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. They changed the rules so athletes won't be taxed on their medal bonuses if they make under $1 million annually. 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. Do Olympic athletes get paid? Here are ten countries that offer six-figure rewards for Olympic gold medalists. 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. Finally, athletes can win prize money. In 2012, CNBC cited Italy as the country with the world's highest payout, offering its athletes $182,400 for each gold medal. 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. 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. Narrator: Nailing a coveted sponsorship is hard. Plus, there are also hefty costs associated with competing at this level. 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 countrys Central Asian neighbors also reportedly offer big cash prizes to medalists. For Olympic athletes who may not be big names quite yet, they often receive funding from friends or family and local businesses. Do Olympic athletes get paid? If so, how much do they earn per game? Lauryn: During the course of my career, I was really fortunate. Medallists get the most out of this, with training worth between 37,000 and 57,000 being provided. Olympic athletes train for years at a time, competing in various events ahead of the Winter Olympics. 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. Learn more about our, How 15 U.S. Olympians Actually Make Money. Additionally, Olympians can receive an athletic grant or part-time job through the Olympic Job Opportunities Program. 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.". In Beijing, Meinhardt became the youngest U.S. Olympic fencer of all time. 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. But a third-place finish would have guaranteed him a lot more money, he said. However, if an athlete earns a medal, there is a medal bonus attached to it. I didn't even have ways of making money for rent. In some countries, athletes may make hundreds of thousands of extra dollars based on the medals they win. Take Singapore, one of the richest nations in the world as measured by GDP per capita, which doles out massive payments to medal winners. US Olympians . If competitors have an audience of a few million followers, that's usually enough to attract advertisers' interest. This content is imported from poll. Bangladesh archer Diya Siddique competing on July 29. But many Olympic medalists. 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. Here's How Much US Olympic Gold Medalists Get Paid After Winning In Another source of income is through endorsement deals. The money may also be used for medical expenses, depending on each sport's regulations. Narrator: And those bonuses are only up for grabs every four years when the Olympics come around again. Narrator: Many athletes have turned to crowdsourcing to supplement their incomes. We get a stipend, and it is $300 a month. Incentives for Olympic medalists by country - Wikipedia Estonia doesnt officially hand out a six-figure paycheck but deserves recognition as an honorary No. But, if they do well at the games the athletes can make some serious money. Do Olympic athletes get paid? 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. In 2012, US News & World Report found it costs up to $100,000 a year for athletes to be Olympians. Do Olympic Athletes Get Paid? - Explained The prize for a gold medal is $25,000, $15,000 for a silver medal, and $10,000 for a bronze. The self-proclaimed "Shot Diva" just became the first American woman to win shot put at the Olympics, and set a new national record. Narrator: But there are three main ways they can make money for being an athlete. The Estonian Olympic Committee bestows roughly $112,000 for each individual-sport gold, $78,000 for silver and $50,000 for bronze. (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.). Malaysia diver Yan Yee Ng during the three-meter springboard preliminary round on July 30. 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. Usain Bolt Celebrating at the Beijing Olympics. Polish ski jumper Dawid Kubacki claimed bronze in the men's normal hill individual, earning him a bonus of. So it was definitely rough. The fencer arrived at the Games ranked 19th in foil, and his path didnt get any easier from there: He had to face 2018 world champion Alessio Foconi in the Round of 16 before tangling with the defending Olympic champion, Daniele Garozzo, in the final. Not only will a gold medal earn an athlete $113,200, but also regional. Some countries pay their Olympic athletes money for finishing in the top three. Outliers make more than this. Shes also receiving free lifetime flights on AirAsia Philippines, a house courtesy of President Rodrigo Duterteplus at least three more homes that companies and benefactors have promised her. 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. Still, many athletes aren't at the Simone Biles or Lindsey Vonn level of fameand that makes scraping together an income much harder. Narrator: That's because unless they win a medal, Olympians don't get paid for competing at the games. Beyond receiving monetary and non-monetary rewards from their countries for winning medals, Olympians rely on other revenue streams for their sporting endeavors. That's being rich. How much Olympic athletes earn depends on the sport, which nation they represent, and if they win any medals. 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. That's been hard to come by because people don't know water polo. How much money do Olympic athletes earn by competing? If you buy through our links, we may earn a commission. There are a few different types of sponsorships Olympic athletes can sign with. Balazs Erdelyi of Hungary during a water polo match against South Africa on July 29. How Olympians make money, explained. Playing sports can be lucrative for some people - even if they don't . 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. A 2012 CNN Report states most American Olympic athletes make $15,000 or less. The countrys Ministry of Culture, Youth and Sport will pay about $112,000 for each individual gold medal, and the national Olympic committee will tack on roughly $11,000. Among the most generous nations is Turkey, which is willing to pay roughly $380,000 for a gold medal. Shes not the only one taking home an extracurricular prize, either. Canada is not the only country to reward their Olympic athletes for earning medals. We are the only major country in the world, and one of very few countries period, where the government does not get involved in funding its Olympic team. Clement's got a few more famous moves than the 400-meter hurdles. Slovakia, for instance, is promising roughly $56,000 for a gold medal in an individual sport and an average of roughly $17,000 for each member of a gold-medal-winning teamalthough the exact amount can rise or fall a bit for any particular team-sport athlete, depending on how the Slovak Olympic and Sports Committee judges their importance to their team. 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). 958 in the worldquite a drop-off for someone who ranked as high as 26th during his career. But a recent global study of 500 elite athletes found that nearly 60% did not consider themselves financially stable. Those paychecks will add up for champions like the fencers who triumphed in the womens team pe event. What Do Olympic Athletes Get Paid If They Win A Medal? NBA, I mean, we don't even have to cover that one. Most Team USA athletes are not represented by sports agents and some have no sponsors or endorsements at all, according to a Forbes report. 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. Phoenix Petroleum is also honoring her medal with free fuel for life. I feel like I am one of the best in America. Snowboarder Jamie Anderson recently posted her own #ad for Pacifico Beer. The Philippines clinched its first ever gold medal in Tokyo this week, making Filipino weightlifter Hidilyn Diaz the country's first Olympic gold medalist. Eighth place is worth 153 BSB, or about $7,000. In Rio, the first-time Olympian earned a bronze in the men's light flyweight event. Latvia will pay Olympians up to a certain amount based on the governments budget. The first is a corporate sponsorship, which is when a company pays the athlete to wear its brand on their clothing. But there's a lot of expenses associated with being an athlete, because you are in fact a business, and a business has overhead. [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? Some changes have been made to get more money in the hands of the athletes. We have a law for that", "Hidilyn won't be taxed; What about other athletes? How much do Olympics athletes get paid for their talent? Not much - Vox 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. Other competitors resort to crowdfunding sites to gather the money and support they need to keep competing. . In the UK, the Government does put aside around $160 million (114.7 million) each and every year, which is given to Olympic and Paralympic sports. Individual gold medalists can also secure a monthly pension of twice the net minimum wage. But while Turkey has competed at 17 Winter Games, it has yet to win a medal on snow or ice. Those figures are up from $25,000, $15,000 and $10,000 at the 2016 Rio Olympics. What is known is the amount athletes will make if the win a medal in Tokyo. It's the niche sports that really struggle the most. [21] The programme's name was changed to Major Games Award Programme (MAP) in 2018. 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. Compare that to the salary of USA Track & Field's CEO, who earned $1.2 million in 2018. Follow The Money, Jenna Dewan Has Legs, Butt In Pole Dancing IG. Cheung captured the attention of the Hong Kong mediaincluding live analysis from the independent Hong Kong paper the South China Morning Postand he won a sizable payout after triumphing: HK$5 million. Here's an insight into where their income comes from. mandatory military service following their training. 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]. 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. Plus, how the winnings stack up for individual and team event athletes. Only GH+ members can save this article. 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.