The Scoop Behind Chess Grandmaster Earnings

In our last post, we talked about how financial constraints add up to the hurdles that you may face in becoming a professional chess player. This is because most of the money in chess is concentrated at the top, and is shared among the Grandmasters, International Masters and National Masters. However, as a beginner when you are investing money in chess while taking lessons, traveling and entering tournaments, paying membership for chess clubs, etc., you might want to know how much these ‘Top Guns’ make to make sure your choice of choosing Chess as a career is worthwhile.

So How Much Do Chess Grandmasters Earn?

Unlike other popular sports, unfortunately Chess does not have much money even at highest of the levels, but it is not scant either. You might not be earning as much as Christiano Ronaldo, Tiger Woods or Mahendra Singh Dhoni, but Chess has its fair share of money to earn.

A successful chess player’s net worth in current world is not dependent on mere winnings from Chess Tournaments, but like any other sport a chess grandmaster’s income accumulates from multiple sources. Here are the top sources of Chess Grandmasters’ earnings:

Chess Tournament Prize Money:

Of course, the top source of income for a chess player at any level is his success in the sports. This also directly affects the other sources of income as a sportsman is as good as his winning streaks. World Chess Championship in recent years had offered over a million dollars of prize money. While other big tournaments like Norway Chess, Tata Steel Chess and Tal Memorial offer a large pool of prize money too. Millionaire Chess, which recently happened in all glamour of Las Vegas has also been a major step in commercialization of Chess.

Appearances at Major Chess Events:

As you start to become a big name in the sport, more and more Chess Tournament organizers will be willing to have you participate in their events, as big players attract big sponsors. Instead of paying an admission fee, you will be invited to play in the tournament with a handsome amount of money paid as the appearance money, including all traveling and accommodation expenses. Top chess grandmasters end up earning more in form of appearance money than the actual prize for winning the tournament.

Endorsements and Sponsorships for Chess Grandmasters:

Brand Endorsement is still a very alien concept in a world of chess unlike any other sport. Primary reason behind it could be that until not very long ago most of the biggest names in Chess used to belong to a socialistic background. Also, one of the biggest markets in the world, USA has not been very much interested in Chess after Bobby Fischer. However, things are getting better gradually as top chess players like Magnus Carlsen and Vishwanathan Anand currently boast multiple endorsements. Sergey Karjakin and Hikaru Nakamura are also among the youth who have grabbed the attention of the market.

Sponsorships, on the contrary is a very established concept in chess. Since the dawn of World Championship, Chess Grandmasters have found sponsors who have been voluntarily willing to invest money in the Chess Grandmasters and matches. Some countries like Russia, India and China also sponsor their players so they can play for their country without any hassle.

Teaching or Coaching other Chess Players:

This could be stated as the most stable source of income for Chess players and Grandmasters. In the US, a chess lesson from a GM can cost you anything between $30 and $500. Every budding player wants to be benefited from the nectar of the knowledge and experience the Grandmasters have amassed over the years, and thus, coaching/teaching other chess players certainly becomes a big source of income for Chess Grandmasters. A large number of European and Asian schools also include chess in their curriculum, creating job opportunities for the chess players.

Authoring Chess Books, Featuring in Promotional Content and Other Royalties:

Chess Books have existed and are popular among chess aficionados since 16th century, and with advent of new form of media, Chess coaches and authors have not been shy to expand their content in form of videos and other interactive medium, thus increasing their scope of earnings. Also, with chess movies like ‘From Russia with Love’ and ‘The Seventh Seal’, chess has also became a matter of interest in popular media and so have Chess personalities.

A fine example of that would be American IM, Joshua Waitzkin who has not only authored chess books but also enjoys royalties for being part of hit video game series ChessMaster, and having his early life portrayed in the movie, Searching for Bobby Fischer.

Other Jobs:

Countries like India also offer reserved Government Jobs under Sports Quota to their chess players for creating stable income opportunities. These jobs require specific achievements in field of Chess to become applicable. The salary of Chess Grandmasters under these jobs are not big, but prove to be sufficient to let them concentrate on their game without worrying too much about other aspects of life.

Top Earning Chess Players of the World:

Now, as you are familiar of how they earn, you are definitely are curious about HOW MUCH? So, here is a small list of top 5 highest earning Chess Grandmasters (4 men and 1 woman) in 2013–2014:

Magnus Carlsen, Norway: Estimated Earnings $2,200,000. Won Tata Steel Chess Tournaments, Sinquefield Cup and FIDE World Chess Championship Match. Total number of Endorsements: 6.

Vishwanathan Anand, India: Estimated Earnings $1,500,000. Won Grenke Chess Classic, Runner-up in FIDE World Chess Championship Match and Zurich Chess Challenge. Total number of Endorsements: 2.

Fabiano Caruana, Italy: Estimated Earnings $640,000. Won Zurich Chess Challenge, FIDE Grand Prix, Paris and King’s Tournament. Runner-up in Grenke Chess Classic.

Vladimir Kramnik, Russia: Estimated Earnings $600,000. Won World Cup, World Team Chess Championship. Runner-up in Dortmund, Candidates Chess and London Chess Classic.

Hou Yifan (WGM), China: Estimated Earnings $265,000. Won Women’s World Chess Championship, European Club Cup, CEZ Trophy Match vs. Navara.

Originally published at blog.velocitychess.com.