LeBron James is set to become the first self-made billionaire to compete in the Summer Games, a monumental achievement that raises questions about the earning potential of athletes in various sports. While the Paris Olympics will undoubtedly produce new heroes, it is unlikely to create many new millionaires. Olympic success can open doors for athletes, but it is often short-lived, and athletes must be strategic about capitalizing on their fame.
Even in popular Olympic sports such as gymnastics, swimming, and track and field, the financial rewards for athletes are limited. Many countries offer bonuses to medal winners, but the lack of major professional leagues and the four-year gap between Olympics mean that athletes have to be savvy in leveraging their success. Olympic champion Simone Biles earned less than $100,000 directly from gymnastics in 2023 but made $7 million from endorsements, showcasing the importance of off-the-field opportunities.
While there may not be many new millionaires created at the 2024 Summer Games, NBA players, professional golfers, and tennis stars dominate the list of highest-earning Olympians. NBA players like LeBron James and Giannis Antetokounmpo are among the top earners, with most basketball players making more money from their on-court salaries than endorsements. Tennis players like Iga Świątek, Coco Gauff, and Naomi Osaka also command hefty earnings from prize money and lucrative endorsement deals.
In the world of golf, players like Nelly Korda, Brooke Henderson, and Jin Young Ko are raking in millions both on and off the course. Jon Rahm made headlines for his record-breaking earnings, thanks to a lucrative deal with the LIV Golf tour. The USWNT may not have star players like Alex Morgan and Megan Rapinoe on their roster for the Paris Olympics, but rising talents like Alexis Putellas are commanding million-dollar salaries and endorsement deals.
Overall, the landscape of athlete earnings at the Paris Olympics highlights the importance of off-field opportunities for sustaining financial success. While Olympic success can bring fame and recognition, it is the endorsement deals, appearance fees, and sponsorship agreements that truly propel athletes to millionaire status. The stories of LeBron James, Simone Biles, and other top earners at the Summer Games serve as a testament to the diverse paths to financial success in the world of sports.
