"While it may 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 on to 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, the cost of 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:"
"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 CNBC in 2024. Those figures also don't account for taxes and other fees, which further reduce athletes' earning potential. That's typically one of the only ways Olympians take home money for their efforts, although every U.S. Olympian this year will get $200,000, whether they medal or not,"
Many Olympic athletes hold other jobs because direct competition often yields little or no pay while training costs can be very high. Annual training expenses for sports like skiing and skating can reach five or six figures when flights, equipment, ice time, coaching, physical therapy, and insurance are included. The International Olympic Committee does not pay competitors; payouts come from national programs and vary widely by country and medal level. Medal bonuses can be large in some countries but smaller in others and are reduced further by taxes and fees. A recent donor-funded US benefit will provide deferred payments to U.S. Olympians.
Read at Fortune
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