Beyond the gold: What pro athletes really earn
From podium to paycheck, here’s how much the world’s elite sporting stars actually make.
4 min read
Behind the speed, strength, and spectacle of the 2024 Paris Olympic Games hides an often overlooked detail of the athletes’ lives: their earnings. From prize money to endorsements, the economic landscape for athletes across major European cities is complex and full of challenges reflecting the harsh reality behind their pursuit of Olympic glory.When you think of professional athletes, you might picture mega-stars raking in millions, or cashing out massive paychecks. But the truth is, life for Olympic athletes isn’t nearly as glamorous.Unlike football legends or boxing champs, Olympians don’t receive financial funding from the International Olympic Committee when they compete. Many athletes have to dip into their pockets or find sponsors to get on the floor. A recent survey of nearly 500 top-tier athletes worldwide found some pretty sobering stats: 58% of pro athletes don’t feel financially stable. And most of them aren’t getting enough financial support from big sports organizations either. It’s not just a few athletes feeling the pinch — it’s the majority.While the International Olympic Committee (IOC) doesn’t pay athletes directly for competing in the games, the rewards for those on the podium vary dramatically from country to country. For example, while Singapore pays its gold medalists an eye-watering $737,000 for claiming the top place on the podium, New Zealand, Norway, and Sweden don’t offer their prize winners any cash rewards.The UK also stands out by not paying its medalists directly. Still, it offers its athletes up to £60,000 (roughly $76k) annually in comprehensive support and services, ranging from training to medical services, funded by National Lottery and Exchequer income. However, in the United States, champion athletes are awarded $37,000 for gold, $22,500 for silver, and $15,000 for bronze, but they receive zero government funding for either themselves or their sports bodies. Yet, some countries reward their medalists slightly differently. Austria provides a unique reward, giving gold medalists Philharmonic coins valued at approximately €17,000. On the more lavish side, Russia not only offers $61,000 for gold, $38,000 for silver, and $26,000 for bronze but also sweetens the pot for its medalists with luxury cars and high-end apartments, continuing a tradition that dates back to the Soviet era.
Starting in 2024, World Athletics is taking a bold step by awarding cash prizes for Olympic gold medals, signaling a shift towards direct monetary rewards. Each gold medalist in track and field at the Paris 2024 Olympics will receive $50,000 US. This is a groundbreaking move, as traditionally, athletes have not been paid directly for their performances, relying instead on endorsements and sponsorships.Following the announcement on April 11, 2024, some have expressed concerns that this could shift the focus from celebrating athletic excellence to prioritizing monetary gains. Likewise, critics from the Association of Summer Olympic International Federations (ASOIF) argue that the essence of the Games could be compromised, as the monetary value might overshadow the traditional values of sportsmanship and international unity. Yet, despite the mixed reactions, World Athletics, led by President Sebastian Coe, stands by their decision, aiming to reward athletes for their hard work and success directly. The financial reality is stark for most athletes, especially those who aren’t at the very top. Surveys by the Track & Field Athletes Association and the USATF Foundation have revealed some sobering statistics: over 50% of athletes ranked in the world’s top 10 earn less than $15,000 annually from their sport. Track and field athletes often find themselves in a situation more akin to aspiring actors or musicians than to UEFA or Wimbledon stars. They chase dreams more than paychecks, embodying a passion for their sport that far outweighs their financial gain. As a result, the financial outlook requires caution for those entering the Olympics, particularly newcomers who are unlikely to medal. These athletes often need alternative income streams, as significant payouts and sponsorships are rare and usually reserved for the top performers.Additionally, given the brief career span of most professional athletes, financial planning is crucial. The average athletic career is much shorter than traditional careers, often spanning less than five years. This short earnings window, coupled with the focus required to compete at high levels, means that athletes must manage their finances with an eye toward long-term security. Planning for the unexpected, such as injuries or sudden career changes, is essential, underscoring the need for a robust financial strategy that extends beyond the athlete’s competitive years.
N26 offers a simplified and stress-free way of managing your money and plan for the future. With Spaces, you can create multiple savings goals, making it easier to reach your financial targets. Plus, thanks to instant push notifications each time money enters or leaves your account, staying up-to-date with your finances has never been simpler. You’ll also gain a deep understanding of your spending habits with Insights and get a monthly snapshot of your financial health with your Monthly Wrap-Up. Find the right account for you.
The balancing act of financial stability
A wildly varying payout for winning an Olympic medal
Paris 2024 introduces unprecedented cash rewards
The financial reality many Olympians face
Your money with N26
Find similar stories
BY N26Love your bank
Related Post
These might also interest you
Lifestyle
Unpacking financial fragility
Here’s how living paycheck to paycheck can take a toll on your financial peace of mind.
5 min read
Lifestyle
Why you’ll want to get a head start on your winter finances
From refreshing your wardrobe to knowing when to spend and when to save, here’s how to make this upcoming winter the most financially stress-free yet.
4 min read
Lifestyle
We need to talk about the pension gap
Ensuring your golden years are truly golden means not letting the pension gap derail your retirement.
5 min read