Gold medalist USA’s Nathan Chen celebrates throughout the venue rite of the boys’s unmarried determine skating tournament throughout the Beijing 2022 Wintry weather Olympic Video games on the Capital Indoor Stadium on February 10.
Sebastien Bozon | AFP | Getty Photographs
The 2022 Wintry weather Olympics is definitely underway in Beijing, and greater than 200 medals have already been awarded to athletes from all over the world.
Completing at the podium is an issue of nationwide delight. For some winners, it additionally approach taking house a money bonus and opening doorways to uncommon multimillion-dollar sponsorship alternatives.
The Global Olympic Committee does now not pay prize cash to medalists, however many nations be offering financial rewards to their athletes for the collection of medals they win at both the Summer time Olympics or Wintry weather Olympics.
CNBC compiled the chart underneath, sourcing data from quite a lot of nationwide Olympic committees, sports activities associations and private finance web page Cash Underneath 30.
The information confirmed the U.S. Olympic and Paralympic Committee rewards its athletes $37,500 for each and every gold medal received, $22,500 for silver and $15,000 for bronze. Maximum of that prize cash isn’t taxable except athletes file gross source of revenue that exceeds $1 million.
American athletes additionally obtain different kinds of beef up similar to medical insurance, get entry to to top-tier clinical amenities and faculty tuition help.
The U.S. despatched greater than 200 athletes to compete in Beijing. Staff USA has thus far bagged 7 gold medals, 6 silver and three bronze.
On the 2021 summer time video games, American athletes took house 39 gold, 41 silver and 33 bronze — racking up the perfect medal tally by way of any nation in Tokyo.
How a lot do different international locations pay?
Some international locations and territories supply a lot upper financial incentives for his or her athletes to complete at the podium. Mavens say a few of it’s an try to increase nationwide carrying cultures.
Singapore, for instance, rewards its gold medalists just about 20 occasions greater than the U.S.
Avid gamers who clinch their first particular person gold medal for the city-state stand to obtain 1 million Singapore bucks ($737,000). The prize cash is taxable and the profitable recipients are required to go back a portion of it to their nationwide sports activities associations for long run coaching and building.
Kazakhstan will pay their athletes about $250,000 for a gold medal, Italy offers about $213,000, the Philippines round $200,000 whilst Malaysia additionally gives hefty rewards for its athletes. Hong Kong, which competes one by one from China on the Olympics, final 12 months presented 5 million Hong Kong bucks ($641,000) for gold winners.
When India’s javelin thrower Neeraj Chopra secured the rustic’s first gold in track-and-field in Tokyo final 12 months, a number of politicians and company manufacturers reportedly introduced hundreds of thousands of rupees in financial praise for the athlete.
Aside from medal bonuses, winners in those international locations also are presented different compensations. As an example when Filipino weightlifter Hidilyn Diaz received the rustic’s first Olympic gold final 12 months, she used to be reportedly presented two properties and loose flights for existence.
To start with, clinching a place at the Olympics group isn’t a very simple feat and athletes commit maximum in their time to coaching for the video games — that makes keeping down full-time employment tough.
In some sports activities, apparatus, training and get entry to to coaching venues too can rack up an athlete’s bills.
Whilst sportspeople from larger, extra aggressive international locations obtain stipends or coaching grants from their nationwide sports activities associations, others grasp down quite a few jobs or flip to crowdsourcing to finance their Olympic goals.
Most sensible performers additionally accumulate prize cash by way of profitable nationwide and global tournaments.
How exhausting is it to get subsidized?
Just a handful of height athletes land multimillion greenback endorsements or sponsorship offers, both ahead of competing on the Olympics or after attaining luck within the Video games.
Snowboarder Shaun White, for instance, won his first board sponsorship when he used to be 7, NBC Sports activities reported. After he received his first Olympic gold medal in 2006, snowboard-manufacturing corporate Burton signed him directly to a 10-year contract and White pocketed an estimated $10 million a 12 months in sponsorships, in step with NBC.
Remaining 12 months, U.S. swimmer Katie Ledecky and gymnast Simone Biles won hundreds of thousands in endorsements forward of the summer time video games, Forbes reported. In the meantime, tennis megastar Naomi Osaka reportedly made $55 million from endorsements in one year, and used to be named the highest-paid feminine athlete ever, in step with stories.
However scoring profitable offers is unusual, and rarely the norm.
Maximum Staff USA athletes don’t seem to be represented by way of sports activities brokers and a few don’t have any sponsors or endorsements in any respect, in step with a Forbes file.
Disclosure: CNBC dad or mum NBCUniversal owns NBC Sports activities and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer time and Wintry weather Video games thru 2032.
