Hidilyn Diaz of Team Philippines competes throughout the Weightlifting – Women’s 55kg Group A on day three of the 2020 Olympic Games at Tokyo International Forum on July 26, 2021 in Tokyo, Japan.
Chris Graythen | Getty Images
More than 600 U.S. athletes are competing on the Tokyo Olympics, and the United States has up to now gained 11 gold, 11 silver and 9 bronze.
The U.S. Olympic and Paralympic Committee rewards athletes $37,500 for each gold medal gained, $22,500 for silver and $15,000 for bronze. Most of that prize money is not taxable until athletes report gross earnings that exceeds $1 million.
U.S. athletes also receive other forms of support together with medical insurance, entry to top-tier medical services and school tuition help.
In comparability, Singapore rewards its gold medalists practically 20 occasions greater than the U.S. Players who clinch their first particular person gold medal for the city-state stand to obtain 1 million Singapore dollars ($737,000). The prize cash is taxable and awardees are required to return a portion of it to their nationwide sports activities associations for future coaching and growth.
The nation despatched solely 23 athletes to Tokyo.
The sporting economic system within the U.S. permits athletes to higher monetize their abilities as most of it’s pushed by the non-public sector, in keeping with Unmish Parthasarathi, founder and govt director at consulting agency Picture Board Partners.
In locations like Singapore, India and elsewhere, lots of the nationwide sporting initiatives are pushed by governments that generally use larger financial rewards to encourage a rising sporting tradition, he advised CNBC.
Athletes who win gold obtain 1 million ringgit ($236,149), whereas silver winners are awarded 300,000 ringgit, and 100,000 ringgit is given to athletes who win bronze. In greenback phrases, a Malaysian Olympic bronze winner will obtain the next efficiency reward than a gold winner from Australia or Canada.
Beyond receiving financial and non-monetary rewards from their international locations for successful medals, Olympians depend on different income streams for his or her sporting endeavors.
Athletes from greater, extra aggressive international locations receive stipends or training grants from their nationwide sports activities associations. Top performers gather prize cash by successful nationwide and worldwide tournaments. Others draw common wage by holding a variety of jobs.
Some, like U.S. badminton participant Zhang Beiwen, reportedly relied on crowdsourcing to finance their journey to Tokyo. Most Team USA athletes usually are not represented by sports activities brokers and a few don’t have any sponsors or endorsements in any respect, according to a Forbes report.
Naomi Osaka of Team Japan serves throughout her Women’s Singles Third Round match in opposition to Marketa Vondrousova of Team Czech Republic on day 4 of the Tokyo 2020 Olympic Games at Ariake Tennis Park on July 27, 2021 in Tokyo, Japan.
David Ramos | Getty Images
A handful of athletes might rating multimillion greenback endorsements or sponsorship offers, both earlier than competing on the Olympics or after reaching success within the Games. For instance, tennis star Naomi Osaka reportedly made $55 million from endorsements in 12 months, and was named the highest-paid feminine athlete ever, in keeping with reviews.
But scoring profitable offers is uncommon, and hardly the norm.
Parthasarathi identified that one worthwhile profession transfer for some athletes is to enter teaching after retirement as individuals are keen to pay a premium for former Olympians.
Disclosure: CNBC dad or mum NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games via 2032.