Olympic athletes lose $12,000 a year competing for the US. Now one billionaire is giving them $200,000 each to change that

A report commissioned by Congress on elite American athletes found they were, on average, worse off financially for having competed, paying about $12,000 per year after accounting for training expenses, travel and fees (1). Despite that reality, the U.S. government does not provide salaries to Olympic or Paralympic athletes.

Billionaire Ross Stevens aims to change what financial security means for athletes (2). Starting with the Milan Cortina Games in 2026, Stevens plans to give $200,000 to every U.S. Olympic and Paralympic athlete, regardless of whether they win a medal.

Stevens, the founder and CEO of Stone Ridge Holdings Group, committed $100 million to the United States Olympic & Paralympic Committee in 2025 to fund the initiative, marking the largest donation in the organization’s history (3).

“I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said in a statement (4).

Competing at the Olympic level

The U.S. Olympic system relies heavily on sponsorships, media deals and fundraising that reward athletic success. Unlike traditional careers, most Olympians do not receive employer-sponsored retirement plans, guaranteed income or benefits that extend beyond their competitive years.

That insecurity is not uncommon. In a survey of nearly 500 elite athletes across 48 countries, many preparing for this year’s Olympic Games, 58% said they do not consider themselves financially stable, according to an athletes’ rights group cited by the Associated Press (5).

The Stevens Financial Security Award is designed to help close that gap. Under the program, benefits are structured as follows (6):

• A $100,000 grant for every U.S. Olympian, paid out over four years and accessible 20 years after their qualifying Games or once they turn 45, whichever comes later
• A separate $100,000 life insurance benefit paid to a designated beneficiary
• Repeat benefits for each Olympic team an athlete makes, allowing multi-time Olympians to receive multiple six-figure awards
• Eligibility limited to athletes earning under $1 million annually, ensuring support is directed toward those without major professional salaries
• Funding secured through at least the 2032 Olympic Games, to continue beyond that

For many athletes, the lack of long-term financial security means building income streams outside their sport. Cody Schuiteboer, president and CEO of Best Interest Financial, said Olympic-level athletes often face structural disadvantages that most workers never encounter, including the absence of retirement accounts, health insurance or employer-matched 401(k) plans.

“They may earn up to $500,000 in prize money in a single Olympic cycle, but must go two years without significant income during training for the next cycle,” he told Moneywise.

American rugby player Ilona Maher, who went viral during both the Tokyo and Paris Olympics before her team won bronze this year, has said she invested heavily in growing a social media following in hopes it would help her “make sports a career (7).”

Others rely on flexible, hourly work to stay afloat. Boxer Morelle McCane said she worked a series of paid-by-the-hour jobs, including as a birthday party clown, day care supervisor and mailroom worker while training for the Games (8).

Even medalists often maintain traditional careers. Three-time Paris swimming medalist Nic Fink, shot put gold medalist Canyon Berry and rock climber Jesse Grupper all work as engineers outside of competition.

“If an athlete knows they are guaranteed $100,000 from Team USA, they can make sound decisions, build emergency reserves, and focus on training without the panic that survival expenses create,” Schuiteboer said.

Prize money isn’t a plan

Whether you’re bringing home bronze, silver or gold, athletes face a financial reality that looks nothing like a traditional paycheck. Some countries lavish their medalists (9).