Gold medalist USA’s Nathan Chen celebrates on the Beijing 2022 Iciness Olympic Video games on February 10.
Sebastien Bozon | AFP | Getty Pictures
The 2022 Iciness Olympics is definitely underway in Beijing, and greater than 200 medals have already been awarded to athletes from world wide.
Completing at the podium is an issue of nationwide pleasure. For some winners, it additionally method taking house a money bonus and opening doorways to uncommon multimillion-dollar sponsorship alternatives.
The World 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 Iciness Olympics.
CNBC compiled the chart beneath, sourcing knowledge from quite a lot of nationwide Olympic committees, sports activities associations and non-public finance website online Cash Beneath 30.
The knowledge confirmed the U.S. Olympic and Paralympic Committee rewards its athletes $37,500 for each gold medal gained, $22,500 for silver and $15,000 for bronze. Maximum of that prize cash isn’t taxable until athletes file gross source of revenue that exceeds $1 million.
American athletes additionally obtain different varieties of give a boost to akin to medical insurance, get admission to to top-tier clinical amenities and school tuition help.
The U.S. despatched greater than 200 athletes to compete in Beijing. Crew USA has up to now bagged 7 gold medals, 6 silver and three bronze.
On the 2021 summer season video games, American athletes took house 39 gold, 41 silver and 33 bronze — racking up the easiest 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. Professionals say a few of it’s an try to increase nationwide wearing 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 greenbacks ($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 term coaching and construction.
Kazakhstan will pay their athletes about $250,000 for a gold medal, Italy provides about $213,000, the Philippines round $200,000 whilst Malaysia additionally gives hefty rewards for its athletes. Hong Kong, which competes one at a time from China on the Olympics, remaining 12 months introduced 5 million Hong Kong greenbacks ($641,000) for gold winners.
When India’s javelin thrower Neeraj Chopra secured the rustic’s first gold in track-and-field in Tokyo remaining 12 months, a number of politicians and company manufacturers reportedly introduced hundreds of thousands of rupees in financial praise for the athlete.
Excluding medal bonuses, winners in those international locations also are introduced different compensations. For instance when Filipino weightlifter Hidilyn Diaz gained the rustic’s first Olympic gold remaining 12 months, she used to be reportedly introduced two properties and unfastened flights for lifestyles.
To start with, clinching a place at the Olympics crew isn’t a very easy feat and athletes commit maximum in their time to coaching for the video games — that makes conserving down full-time employment tricky.
In some sports activities, apparatus, training and get admission 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 hang down various jobs or flip to crowdsourcing to finance their Olympic goals.
Most sensible performers additionally gather prize cash by way of profitable nationwide and world tournaments.
How onerous is it to get subsidized?
Just a handful of height athletes land multimillion greenback endorsements or sponsorship offers, both prior to competing on the Olympics or after reaching 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 gained 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 line with NBC.
Ultimate 12 months, U.S. swimmer Katie Ledecky and gymnast Simone Biles won hundreds of thousands in endorsements forward of the summer season video games, Forbes reported. In the meantime, tennis big name Naomi Osaka reportedly made $55 million from endorsements in one year, and used to be named the highest-paid feminine athlete ever, in line with stories.
However scoring profitable offers is unusual, and hardly ever the norm.
Maximum Crew USA athletes aren’t represented by way of sports activities brokers and a few haven’t any sponsors or endorsements in any respect, in line with a Forbes file.
Disclosure: CNBC guardian NBCUniversal owns NBC Sports activities and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer time and Iciness Video games thru 2032.
