"While it might feel safe to assume Olympic athletes rake in the dough much like other celebrities and public figures, the reality is that many of them hold onto several jobs just to make ends meet. The athletes who represent the $2 billion global spectacle often take home at most tens of thousands of dollars, and many earn nothing directly from competing."
"Plus, training for the Olympics can range from tens of thousands of dollars a year to more than $100,000 for some sports. Annual training costs in sports like skiing and skating can run as high as five or even six figures once flights to competitions, equipment, ice time, coaching, physical therapy, and insurance are factored in."
"And the International Olympic Committee does not pay athletes to compete: Athletes only go home with money from their country, which varies widely depending on their home country and the medal they receive. For example, a gold medalist in Singapore can expect to take home nearly $750,000, but one from the U.S. only banks $38,000, according to the National Olympic Committee and other local reports analyzed by CNBCin 2024. Those figures also don't account for taxes and other fees, which further reduce athletes' earning potential."
Many Olympic athletes earn little or no direct income and often maintain other jobs. Training can cost tens of thousands to over $100,000 annually; skiing and skating can reach five- or six-figure totals once travel, equipment, ice time, coaching, therapy, and insurance are included. The IOC does not pay athletes; payments come from national Olympic committees and vary widely by country and medal. For example, a Singapore gold can be nearly $750,000 versus about $38,000 for a U.S. gold. Taxes and fees reduce earnings. A $100 million gift will fund $200,000 per U.S. Olympian, paid under delayed and posthumous rules.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]