Economies ranked by their ability to innovate
The Olympics do not work on a for-profit business model, since that would truly limit the event to sports that generate the most significant revenues. Instead, the tremendous range in sports seen at the Games distinguishes it from other global events, although it certainly isn’t a money trove for athletes.
Shockingly, statistics have shown that nearly 30% of athletes in the US live below the poverty line. Accumulated costs (including training, medical care, and transport) can exceed US$20,000 annually, while most athletes only earn about $15,000.
Olympic athletes do not receive salaries, but they do receive money from other ventures, albeit often rather minimal sums. For instance, British diver Jack Laugher claimed that, although he’s one of the best divers in the world, the funding for his sport only sits at about US$36,000 a year.
Winning a medal at the Olympics can sometimes be incredibly lucrative for an athlete, depending on the country they come from. The United States awards US$37,000 to an athlete who wins a gold medal, while countries like Morocco and Serbia award gold medalists over $200,000.
Some countries don’t offer only monetary rewards to their medalists, but also have prizes at the ready. In Poland, all medal winners are given a diamond, a vacation, and artwork, while gold medalists have the added benefit of receiving an apartment.
In the US, Olympians have traditionally enjoyed perks such as tax relief, premiere healthcare plans, and even tuition grants.
Interestingly, Iraqi weightlifter Ali Ammar Yasar Al-Rabai was gifted land and a monthly stipend as a reward for simply qualifying for the 2024 Olympic Games. Members of the Iraqi soccer team, who played at the Paris Games, received the same.
Olympic rewards are typically reaped by those athletes who can manage to get a medal at the Games, but not every athlete will make it into the top three, which is where most of the prize money lies. So how do athletes make money otherwise?
For athletes like Katie Ledecky and Simone Biles, endorsement deals have proven to be incredibly lucrative since they each have millions of dollars in sponsorships under their belts. Biles alone earned about US$7 million from her endorsements in 2023.
Some countries and their National Olympic Committees provide financial support and stipends to their athletes. This is entirely dependent on the country, but this support certainly helps cover training expenses and living costs.
Retired or active Olympians have even been known to offer personal coaching and training services. After all, Olympians have some unique expertise and experience that allows them to charge premium rates for training aspiring athletes.
Writing autobiographies or books about their journey, training regimes, or life lessons can be a lucrative venture for Olympians. Publishers often offer attractive deals to successful athletes, and book sales can provide a steady income stream.
After retirement, many Olympians transition into media roles as commentators or hosts for sports networks. These positions can be well paid and allow athletes to stay connected to their sport while earning a living.
Olympians are often in demand as motivational speakers. Their stories of perseverance, dedication, and success resonate with quite a number of audiences, and they could potentially earn significant fees for speaking at events.
In lieu of sponsorships and hefty endorsements, some Olympic athletes have been known to earn money by working another job (sometimes several) to survive. In the case of Angel McCoughtry, a member of Team USA's women's basketball team, she plays with the WNBA and also owns an ice cream shop in Atlanta, Georgia.
American boxer Morelle McCane reported that she worked a few paid-by-the-hour, flexible jobs (including as a birthday party clown and mail room worker) to afford going to the Paris Olympics.
Medal-winning swimmer Nic Fink, shot put gold medalist Canyon Berry, and rock climber Jesse Grupper (pictured) have engineering jobs in their everyday lives.
With each new Olympic event, the International Olympic Committee (IOC) sells media rights to companies around the world, allowing them to broadcast the Games in their respective territories. The IOC often uses this money to support National Olympic Committees and international federations that help support athletes.
Sources: (Ranker) (Forbes) (New York Post) (CNN) (HuffPost UK) (NBC)
See also: Scandals and controversies at the 2024 Paris Olympics
While there are a lot of athletes struggling to make ends meet while they compete in Paris, there are other athletes who have no need to worry. LeBron James, the famed American basketball player, is the only billionaire to compete in the 2024 Summer Games, and most of his earnings come from endorsements.
Olympians have also been known to frequently appear in advertising campaigns, even ones that have nothing to do with sports. American golfer Nelly Korda has already earned more than US$3 million so far in 2024 thanks to marketing deals with Delta Airlines and T-Mobile.
Many athletes have also been known to join popular and steamy subscription sites, whereby they share some non-explicit content for fans. Considering the physiques that many athletes have attained, the site is an easy way to rake in some extra money.
These sites/apps have also been a saving grace for retired Olympians. In the case of short-track speed skater Elise Christie, she has said that this “saved her life” after financial struggles caused her to lose her home despite working three jobs.
Olympians often earn substantial income through sponsorships and endorsement deals with major brands, whereby they promote the brand’s products or services. The problem is that only the top 5% of athletes receive these deals, while the remaining athletes live paycheck to paycheck.
Various organizations offer grants and scholarships to support athletes, which are oftentimes the only means of income that they have since travel and training can take up much of an athlete’s time.
As the Olympic Games draw to a close, it is with wonder and awe that the world looks back at the athletes who have graced the Olympic stage. As records are broken and medals are won, it becomes quite clear that athletes at the Games are at the top of their field. What isn’t clear, however, is how Olympians actually get compensated for all the time and energy given to such a sporting journey. Sure, come countries offer a substantial reward to Olympians who bring home medals, but that doesn’t apply to everyone.
Do Olympic athletes get paid? If so, how much do they make? Where do they get all of their hard-earned cash? For those answers and more, click through this gallery to see all the ways in which Olympians have been known to earn some dough.
Events at the Olympics are incredibly exciting, but despite the glamour that many would believe comes with competing, money is certainly not one of the perks. Unless you manage to win a medal. Otherwise, you’re left with a rather meager income from doing sports.
Successful Olympians often receive appearance fees for attending events and participating in promotional activities. These fees can be substantial, although they are only ever truly catered to high-profile athletes.
Some Olympians capitalize on their own personal brand to generate a bit of extra revenue. They do so by launching their own merchandise or product lines, such as clothing, sports equipment, or nutritional supplements.
How do Olympic athletes actually make money?
Being an athlete is not cheap
LIFESTYLE Sports
As the Olympic Games draw to a close, it is with wonder and awe that the world looks back at the athletes who have graced the Olympic stage. As records are broken and medals are won, it becomes quite clear that athletes at the Games are at the top of their field. What isn’t clear, however, is how Olympians actually get compensated for all the time and energy given to such a sporting journey. Sure, come countries offer a substantial reward to Olympians who bring home medals, but that doesn’t apply to everyone.
Do Olympic athletes get paid? If so, how much do they make? Where do they get all of their hard-earned cash? For those answers and more, click through this gallery to see all the ways in which Olympians have been known to earn some dough.