold winner from Australia or Canada. It can literally be you have a huge following on Instagram, or you can just be so good that it's undeniable. We have a law for that", "Hidilyn won't be taxed; What about other athletes? You can now save articles. Twenty-seven times over, yes, yes, and yes. Maggie Steffens: Some of us as athletes have been really fortunate to gain individual sponsorships. Advertisement Do Olympic athletes get paid? Medal winners have historically been gifted expensive luxury cars valued at $50,000 to $200,000 USD. This is very common with medal-winning Olympians. We're not sponsored athletes on cereal boxes and Gatorade bottles. 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. As a general rule they will pay for competition entries when an athlete is representing, they . The Philippines' Hidilyn Diaz after winning the women's 55-kilogram weightlifting competition on July 26. The shooter competed in the 25-meter rapid fire pistol this year for a seriously impressive sixth Olympics. 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. Prize money is doubled in the case a medal is won by a team of four or more individuals. 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. I get to play the sport I love every single day. At the same Olympiad, German medalists got a lifetime supply of beer, and Belarusian winners received a stockpile of sausage. It didnt take long for an athlete to come to collect: Two Kazakhstani competitors won bronze last Saturday, in weightlifting and judo, and another weightlifter followed with a bronze on Monday. Turkey lists its medal bonuses in republic golda 22-karat-gold coinas opposed to the countrys official currency, the lira. "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.'". Hearst Magazine Media, Inc. All Rights Reserved. You may opt-out by. Olympic athletes do not get paid by just attending the Olympic Games. 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. Lauryn: The USOPC has something called Operation Gold. Even if it was half the income, I don't think that I would for regret one moment having participated in sport. Narrator: It's left Olympians and their families struggling to make ends meet. Moments of Olympic glory aren't just paybacks for years of hard work. There are a few different types of sponsorships Olympic athletes can sign with. But that's nothing when it comes to other countries who. Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. New rules approved last year from USA Track & Field, the sport's national governing body, set aside $10,000 for any . To date, though, athletes have always received the maximum, the government says. However, if an athlete earns a medal, there is a medal bonus attached to it. The more medals athletes win, the more money they make. (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.). Bae explained that he lost [his] feel how to play golf. 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. How Olympians make money, explained. This is just the second Winter Games for Malaysia, which will be represented by skiers Aruwin Salehhuddin and Jeffrey Webb. Few feats in sports earn athletes as much glory and respect as winning an Olympic medal. Olympic athletes do not get paid by just attending the Olympic Games. Maggie: You know, a lot of girls on our team are coaches. 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. For Liu, it was the difference of more than $160,000. After an August 2016 decree, Malaysias Paralympians receive the same amounts. Olympians typically receive monetary, and sometimes non-monetary, rewards from their countries for winning a place on the podium. (If my Google currency conversion is correct, thats northward of $600,000.) But, if they do well at the games the athletes can make some serious money. 10 Kyle Keith Shewfelt Shewfelt is a gymnast from Canada. The money may also be used for medical expenses, depending on each sport's regulations. While all A-level athletes each month get a salary of about $2,800 and roughly $2,500 for training, gold medalists see their monthly wage rise to $4,500 for two years, with the same preparation funding. Women's Health may earn commission from the links on this page, but we only feature products we believe in. Like most of the 11,000 athletes competing at the Tokyo Olympics, Cheung Ka-long was facing long odds. Balazs Erdelyi of Hungary during a water polo match against South Africa on July 29.
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