Bolt’s earnings higher than budget for six gov’t ministries
Sprint king Usain Bolt is ranked No.23 on Forbes 2017 list of highest paid athletes. His earnings were estimated at US$34.2 million (approximately J$4.4 billion), which is more than the recurrent budget provided to six of the country’s government ministries.
Of the six ministries, the Ministry of Foreign Affairs and Foreign Trade comes closest with a recurrent budget of $4.1 billion. The Science Ministry was next with $3.3 billion, with the Sport Ministry, $3.09 billion and Labour Ministry, $3.04 billion following closely. The Transport Ministry’s recurrent budget is $2.7 billion while the Tourism Ministry logged $2.1 billion.
Bolt, who is from Sherwood Content in Trelawny, ran his last race on home soil this Saturday at the JN Racers Grand Prix at the National Stadium. He will retire from competition after the World Championships in London in August.
Bolt’s winnings are estimated at US$2.2 million (J$285.4 million), while his endorsements have been measured at US$32 million (J$4.15 billion).
Forbes’ earnings figures include all salaries and bonuses earned between June 1, 2016 and June 1, 2017. Forbes said that endorsement incomes are an estimate of sponsorship deals, appearance fees and licensing income for the 12 months through June 1 based on conversations with dozens of industry insiders.
Athletes from 11 sports make up the top 100, with Bolt being the only track and field star making the cut. Real Madrid star Cristiano Ronaldo and Cleveland Cavaliers’ LeBron James lead the list of Forbes‘ highest-paid athletes for 2017.
In the case of Bolt, who was the highest track and field earner, Forbes said that he is “a marketing juggernaut with more than a dozen sponsors.
“He added Mumm, XM, Kinder, Advil and Sprint to his endorsement portfolio over the last 12 months. His biggest deal is with Puma, which pays Bolt more than US$10 million annually. Bolt is an investor and performer in the new annual Nitro Athletics track and field series that launched in 2017,” Forbes said.
In 2014, Forbes ranked Bolt at No.45 and estimated his earnings at US$23.2 million (J$3 billion), and by 2016 he was ranked No.35 with an estimated earning of US$32.2 million (J$4.2 billion).