Additionally, Olympians can receive an athletic grant or part-time job through the Olympic Job Opportunities Program. Olympic athletes do not get paid by just attending the Olympic Games. Narrator: And the pay gap among athletes has only worsened during the pandemic. Some changes have been made to get more money in the hands of the athletes. While the country has never claimed a medal on snow, the Cyprus Sports Organization will pay for a finish anywhere in the top 16: roughly $168,000 for a gold medal, $140,000 for silver and $123,000 for bronze, all the way down to $11,000 for 16th place. What is known is the amount athletes will make if the win a medal in Tokyo. Here are ten countries that offer six-figure rewards for Olympic gold medalists. That's been hard to come by because people don't know water polo. 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. 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. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032. Take the example of Sangmoon Baea two-time winner on the PGA Tourwho had to enlist in the military in 2015. "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.'". That money is on top of the grants and benefits like health insurance that are more widely available to Team USA athletes, all of it paid by the United States Olympic and Paralympic Committee, which fundraises through a nonprofit foundation and does not receive federal funding. NBA, I mean, we don't even have to cover that one. Spending around a month in the Olympic village can be costly for Olympic athletes. Narrator: Nailing a coveted sponsorship is hard. Maggie Steffens: Some of us as athletes have been really fortunate to gain individual sponsorships. The rewards can even extend to the coaches and support staff of some delegations, such as South Korea. Most major companies are paying for travel, equipment, contest entry, etc. Russia Russia, this year's Winter Olympics host country, treats their athletes well. Not every country offers a prize for a podium performance. While medal bonuses are the domain of national Olympic committees in many countriesalbeit sometimes with government backingother nations cut out the middleman and disburse the bonuses directly through their sports ministry or another government agency. Beyond receiving monetary and non-monetary rewards from their countries for winning medals, Olympians rely on other revenue streams for their sporting endeavors. There are equipment costs, coaching costs, training costs, medical costs and more, leaving athletes to scrounge for cash from sponsors and grants. If a team wins, each member gets their own . The 25th percentile is $29,500, as determined by Forbes. The Philippines clinched its first ever gold medal in Tokyo this week, making Filipino weightlifter Hidilyn Diaz the country's first Olympic gold medalist. Create an account and youll be able to save and revisit articles. [22], The largest prize money under the MAP is for athletes who clinch an Olympic gold medal. 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. . $15,000 - Olympic silver medal. Another source of funding is prize money. 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 . 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. You can now save articles. American Olympians who win a gold medal get awarded $37,500. Though U.S. athletes aren't paid just for competing, Team USA does issue financial rewards for medaling. But Cheung, who had carried Hong Kongs flag during the opening ceremony, did his home territory proud, battling back from an early deficit against Garozzo to become Hong Kongs first Olympic champion in 25 years. We get a stipend, and it is $300 a month. Like most of the 11,000 athletes competing at the Tokyo Olympics, Cheung Ka-long was facing long odds. Only includes payout from U.S. Olympic Committee, some organizations such as USA Swimming and USA Wrestling award additional bonuses. China: $31,400. This is very common with medal-winning Olympians. However, if an athlete earns a medal, there is a medal. THB12,000,000, THB7,200,000, THB4,800,000, for Gold, Silver, and Bronze, respectively. How much money do Olympic athletes get paid? review process. 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. But the moves haven't been sweeping enough. Norway, which topped the medal table at the 2018 PyeongChang Olympics with a total of 39, also doesnt pay for medals. Monica: That's my only question over the next three years of, do I continue another three years of being broke? Kosovo's Nora Gjakova after defeating Japan's Tsukasa Yoshida in a judo semifinal bout on July 26. The MTR Corporation (Hong Kongs transit rail operator) is also providing the winner with a lifetime of free train rides around the city. Narrator: Athletes can also make money through sponsorships. So, how much does an Olympian make? In addition, a gold-medal performance boosts an athletes stipend from the committee. Narrator: They also have a long list of expenses to train for their sport. However, if an athlete earns a medal, there is a medal bonus attached to it. Those paychecks will add up for champions like the fencers who triumphed in the womens team pe event. 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. But scoring lucrative deals is rare, and hardlythe norm. Other competitors resort to crowdfunding sites to gather the money and support they need to keep competing. According to the USOPC website, U.S. Olympians will earn $37,500 for each gold medal at the 2020 Olympics, $22,500 for a . The U.S. Olympic Committee pays $37,500 for a gold medal, $22,500 for a silver, and $15,000 for a bronze. 10 Kyle Keith Shewfelt Shewfelt is a gymnast from Canada. So that's money that doesn't exist anymore. Narrator: Across America, athletes are facing a decision. Its not the only country that offers additional pay for a record breaker. The self-proclaimed "Shot Diva" just became the first American woman to win shot put at the Olympics, and set a new national record. What do athletes get paid if they win a medal at the Olympics? ", "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. Struggling to get a decent living, Zhang remained homeless and. He also fought Robert "The Ghost" Guerrero in 2013, earning at least $32M (guaranteed) for that fight, excluding pay-per-view fees. Top editors give you the stories you want delivered right to your inbox each weekday. A sports governing body will have varying levels of support for different athletes. 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. U.S. athletes also receive other forms of support including health insurance, access to top-tier medical facilities and college tuition assistance. In 2012, US News & World Report found it costs up to $100,000 a year for athletes to be Olympians. Here are 12 countries and territories offering six-figure payouts for gold medalists in individual sports; the prizes are listed in U.S. dollars, converted from the local currency at the exchange rate as of January 28. The 34-year-old rower competed in the men's eight, but he also works as a chemical engineer. Narrator: But most athletes have to take on part-time work. Become a GH+ member to read and save unlimited articles. 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. I worked at Panera, a bank. To watch & listen the FULL Podcast check out the links belowListen on Spotify - https://open.spotify.com/show/5JQu91FRevsm4GSPr8JbYBListen on Apple Podcasts . CAD $20,000, CAD $15,000, CAD $10,000, for Gold, Silver, and Bronze, respectively. Maggie: You know, a lot of girls on our team are coaches. Payments to U.S. athletes in the Olympic and Paralympic Games are currently set at. A U.S. Olympic athlete, for example, receives $37,500 US for each gold medal in Tokyo, plus $22,500 for silver. So if I can do that while I'm at one point working two jobs and DoorDash and everything like that, then I can't imagine what I can do if I didn't have to do that. 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. How London laid the groundwork for sustainable sporting architecture, Filipino weightlifter Hidilyn Diaz the country's first Olympic gold medalist, Diaz will reportedly receive at least 33 million Philippine pesos, U.S. athletes also receive other forms of support, reportedly made $55 million from endorsements in 12 months, NFL replaces Pro Bowl with weeklong skills competitions and a flag football game, The mindset that helped a marathoner become one of the country's best in just 4 years: 'Working harder isn't necessarily better', Fanatics wants to be a $100 billion company here's how it plans to get there. 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). Making the podium isnt always the financialor gustatorywindfall you might expect, especially if you compete in a rather niche sport, like say, race walking. As long as the athlete's other earnings don't exceed $1 million, the medal . After an August 2016 decree, Malaysias Paralympians receive the same amounts. The state government of Manipur has pledged to give Indian weightlifter Saikhom Mirabai Chanu 10 million Indian rupees ($134,000) for her silver-medal performance. Olympic athletes do not get paid by just attending the Olympic Games. A vault maneuver was even named after him. They also depend on the athlete's popularity. 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. A small handful of athletes get paid housing, but not many. Competitions leading up to the Olympics, like the Diamond League meets, can have $10,000 first-place prizes. 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. . In dollar terms, a Malaysian Olympic bronze winner will receive a higher performance reward than a gold winner from Australia or Canada. As a physical education teacher, he uses the experience to teach students perseverance. Lauryn: The funding was quite different between the two. So what kind of consistent salaries do athletes get? Here are the 10 highest paid gymnasts. The commission vowed to give Diaz an additional 5 million pesos, and with contributions from President Rodrigo Duterte, the city of Zamboanga and other individuals and companies, she is due to haul in 48.5 million Philippine pesos ($970,000), as well as a house, a condo unit, a van and unlimited flights on two airlines. Still, many athletes aren't at the Simone Biles or Lindsey Vonn level of fameand that makes scraping together an income much harder. Sixty percent of elite athletes don't consider themselves financially stable. At the same Olympiad, German medalists got a lifetime supply of beer, and Belarusian winners received a stockpile of sausage. Additionally, they stay in the Olympic village for around a month. Learn more about our, How 15 U.S. Olympians Actually Make Money. 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. Snowboarder Jamie Anderson recently posted her own #ad for Pacifico Beer. Good Housekeeping participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. 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. Additionally, Olympians can receive an athletic grant or part-time job through the Olympic Job Opportunities Program. So, how much money do Olympians make? Whitmore, the speed skater, explained that financial worries put a lot of extra pressure on Olympians. Narrator: How much funding an athlete gets depends on performance, and Lauryn: Their ability is to be able to earn medals. 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. 2K Sports and Nike sponsor Kevin Durant, who rakes in $40 million in sponsorship money every year. Most of that prize money is not taxable unless athletes report gross income that exceeds $1 million. By clicking Sign up, you agree to receive marketing emails from Insider 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. So, they sold emwhich while totally understandable, feels a little like kicking a gift horse in the mouth.) 1, and I for one think its a banger. There are a few different types of sponsorships Olympic athletes can sign with. 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. Access your favorite topics in a personalized feed while you're on the go. Gold medalists for the island nation make around $737,000, and payouts even for bronze medals top $180,000. 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. By JOHN LEICESTER - Associated Press. Monica: I would ref competitions here in New York City, but all of them were canceled, so I wasn't making money from that. $5,000 - Top 5 position in World Championship. Additional lifetime monthly salary of 5,000, 3,000, and 2,000 ringgit for Gold, Silver, and Bronze, respectively. Sign up for free newsletters and get more CNBC delivered to your inbox. Those salaries are RM5,000 ($1,182 USD) for gold, RM3,000 ($709 USD) for silver, and RM2,000 ($473 USD) for bronze. 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 average salary for volleyball players is $45,722. Team USA skier Jaelin Kauf wins a silver medal for her Womens Mogul run at the 2022 Beijing Olympics. The path to the 2024 Paris Olympics for Ukrainian athletes is clouded by war, anger and pain. 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. 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. Olympic athletes do not get paid by just attending the Olympic Games. But now, athletes' sponsors can run certain ads during the Rule 40 period. So it was definitely rough. 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. Actual swimming competitions bring in less than 2% of his income, but those medals still paid out a cool $1.89 million. Some international leaders have taken the prizes to new levels. I've been raised by a single mother since I'm 8 years old, so she definitely was funding everything when I was younger. Basically, their wealth depends a lot on their side hustles. Medallists get the most out of this, with training worth between 37,000 and 57,000 being provided. 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.