How Much Money Do Chess Players Make? (And How to Make More)

Chess is a complex and intellectually demanding pursuit that requires years of practice, patience, and perseverance. From amateur enthusiasts to seasoned professionals, players invest a tremendous amount of time and effort in mastering the game and competing at the highest level. 

But does their dedication translate into a comfortable living? How much money do chess players make?

Most chess players make little money, less than $2500 per month, but there are some players that can make up to $100k. The amount of money chess players make varies greatly, depending on the player’s skill and whether they’re getting money from tournaments or other chess-related activities.

Keep reading to learn more about how much money chess players make money and the different ways they can make money.

Are Chess Players Well-Paid?

When considering the earnings of chess players, it’s easy to assume that the average player enjoys substantial paychecks, given the success of renowned figures like Hikaru Nakamura, Boris Gelfand, and Vladimir Kramnik. These grandmasters have indeed amassed significant fortunes through chess.

However, the realm of high earnings primarily revolves around the top 50 players globally. This elite group, making over $100k annually, benefits from prize money, sponsorships, and appearance fees.

How Much Money Do Chess Players Make?

Just like athletes in any other sport, chess players span a range of skill levels. So, the money a player makes in chess depends on their mastery of the game and their engagement in lucrative other chess-related pursuits, such as coaching or online streaming.

While some players may earn less than $2500 per month, others can secure up to $100k from a single game. Regrettably, the majority of chess players do not reach such heights. 

How Much Do Professional Chess Players Make?

Professional chess players earn a yearly income that typically ranges from $20k to $30k. They achieve this by actively participating in numerous tournaments and providing coaching services, charging around $25 to $50 per hour for lessons—a decent source of income for many players.

How Much Do Chess Grandmasters Make?

There are three distinct ranks of grandmasters: the strong grandmaster, the elite grandmaster, and the top players. Each of these categories corresponds to a different level of income, with higher ranks translating to more money.

Strong grandmasters typically earn an annual income ranging from $50k to $100k, which enables them to sustain themselves financially. These grandmasters consistently secure high rankings, often placing within the top 5. Additionally, they might engage in occasional coaching and receive invitations to prominent club league games and closed tournaments.

On the other hand, elite grandmasters primarily rely on tournament participation to maintain a comfortable livelihood. They frequently command earnings exceeding $100k per game, predominantly competing in exclusive events known as grandmaster tournaments or super tournaments. It is worth noting that most of these grandmasters do not frequently coach aspiring players.

The apex of the hierarchy consists of the top players, a select group comprising 15 members who enjoy exceptional privileges. These individuals have the potential to accumulate close to $1 million annually, if not more, solely from tournament winnings.  Furthermore, they receive prestigious invitations to renowned tournaments worldwide and can amass substantial sums of several hundred thousand dollars through appearance fees alone.

Why Aren’t Chess Players That Well-Paid?

Many people often wonder why athletes in popular sports rake in millions of dollars while only a handful of chess players can reach such financial heights. Considering the hard work they put into their game, it might even feel unfair to many that chess players don’t earn as much money as athletes in other sports.

Different opinions exist regarding modest earnings in chess. Some believe that pouring big money into chess would spoil the purity of this noble sport, potentially attracting opportunistic players solely driven by greed.

Another reason is that the lion’s share of the winnings goes to the tournament winner, leaving the remaining prizes nowhere near as substantial. This makes it tough for most chess players to earn a decent income from this challenging pursuit.

Furthermore, making a living solely from chess is no easy feat unless you’re a grandmaster. Of course, many players dream of becoming grandmasters, but achieving that status demands plenty of practice and unwavering commitment.

Can Chess Players Make a Living Out of Chess?

The majority of chess players cannot rely solely on tournament earnings to make a living, especially beginners. 

Grandmaster players have the best shot at earning a decent living from chess, as the top 50-100 grandmasters can make a living just from chess, while other professional players usually have different jobs or teach chess to make ends meet.

Who Is the Richest Chess Player in the World?

The richest chess player in the world is none other than Magnus Carlsen. 

Born in November 1990 in Tonsberg, Vestfold, Norway, he’s a super grandmaster and holds the prestigious title of being the number one chess player globally. Not only that, but Carlsen has also been the World Chess Champion for a staggering 8 years!

Carlsen’s achievements are remarkable. With a peak rating of 2882, he holds the record for the highest rating in chess history. He became a grandmaster at just 13 years old, making him one of the youngest grandmasters ever. In 2013, he claimed the title of world chess champion and astonishingly held onto it for 7 years straight.

How Much Money Does Magnus Carlsen Make?

Now, let’s talk money. Magnus is not just rich in skill but also in wealth, as he makes up to $1 million annually from sponsorships alone. Take the G-Star Raw clothing company, for instance, which paid Carlsen a cool $250,000 for their sponsorship collaboration. He is also prominent in various marketing campaigns for large brands.

But that’s not all. Carlsen is a frequent champion in various chess competitions, earning him approximately $750,000 yearly just from tournament winnings. He even clinched victory in the richest online chess tournament ever, pocketing a handsome sum of $70,000.

What Is Magnus Carlsen’s Net Worth?

As of 2022, this Norwegian chess grandmaster and World Champion boasts a net worth of $15 million. And who knows, he might have other undisclosed assets up his sleeve. However, it’s important to note that Carlsen’s fame isn’t solely due to his wealth. He earned his renowned status through his exceptional skills and talent as a professional grandmaster chess player.

Who Is the Richest Chess Player in History?

Now who holds the title of the richest chess player ever? It’s none other than Hikaru Nakamura, with an estimated net worth of  $50 million! But here’s the surprising twist: Nakamura didn’t amass this fortune solely from playing chess.

Believe it or not, Nakamura made most of his money through online streaming. It all started during the pandemic’s early days when he started streaming on social media platforms like YouTube and Twitch. With around 1.3 million subscribers on each platform, his online streaming escapades skyrocketed him to the top.

It’s his dedication to online streaming that secured his spot as the richest chess player in history. And that’s not all! Nakamura rakes in a handsome income from endorsements, too, including sponsorships and TV show cameos.

Nakamura’s chess journey started as a child prodigy. He was dominating competitions as young as six and smashing records by the time he hit double digits.

In fact, he was so driven that he bid farewell to traditional schooling at the tender age of nine to focus on mastering chess fully. And get this, at the age of just fifteen, Nakamura even defeated the legendary chess player Bobby Fischer. Now that’s a remarkable feat!

How Do Chess Players Make Money?

Chess players often rely on various avenues to make money beyond just playing the game. Let’s explore some of these options.

1. Playing at Clubs: Aspiring elite grandmasters often compete for clubs, earning anywhere between $5,000 and $20,000, depending on the chosen club. However, it’s not an easy task for professional players to secure positions in such clubs.
2. Sponsorships: Established professionals can land lucrative sponsorships, but it helps to have a strong personal brand. Companies typically prefer players who possess good looks and present themselves well. Once a sponsorship is established, players and companies agree on a monetary arrangement.
3. Coaching: Coaching is a common side gig for chess players. Certification isn’t always necessary, and many players now offer coaching services both online and in person. Hourly rates can range from $20 to $50 for professionals, while grandmasters and highly experienced players can charge upwards of $100.
4. Appearance Fees: Renowned grandmasters like Magnus Carlsen and Garry Kasparov can earn a substantial income through appearance fees at high-profile events. Their fame and achievements in chess make them attractive draws for organizers.
5. Selling Chess Merchandise: Though not as popular as in the past, some players sell chess-related items they possess, especially if they have unique heirlooms or collectibles. While not a reliable source of income for most players, it can still generate decent money based on the item’s value.
6. Online Streaming: In the digital age, many chess players turn to platforms like Twitch and YouTube to stream their gameplay, attracting viewers and potential income through online donations. While donations can be unpredictable, they can accumulate to a significant amount.

These are just a few examples of how chess players can make money. Professional and grandmaster players often find innovative ways to monetize their chess skills, while others may rely on unrelated jobs to earn a living.

I have a full guide with more than 20 ways to make money as a chess player here that you should definitely check out if you want to truly earn some cash from playing chess, and you don’t even need to be that good of a player to make good money using the methods we discuss there.

Do Chess Grandmasters Have Other Jobs?

The income from playing chess can be highly unpredictable, regardless of whether you’re a professional or a grandmaster. That’s precisely why many grandmasters take up additional jobs beyond playing chess.

Relying solely on chess games for income is often challenging for most grandmasters. The prize money in tournaments usually goes to the winner, and since victories cannot be guaranteed, a stable income is likewise uncertain.

To supplement their earnings, many grandmasters engage in coaching less experienced players. This not only provides a decent income but also helps them stay sharp and connected to the game.

What Careers Are Chess Players Good At?

Chess players possess skills and qualities that can translate well into various careers unrelated to chess. Some examples include:

1. Finance and Investment: Chess players’ analytical thinking, strategic planning, and ability to anticipate and mitigate risks make them well-suited for careers in finance, investment banking, or financial analysis.
2. Computer Programming and Software Development: Chess players’ logical reasoning, pattern recognition, and attention to detail can be valuable assets in programming and software development, where problem-solving and algorithmic thinking are essential.
3. Mathematics and Science: Chess involves calculations, pattern recognition, and logical deductions, skills that align with careers in mathematics, statistics, physics, or engineering.
4. Law and Legal Analysis: Chess players’ ability to analyze complex situations, consider multiple perspectives, and think strategically can be beneficial in legal careers, such as litigation, legal analysis, or intellectual property law.
5. Medicine and Healthcare: Chess players’ discipline, focus, and ability to think ahead can be advantageous in medical professions, where critical thinking, attention to detail, and decision-making under pressure are crucial.
6. Marketing and Advertising: Chess players’ understanding of strategy, competitive analysis, and the ability to think creatively can be applied in marketing and advertising roles, particularly in brand strategy, market research, or campaign planning.
7. Project Management: Chess players’ organizational skills, time management, and ability to plan and execute strategies can make them effective project managers in various industries, overseeing complex projects and coordinating team efforts.
8. Consulting: Chess players’ analytical thinking, problem-solving abilities, and strategic mindset can be valuable in consulting roles, providing advice and solutions to clients in fields such as management consulting, IT consulting, or business strategy.

Final Word

These are just a few examples of how chess players can make money, but the transferable skills you acquire through chess can be applied to a wide range of careers that require critical thinking, strategic planning, logical reasoning, and the ability to handle pressure.

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