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The pay structure has left many athletes broke, driving for DoorDash, or crowdsourcing. Compare that to the salary of USA Track & Field's CEO, who earned $1.2 million in 2018. For most athletesaside from a few highly paid Olympians like Kevin Durant and Naomi Osakacompeting at this elite level is a financial struggle. As of Friday night, Singapore was not among the 70 countries that had scored a medal at these Games, but it could contend in the womens team table tennis event next week. Weve been independently researching and testing products for over 120 years. Narrator: The International Olympic Committee doesn't award athletes cash prizes for medals. He teaches statistics at Brigham Young University, but the marathoner only uses basic math to train for the 26.2 mile race. Slate is published by The Slate Group, a Graham Holdings Company. To watch & listen the FULL Podcast check out the links belowListen on Spotify - https://open.spotify.com/show/5JQu91FRevsm4GSPr8JbYBListen on Apple Podcasts . A U.S. Olympic athlete, for example, receives $37,500 US for each gold medal in Tokyo, plus $22,500 for silver. [24][25][26], Prior to the RA 10699, standard government incentives are codified under the RA 9064 or the National Athletes, Coaches and Trainers Benefits and Incentives Act of 2001 which mandates a prize money of 5 million for Olympic gold medalists, 2.5 million for silver medalists and 1 million for bronze medalists. Kazakhstan weightlifter Zulfiya Chinshanlo competing on July 26. You may opt-out by. But while Turkey has competed at 17 Winter Games, it has yet to win a medal on snow or ice. New rules approved last year from USA Track & Field, the sport's national governing body, set aside $10,000 for any . Phil thinks that some of the funding for Team USA should come from the US government. This year, U.S. Olympians can expect to receive $37,500 for each gold medal they win, $22,500 for each silver, and $15,000 for each bronze from the United States Olympic and Paralympic Committee (USPOC), per Forbes. South Korea: $55,000 (The special bonus will be explained momentarily.) Data is a real-time snapshot *Data is delayed at least 15 minutes. Estimated pay from 2016 Olympics: $115,000. Estonia doesnt officially hand out a six-figure paycheck but deserves recognition as an honorary No. The rewards can even extend to the coaches and support staff of some delegations, such as South Korea. In 2012, CNBC cited Italy as the country with the world's highest payout, offering its athletes $182,400 for each gold medal. The fencer arrived at the Games ranked 19th in foil, and his path didnt get any easier from there: He had to face 2018 world champion Alessio Foconi in the Round of 16 before tangling with the defending Olympic champion, Daniele Garozzo, in the final. Still, the lucky few who manage to climb the Olympic podium could be in line for a hefty bonus checkas long as theyre from the right place. The 19-year-old phenom passed up on sponsorship deals in order to swim for Stanford this fall, but she'll still accept hundreds of thousands in prize money for her six medals. Narrator: Across America, athletes are facing a decision. Russia has one of the smaller payments worldwide. Massage therapists, nutritionists. A 29-year-old Olympian who reaches the life expectancy of 78 would collect more than $300,000. But each of the young athletes also will receive more than $205,000 for their success. Multiple Korean athletes have already earned themselves a pass in Tokyo: 17-year-old Kim Je-deok, who won multiple medals in the archery competition; the gold-winning fencers on the mens sabre team; and gymnast Shin Jea-hwan, who took home the gold in mens vault. Indonesia paid out 5 billion rupiah to its 2016 gold medaliststhe mixed doubles badminton team of Tontowi Ahmad and Liliyana Natsirand an official said before this years Games that the prize for Tokyo would be at least that large. So, the short answer is no, that Olympians don't normally pay for any expenses while competing at the Olympics. U.S. competitors in the Paralympic Games will earn $7,500 for each gold, $5,250 for each silver, and $3,750 for each bronze. Narrator: Coaches can cost more than $100 an hour. Another source of income is through endorsement deals. Narrator: Nailing a coveted sponsorship is hard. You can now save articles. Narrator: It's left Olympians and their families struggling to make ends meet. The United States gives athletes who win gold $37,500, while one European country awards six figures. This is very common with medal-winning Olympians. Weightlifter Hidilyn Diaz snagged the Philippines first-ever Olympic gold on Monday, ending a 97-year drought and securing the roughly $200,000 official prize on offer from the Philippine Sports Commission. Unless they win, USA Olympians don't get paid for competing at the Olympics. So, not only is there an incentive to stand on the pedestal in order to have your name etched in Olympic history, but the athletes also look forward to the cash prize that comes with it. However, if an athlete earns a medal, there is a medal bonus attached to it. In Beijing, Meinhardt became the youngest U.S. Olympic fencer of all time. South Koreas podium prize might be the most practical: The country enforces one of the worlds longest forced military service conscription policies in the world. Become a GH+ member to read and save unlimited articles. But many countries do, and while the U.S. and Japan have plenty of company in their general price rangethe individual-gold-medal payouts in Australia, Brazil, Canada, Finland, Portugal, Serbia and Switzerland, to name a few, are in the same ballpark, stretching from about $15,000 to about $70,000they ultimately land on the modest end of the spectrum. New! Rp 5 billion, Rp 2 billion, and Rp 1 billion, for Gold, Silver, and Bronze, respectively. [24], Incentives for Olympic medalists by country, Incentives by Country (USD equivalent in 2021), "Money for medals: Olympic glory can also be very lucrative for athletes from these countries", "Here's how much Olympic athletes earn for winning medals", "These 10 Countries Offer Six-Figure Payouts To Their Olympic Medalists", "Here's How Much Money Olympic Gold Medalists Win in Each Country", "How much money a Canadian Olympian earns versus the rest of the world | Offside", "Canadian Olympic Committee Athlete Excellence Fund (AEF)", "Fencers to receive 200,000 in prize money from Estonian Olympic Committee", "Hong Kong athletes chasing HK$5 million cash carrot for winning gold", "ASEAN nations offer huge rewards to Olympic medalists", "Kazakhstan to give prize money to athletes winning in Olympics", "Duterte adds P100,000 to Filipino Tokyo Olympians' game allowance", "Here's how much athletes around the world earn for Olympic victory", "Foxconn founder suggests Taiwan shower Olympic athletes with cash", "Thai stars kick off quest for Games glory", "Singapore medallists' reward scheme renamed Major Games Award Programme", "Olympic Heroes Honoured At The London 2012 Olympic Games Awards And Appreciation Dinner", "Why is government giving Hidilyn Diaz P10 million? Create an account and youll be able to save and revisit articles. [23] The money, however, is taxable and the medal winner is obligated to make a donation back into the sport they are representing. That can be anywhere from $510,000 per gold medal in Azerbaijan, $180,000 for an Italian gold medal champion, $135,000 for a Russian who takes home the gold or $19,500 for a gold medal winning German. Olympic athletes train for years at a time, competing in various events ahead of the Winter Olympics. How 15 U.S. Olympians Actually Make Money They've taught, modeled and engineered their way to Rio. (Lin-Manuel Mirandas Hamilton neglected to mention you could go pro in that.) Aaron's GoFundMe helped finance his way to the Olympic track and field trials in July. Struggling to get a decent living, Zhang remained homeless and. More than 600 U.S. athletes are competing at the Tokyo Olympics, and the United States has so far won 11 gold, 11 silver and 9 bronze. But, if they do well at the games the athletes can make some serious money. However, as stated by US Olympic rower Megan Musnicki, her total stipend amounts to a meagre $2000 a month and for athletes competing in less mainstream sports such as fencing it can often drop to as low as $300 a month. Of course, athletes only win medals once every four years. Medallists get the most out of this, with training worth between 37,000 and 57,000 being provided. But a third-place finish would have guaranteed him a lot more money, he said. Australia, however, offers far less Olympic medal prize money relative to other nations. If you buy through our links, we may earn a commission. The government of tiny Kosovo is paying 100,000 euros to gold medalists, 60,000 to silver medalists and 40,000 to bronze medalists, with two Olympic champions (judokas Nora Gjakova and Distria Krasniqi) in Tokyo already. Though U.S. athletes aren't paid just for competing, Team USA does issue financial rewards for medaling. The New York Times previously reported that Team USA . For example, snowboarder Chloe Kim signed with Nike, meaning she can appear on their advertisements. Aaron: For me, when I get prize money, I have to immediately disburse that to bills and savings, and also I have to think about, I can't lose, or I can't come in a certain place because I have to make a certain amount of money to either break even or to gain a profit. Must be nice to never have to load up your transit card again, although he could afford to after collecting his gold medal ransom. The synchronized swimmer landed a part-time job at Dick's Sporting Goods, which hires Olympians and Olympic hopefuls as part of its Contenders program. The cyclist just missed out on a medal in the women's road race, but Abbott can also show off her skills as a certified yoga instructor. Runner Brandon Hudgins has lived on $15,000 to $18,000 a year since 2011. Few feats in sports earn athletes as much glory and respect as winning an Olympic medal. And that's the amount an athlete earns for each medalso let's say you. Do Olympic athletes get paid? Several have actually gone into debt competing in the Olympicslike former UFC star Ronda Rousey, who became homeless a few months after winning a judo bronze medal in the 2008 Beijing Games. Most Team USA athletes are not represented by sports agents and some have no sponsors or endorsements at all, according to a Forbes report. The IOC has recently eased Rule 40, which prohibited athletes from making money off their image rights before, during, and after the Olympics. As only half of U.S. track athletes bring in more than $15,000 a year from their sport , Business Insider reports, there are other ways . We pay to our very top athletes around $4,000 a month, plus performance bonuses. However, if an athlete earns a medal, there is a medal bonus attached to it. And like other countries including. The actor and model appeared in Beyonce's "Run The World (Girls)" music video. Narrator: They also have a long list of expenses to train for their sport. Sign up for free newsletters and get more CNBC delivered to your inbox. The self-proclaimed "Shot Diva" just became the first American woman to win shot put at the Olympics, and set a new national record. Not how to swingI forgot how to play golf. Soccer star Son Heung-min got an exemption, too, after the South Korean national soccer team won the gold medal at the 2018 Asian Games. Some of that money is provided for annual athlete training and stipends. And in 2020, the USOPC launched the Athlete Marketing Project, which better connects athletes with sponsors.