We want to hear from you. The Winter Olympics take place in Beijing, China this month with nearly 3,000 total athletes traveling to the games. If you buy through our links, we may earn a commission. If there are any other additional costs not covered by the committee, athletes must look to their sponsors to cover the expenses. All males in South Korea are drafted into 18 months of mandatory military service following their training. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Narrator: Sponsorship deals among athletes are inconsistent, ranging from hundreds of dollars to millions. In dollar terms, a. [23] The money, however, is taxable and the medal winner is obligated to make a donation back into the sport they are representing. (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.). 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. Narrator: So how do Olympians make money, and why isn't it enough? Italy now pays 180,000 euros to its gold medalistsa 20% jump from 2016plus 90,000 for silver and 60,000 for bronze. Or steeplechase. This is very common with medal-winning Olympians. Kosovo is a newcomer to the Olympic scene, competing at just its second Winter Games with a contingent of two skiers, Kiana Kryeziu and Albin Tahiri. Hungary's national Olympic committee is one of many that awards bonuses for medals at the Games. Learn more about our, How 15 U.S. Olympians Actually Make Money. And with the Games about to start, you can expect to see plenty more popping up on Instagram and Twitter. 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. For example, tennis star Naomi Osaka reportedly made $55 million from endorsements in 12 months, and was named the highest-paid female athlete ever, according to reports. review process. The pay structure has left many athletes broke, driving for DoorDash, or crowdsourcing. It's free! The same year, the amount for Paralympic Games. Learn more about our A gold medal is worth $37,500, a silver medal is worth $22,500 and a bronze medal is worth $15,000. The first is a corporate sponsorship, which is when a company pays the athlete to wear its brand on their clothing. (You can exhale, taxpayers.). 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. 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. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032. However, if an athlete earns a medal, there is a medal bonus attached to it. 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. Per NBC, U.S. Olympic winners get $37,500 for winning gold, $22,500 for winning silver, and $15,000 for winning bronze. I want to have the opportunity to win an individual medal. Incentives by Country (USD equivalent in 2021) Countries Gold Silver; Russia: $61,000: $38,000: Serbia: $71,210: $59,342: Singapore: $737,000: By Caroline Picard Aug 16, 2016 Save Article New! Philippines [ edit] But, if they do well at the games the athletes can make some serious money. Runner Brandon Hudgins has lived on $15,000 to $18,000 a year since 2011. ", "BIR answers tax issues on Hidilyn Diaz's Olympic winnings", https://en.wikipedia.org/w/index.php?title=Incentives_for_Olympic_medalists_by_country&oldid=1138011304. 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. Advertisement Some U.S. athletes also receive stipends that help cover their rent and food, per CNBC. Not every country offers a prize for a podium performance. Here, we dive into the math behind 15 Olympians' take-home pay, from hourly wages to multi-million-dollar salaries. Slate is published by The Slate Group, a Graham Holdings Company. Beyond that, Olympians rely on other revenue streams for their sporting endeavors, including efforts to land lucrative endorsement deals. A lot of them have part-time drop jobs and it's only in the Olympics where we really, really see them shine.. I didn't even have ways of making money for rent. 2023 CNBC LLC. 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. But there's a lot of expenses associated with being an athlete, because you are in fact a business, and a business has overhead. Copyright 2023 Sporting News Holdings Limited. The money may also be used for medical expenses, depending on each sport's regulations. Its not the only country that offers additional pay for a record breaker. Ecuador set a $100,000 reward for any athlete who could win goldso congrats to champion road cyclist Ricard Carapz on his new stacks. For athletes who win multiple Olympic gold medals, they entitled S$1 million only for the first individual gold medal won at the Games.[23]. Snowboarder Jamie Anderson recently posted her own #ad for Pacifico Beer. Olympic athletes train for years at a time, competing in various events ahead of the Winter Olympics. Cyprus skier Yianno Kouyoumdjian in the slalom at the world championships in February 2021. 2K Sports and Nike sponsor Kevin Durant, who rakes in $40 million in sponsorship money every year. New rules approved last year from USA Track & Field, the sport's national governing body, set aside $10,000 for any . Despite his contract with the New England Patriots, Ebner got the a-OK to compete in rugby sevens for the sport's debut in the Olympics. Olympic athletes do not get paid by just attending the Olympic Games. 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. He teaches statistics at Brigham Young University, but the marathoner only uses basic math to train for the 26.2 mile race. A professional athlete's median salary is about $35,004 per year, with a range that goes up to more than $5 million dollars. Narrator: That's because unless they win a medal, Olympians don't get paid for competing at the games. 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. Thats no small perk in Denmark, which has one of the worlds highest tax rates but awards roughly $15,000 tax free for individual gold medals. In 2012, US News & World Report found it costs up to $100,000 a year for athletes to be Olympians. But now, athletes' sponsors can run certain ads during the Rule 40 period. 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. Australia, however, offers far less Olympic medal prize money relative to other nations. How much do Olympic athletes get paid? Here are the 10 highest paid gymnasts. 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. 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. Russia was runner-up with a $135,000 golden bonus, and France. Aaron: There was meets that I thought I would be able to get in and clean up and make money I didn't have. This is a BETA experience. Winning the US Open when I was involved was a $25k payday, and if you are even in the semi-finals (top 32) you are definitely sponsored. Though U.S. athletes aren't paid just for competing, Team USA does issue financial rewards for medaling. [24], Incentives for Olympic medalists by country, Incentives by Country (USD equivalent in 2021), "Money for medals: Olympic glory can also be very lucrative for athletes from these countries", "Here's how much Olympic athletes earn for winning medals", "These 10 Countries Offer Six-Figure Payouts To Their Olympic Medalists", "Here's How Much Money Olympic Gold Medalists Win in Each Country", "How much money a Canadian Olympian earns versus the rest of the world | Offside", "Canadian Olympic Committee Athlete Excellence Fund (AEF)", "Fencers to receive 200,000 in prize money from Estonian Olympic Committee", "Hong Kong athletes chasing HK$5 million cash carrot for winning gold", "ASEAN nations offer huge rewards to Olympic medalists", "Kazakhstan to give prize money to athletes winning in Olympics", "Duterte adds P100,000 to Filipino Tokyo Olympians' game allowance", "Here's how much athletes around the world earn for Olympic victory", "Foxconn founder suggests Taiwan shower Olympic athletes with cash", "Thai stars kick off quest for Games glory", "Singapore medallists' reward scheme renamed Major Games Award Programme", "Olympic Heroes Honoured At The London 2012 Olympic Games Awards And Appreciation Dinner", "Why is government giving Hidilyn Diaz P10 million? In 2012, CNBC cited Italy as the country with the world's highest payout, offering its athletes $182,400 for each gold medal. Follow The Money, Jenna Dewan Has Legs, Butt In Pole Dancing IG. Instead, the ROC winners will be treated to the golden tones of Pyotr Tchaikovskys Piano Concerto No. The countrys Central Asian neighbors also reportedly offer big cash prizes to medalists. 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. 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. Few feats in sports earn athletes as much glory and respect as winning an Olympic medal. But scoring lucrative deals is rare, and hardlythe norm. But, due to the nations massive doping scandal, medalists wont get to hear their national anthem when they scale the podium. 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. If you buy through our links, we may earn a commission. (The price tag for a silver is $111,000.) If youre competing for Team China, the government is moving away from cash prizes. 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. I never earned less than $250,000. We have a law for that", "Hidilyn won't be taxed; What about other athletes? 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. $10,000 - Olympic bronze medal. The data showed the U.S. Olympic and Paralympic Committee rewards its athletes $37,500 for every gold medal won, $22,500 for silver and $15,000 for bronze . Is it all worth it? 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 example, a gold winner for Team USA would clinch $37,500 for their efforts while their counterpart in Singapore would receive $737,000 nearly 20 times more. I own a business. Then in June he quit his job. There are equipment costs, coaching costs, training costs, medical costs and more, leaving athletes to scrounge for cash from sponsors and grants. The host country of these Games, Japan, pays similarly, with medal bonuses of roughly $45,000 for gold, $18,000 for silver and $9,000 for bronzeexcept in baseball, with members of the Japanese team reportedly in line for an extra $45,000 if they can win the tournament. 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. You've hit your max! Take Singapore, one of the richest nations in the world as measured by GDP per capita, which doles out massive payments to medal winners. 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. 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 (USPOC), per Forbes.