Celebrity news, beauty, fashion advice, and fascinating features, delivered straight to your inbox!
Thank you for signing up to . You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
Olympic champions (opens in new tab) obviously earn multi-million-dollar endorsement deals. Michael Phelps (opens in new tab) apparently received $5 million (opens in new tab) for his Under Armour deal, and we bet Simone Biles (opens in new tab) made a pretty penny for that Tide Pods commercial. But, you may not realize, the earnings don't stop there.
Besides chewing on their medals (opens in new tab) and accepting those weird statues (opens in new tab), top athletes usually earn prize money from their country's Olympic committee. For the United States, gold, silver and bronze earn $25,000, $15,000 and $10,000 respectively. That means Phelps will earn $140,000 in Rio alone and a whopping $650,000 across all five of his games appearances.
How much prize money do athletes win for a gold medal? #Rio2016 #Olympics pic.twitter.com/itfnq8b8z6August 11, 2016
The USOC's "Operation Gold" has written out big checks since the 1994 Winter Olympics (opens in new tab) to incentivize dominant performances and help pay off training expenses. The funds all come from private donors, not tax dollars, although Uncle Sam does take a percentage of the winnings. Some athletes also receive money from their respective sports' organizations, like USA Swimming. As for team events like soccer or basketball, each member gets their own bonus versus splitting the pie.
But what about amateur athletes like Katie Ledecky? The NCAA made an exception (opens in new tab) for the Olympics in its strict eligibility rules. She'll enter Stanford as a freshman this fall with six medals and $115,000 in the bank, minus the "victory tax" (opens in new tab) of course. The Maryland native doesn't top Singapore's Joseph Schooling (opens in new tab), though. The University of Texas student earned almost $750,000 for his upset over Michael Phelps and the country's first-ever gold medal.
DYK? College athletes at #Rio2016 may accept prize money from their country's #Olympics governing body. Learn more: https://t.co/UPrRGmnjNTAugust 8, 2016
So the next time you wonder what's motivating these incredible athletes, remember, it's a little more than just bragging rights.
Follow Marie Claire on Facebook (opens in new tab) for the latest celeb news, beauty tips, fascinating reads, livestream video, and more.
-
Prince Andrew Still Receiving Taxpayer-Funded Police Protection
Protecting the Duke of York doesn't come cheap.
By Alicia Lutes
-
Don't Insult Queen Elizabeth's Corgis
A family member said they "should be shot" and QEII had something to say about it.
By Alicia Lutes
-
How to Treat Hormonal Acne: A Dermatologist’s Guide
Peace out, PMS pimples.
By Samantha Holender
-
Who is Athing Mu, the 800-Meter Olympic Star?
She likes Grey's Anatomy AND might win gold!
By Megan DiTrolio
-
What Does "ROC" Mean at the Tokyo Olympics?
It's a temporary workaround in the aftermath of Russia's massive doping scandal.
By Katherine J Igoe
-
Team USA Fencers Wore Pink Masks to Protest Their Teammate Accused of Sexual Assault
Alen Hadzic made it to the Olympics in spite of allegations of sexual misconduct, but his teammates found a way to protest the decision in plain sight.
By Jenny Hollander
-
What Makes an Olympic Moment?
In the past it meant overcoming struggle...and winning. But why must athletes suffer to be inspiring?
By Megan DiTrolio
-
Who Is Sunisa "Suni" Lee, the Olympic Gymnast on the Cusp of Becoming a Household Name?
She scooped up gold at the Tokyo all-around competition.
By Katherine J Igoe
-
Adria Biles, Simone Biles' Sister, Is a Former Gymnast and Simone's Biggest Fan
Simone Biles' little sister, Adria Biles, is a fellow gymnast, a Simone lookalike, and a fierce champion of her famous sister.
By Katherine J Igoe
-
16 Simone Biles Quotes to Forever Be Inspired By
"I have to do what’s right for me and focus on my mental health and not jeopardize my health and well-being."
By Katherine J Igoe
-
Elite Track, Are You Okay?
Numerous women track and field athletes have been disqualified for breaking the rules. It might be time for some new rules.
By Megan DiTrolio