Gold medalist U.S.A.’s Nathan Chen commemorates at the Beijing 2022 Winter Olympic Games on February 10.
Sebastien Bozon|AFP|Getty Images
The 2022 Winter Olympics is well in progress in Beijing, and more than 200 medals have actually currently been granted to professional athletes from around the globe.
Finishing on the podium refers nationwide pride. For some winners, it likewise indicates taking house a money bonus offer and opening doors to uncommon multimillion-dollar sponsorship chances.
The International Olympic Committee does not pay cash prize to medalists, however lots of nations provide financial benefits to their professional athletes for the variety of medals they win at either the Summer Olympics or Winter Olympics.
CNBC assembled the chart below, sourcing details from different nationwide Olympic committees, sports associations and individual financing website Money Under 30.
The information revealed the U.S. Olympic and Paralympic Committee rewards its professional athletes $37,500 for every single gold medal won, $22,500 for silver and $15,000 for bronze. Most of that cash prize is not taxable unless professional athletes report gross earnings that surpasses $1 million.
American professional athletes likewise get other kinds of assistance such as medical insurance, access to top-tier medical centers and college tuition help.
The U.S. sent out more than 200 professional athletes to complete inBeijing Team U.S.A. has actually up until now bagged 7 gold medals, 6 silver and 3 bronze.
At the 2021 summertime video games, American professional athletes took house 39 gold, 41 silver and 33 bronze– acquiring the greatest medal tally by any nation in Tokyo.
How much do other nations pay?
Some nations and areas supply much greater financial rewards for their professional athletes to complete on the podium. Experts state a few of it is an effort to establish nationwide sporting cultures.
Singapore, for instance, rewards its gold medalists almost 20 times more than the U.S.
Players who clinch their very first specific gold medal for the city-state stand to get 1 million Singapore dollars ($737,000). The cash prize is taxable and the winning receivers are needed to return a part of it to their nationwide sports associations for future training and advancement.
Kazakhstan pays their professional athletes about $250,000 for a gold medal, Italy provides about $213,000, the Philippines around $200,000 while Malaysia likewise uses substantial benefits for its professional athletes. Hong Kong, which completes independently from China at the Olympics, in 2015 used 5 million Hong Kong dollars ($641,000) for gold winners.
When India’s javelin thrower Neeraj Chopra protected the nation’s very first gold in track-and-field in Tokyo in 2015, a number of political leaders and business brand names apparently revealed countless rupees in financial benefit for the professional athlete.
Apart from medal benefits, winners in these nations are likewise used other settlements. For example when Filipino weightlifter Hidilyn Diaz won the nation’s very first Olympic gold in 2015, she was apparently used 2 houses and totally free flights for life.
To start with, clinching an area on the Olympics group is not a simple accomplishment and professional athletes commit the majority of their time to training for the video games– that makes holding down full-time work hard.
In some sports, devices, training and access to training locations can likewise acquire a professional athlete’s expenditures.
While sportspeople from larger, more competitive nations get stipends or training grants from their nationwide sports associations, others hold down a range of tasks or rely on crowdsourcing to fund their Olympic dreams.
Top entertainers likewise gather cash prize by winning nationwide and worldwide competitions.
How difficult is it to get sponsored?
Only a handful of leading professional athletes land multimillion dollar recommendations or sponsorship offers, either prior to contending at the Olympics or after accomplishing success in the Games.
Snowboarder Shaun White, for instance, got his very first board sponsorship when he was 7, NBC Sports reported. After he won his very first Olympic gold medal in 2006, snowboard-manufacturing business Burton signed him on to a 10- year agreement and White filched an approximated $10 million a year in sponsorships, according to NBC.
Last year, U.S. swimmer Katie Ledecky and gymnast Simone Biles got millions in recommendations ahead of the summertime video games, Forbes reported. Meanwhile, tennis star Naomi Osaka apparently made $55 million from recommendations in 12 months, and was called the highest-paid female professional athlete ever, according to reports.
But scoring financially rewarding offers is uncommon, and barely the standard.
Most Team U.S.A. professional athletes are not represented by sports representatives and some have no sponsors or recommendations at all, according to a Forbes report.
Disclosure: CNBC moms and dad NBCUniversal owns NBC Sports and NBCOlympics NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
