That is how a lot athletes from 12 nations earn for profitable medals

Group Philippines Hidilyn Diaz competes in Weightlifting – Ladies 55kg Group A on day three of the 2020 Olympic Video games at Tokyo Worldwide Discussion board on July 26, 2021 in Tokyo, Japan.

Chris Graythen | Getty Pictures

Why some athletes earn extra

Greater than 600 US athletes compete within the Tokyo Olympics, and the US has up to now gained 11 gold, 11 silver and 9 bronze.

The U.S. Olympic and Paralympic Committee rewards athletes with $ 37,500 for every gold medal gained, $ 22,500 for silver, and $ 15,000 for bronze. The vast majority of this prize pool isn’t taxable until the athletes report gross earnings better than $ 1 million.

U.S. athletes additionally obtain different types of help, together with medical insurance, entry to world-class medical amenities, and tuition help.

By comparability, Singapore rewards its gold medalists nearly 20 occasions greater than the US gamers who take their first customized gold medal for the city-state sales space and obtain Singapore {dollars} 1 million ($ 737,000). The prize cash is taxable and winners should return a portion of it to their nationwide sports activities federations for future coaching and growth.

The nation solely despatched 23 athletes to Tokyo.

The US sports activities financial system allows athletes to higher monetize their expertise as most of it’s pushed by the non-public sector, in response to Unmish Parthasarathi, founder and chief government of consulting agency Image Board Companions.

In locations like Singapore, India, and elsewhere, lots of the nationwide sports activities initiatives are pushed by governments who generally use greater financial rewards to advertise a rising sports activities tradition, he advised CNBC.

Malaysia additionally has juicy rewards for its Olympic champions.

Athletes who win gold will obtain 1 million ringgit ($ 236,149), whereas silver winners will obtain 300,000 ringgit, and athletes who win bronze will obtain 100,000 ringgit. Expressed in {dollars}, a Malaysian Olympic bronze winner will obtain a better efficiency award than a gold winner from Australia or Canada.

How athletes earn a living

Along with receiving financial and non-monetary rewards from their nations for profitable medals, the Olympians depend on different sources of earnings for his or her athletic endeavors.

Athletes from bigger, extra aggressive nations obtain scholarships or coaching grants from their nationwide sports activities federations. Prime performers gather prize cash by profitable nationwide and worldwide tournaments. Others earn a gradual wage by doing a wide range of jobs.

Some, like U.S. badminton participant Zhang Beiwen, have reportedly relied on crowdsourcing to fund their journey to Tokyo. Most Group USA athletes are usually not represented by sports activities brokers and a few haven’t any sponsors or referrals in any respect, in response to a Forbes report.

Naomi Osaka of Group Japan serves throughout her third spherical match in girls’s singles towards Marketa Vondrousova of Group Czech Republic on day 4 of the Tokyo 2020 Olympic Video games at Ariake Tennis Park on July 27, 2021 in Tokyo, Japan.

David Ramos | Getty Pictures

A handful of athletes can get multi-million greenback promoting contracts or sponsorship offers both earlier than they compete within the Olympics or after they succeed within the Video games. For instance, tennis star Naomi Osaka is claimed to have endorsed $ 55 million in 12 months and has reportedly been named the very best paid feminine athlete of all time.

However reaching profitable offers is uncommon and hardly the norm.

Parthasarathi identified that for some it’s a worthwhile profession transfer Athletes ought to get into teaching after retirement as individuals are prepared to pay a premium for former Olympians.

Disclosure: CNBC father or mother NBCUniversal owns NBC Sports activities and NBC Olympics. NBC Olympics holds the U.S. broadcast rights to all Summer season and Winter Video games by 2032.

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