Today, chess is considered one of the premium inter-continental sports. Thus, the question arises “Do chess players or how much do chess grandmasters make out of playing chess?”
According to the International Chess Federation (FIDE), a chess player having an elo of more than 2600 is considered a Chess Grandmaster.
Chess is a game of romantic aggression of strategy. From the ancient times of India (Bharat) to modern Europe, the game become internationally recognised.
In this modern era, many prominent chess tournaments are held each year. Throughout different eras, chess became an ideological symbol of professionalism and the brainiac dignity of upper-class society in Europe.
But slowly when post-Europeans learned about equality and democratic politics, the chess game was considered as a local to international sport. As a result in modern times, the FIDE leading the chess world and setting a point-based rule system. To provide equal chances, to all chess players around the world.
Well, chess became a profession as well as a means of earning for a lot of chess players and grandmasters. Thus, this article will talk about “how much do chess grandmasters make out of chess”. so stay tuned.
1. Who is A Chess Grandmaster?
A title given by The International Chess Federation ( FIDE) to the winner of the World Chess Tournament. However, the title is dependent on the Elo rating or performance rating.
The FIDE charter (1 March 2020) stated that under clause (B) of the Permanent Commission/01. International Title Regulation/ 1.1 FIDE title regulation;
Under section 1.5/ 1.5.3.; It regulated that;
- GM >/= 2500
- IM >/= 2400
- WGM >/= 2300
- WIM >/= 2200
One can check this by visiting the official site of FIDE. Furthermore, there are other several types of titles officially mentioned. For instance; CM (Candidate Master) required an Elo of 2200, and FM (FIDE Master) had an organizational title, which required an Elo of 2300.
As goes for women CM required an Elo of 2000, and FM required an Elo of 2100. According to FIDE.
2. How Much Do Chess Grandmasters Make Out of Playing Chess?
Many find this an interesting topic or an opportunity to start a career out of chess. This question (How much do chess grandmasters make?) is also a main concern for beginner chess players.
However, the reality is that there is no salary-based income. The line of earning through chess is more based on freelancing, tournament price or even through funding.
Well, there is no accurate basis or a handbook to tell what should be the income of a Grand Master. Just like other sports, the salary of a chess player is also based on the world ranking and experience.
An average estimation can be made that chess grandmasters earn a range between $2000-$4000 per month. A chess player gets more opportunities after becoming a Grandmaster to earn via marketing himself and his game.
A Grandmaster can also run an academy or, can get prized money from the government of the country from where the player belongs. Grandmasters can also earn money from sponsors and advertisements. Even from coaching, Grandmasters can earn money.
3. How can Chess Players Start their Earning?
This section will talk about the possible options and opportunities when chess players become a grandmaster and what are the earning options available in the 21st century.
3.1. Chess Coaches
After winning tournaments or chess events and becoming a chess grandmaster, recognised by an independent world organisation, this will be the perfect opportunity to start a career as a chess coach.
Well, it does not matter whether one becomes a chess grandmaster but it sure the person earns a position in the community to teach chess to others.
However, the earning depends on the respective location or country of the chess player. Reports suggest that the chess industry will grow at a CAGR rate of 4% from 2017 to 2030.
Which in the USA is worth 1.o2 billion in 2017 and it will grow even bigger by 2030. According to the Data Intelo.
3.2. Writing Books
An accomplished chess GM can also write books about basic chess to advance chess. The author (GM) can write about the rules of the game, experience, and biography.
But the most interesting thing would be the experience shared with the other GMs while playing chess. After retiring or not a GM can earn revenue by writing Chess books. Also could be a second profession for a chess GM.
3.3. Creating Streaming Channels or Websites
In the 21st century, not only GMs but Beginner Chess players also earn money by creating their stream channels. For instance, YouTube, twitch, and Discord provide these talented players to earn money and fame.
These platforms became An exceptional source of income. World champion GMs such as Hikaru Nakamura, Magnus Carlson, etc., are growing their community across the globe.
Thus, digital platforms come as a backup career for living even after retirement. The websites are also a good source of income for writing blogs or creating content to teach chess.
4. What are the Factors Responsible For the Growth of Chess?
The factor responsible for the growth of chess according to data Intelo are; the Popularity of chess, which makes it a worldwide sport. This involves problem-solving, puzzle, and retention skills.
The other factor is chess can be a community game or even it can be a recreational game, which provides a socially challenging community.
This is also been used as a cognitive enhancing game which can help to improve mental capacity. The game is also used as a team power or corporate training method.
The primary factor is for championship tournaments for the GM title. This game is an ancient game in the past 800 years, the game has been recognized as the best indoor game in the world.
The last factor is that chess has been used as an online content tool, for instance on YouTube, Discords, etc. Also with the latest technologies chess become more accessible to chess lovers all around the globe and can create a wider audience.
5. Richest Grandmasters in the Chess Game
Chess is a fun indoor sport, NO DOUBT. But still, there is doubt about the income, and the future, For those who still doubt the fortunes of this contest, Well, this section is the solution.
5.1. Hikaru Nakamura
One of the living legends of Chess, Hikaru Nakamura is the richest chess player in the chess industry with at least fifty to fifty million dollars in net worth. Apart from prize money, Hikaru also gets paid by the USA for representing.
He has a few different business sets up. He has online streaming platforms. He also has his book which keeps increasing his net worth.
5.2. Magnus Carlsen
Magnus Carlsen, the young sensation from Norwegian is the fastest grower in terms of money in the chess industry. He earns more than a million per annum only through sponsors, apart from match prizes.
He also has his app named ‘Play Magnus’ merged with chess24.com and became the world’s biggest online chess platform.
5.3. Fabiano Caruana
Fabiano Caruana is one of the richest GMs in chess, For winning silver in World Championship in 2018, he earned more than half a million. In two years, he earned more than a million only through match prize money.
Apart from match prize money, the rest of his earnings come from streaming, Sponsorships, Clubs, and Coaching Centres. Which makes him the third-richest chess Grand Master in chess business.
6. Top 8 Chess Tournaments in the World
Chess is the oldest sport in the sports universe. Like any other sport, the Chess Federation, (FIDE) organise big tournaments with big rewards where the world’s top chess players compete. Here are the top ten Chess tournaments in the world.
6.1. Candidates Tournament
The most prestigious tournament in the whole world, The winners of the top chess tournament qualify to participate in the Candidates Tournament.
The top eight players get the chance to compete for the world champion title. In short, the Candidates Tournament is the tournament for the World Championship Throne.
6.2. FIDE Grand Prix
The FIDE Grand Prix is a three-series tournament. Twenty-four qualified players participate in the Grand Prix, and in three tournaments 16 players participate.
The winner and the runner-up can compete for the world champion Grandmaster title in the Candidate Tournament. The Winner of the 2022 Fide Grand Prix Tournament is Hikaru Nakamura.
6.3. World Chess Championship
The WCC, also known as FWC (FIDE World Cup), is driven by the international chess organisation FIDE. Every 2 to 3 years FIDE organized WCC.
The WCC use several styles of a competition setting. For instance, in 2021, FIDE used a format of “bye” means shifting to the next round without playing the opponent.
However, the format used in the first round and from the second round uses the previous setting. The biennial system used where competitors consisted of 128 players from 2005 to 2019.
Which was a single elimination round. And a knockout format which was used from 2000 to 2001, a multi-elimination round.
6.4. Tata Steel India Chess Tournament
This is another prestigious tournament organized by the TATA groups. This tournament was taken over from the Corus Chess Tournament in 2007. Many prestigious players have participated in this tournament. For instance from winner Max Euwe to Magnus Carlsen.
However one will find it interesting the famous Bobby Fischer didn’t win the championship. The famous WCC Grandmaster Anand holds a record of consecutive 70 wins from 1998 to 2004 and has won 5 times.
6.5. World Blitz Chess Championship
Like its name BIitz, It takes only five minutes to face another competitor. It is the fastest format of WCC. WBCC comes with an explosion of four hundred thousand dollar reward money.
The WBCC is organized at the last of every year. Magnus Carlson Is the six-time Reigning WBC Champion.
6.6. Chess Olympiad Cup
It is a biennial chess tournament, where teams represent the nations. FIDE organized this tournament for talented youngsters. The official Chess Olympiad was organized in 1927 by FIDE in London.
The Chess Olympiad used to be organized annually occasionally and not regularly until World War two, Since 1950 Chess Olympiad has been organized every two years.
6.7. American Chess Cup
This tournament was organized in 2022, with a huge cash prize of three hundred thousand. It is a double-elimination tournament. American Cup has a dense history of the St. Louis Chess Club.
6.8. Sinquefeild Chess Cup
This is a local-based but internationally-recognized chess tournament. Which is run by the club “St. Louis Chess Club”. To show respect for a couple. This American-based chess club organized many memorial chess tournaments from 2013 to 2022.
Conclusion
The question was how much do chess grandmasters make money? Thus, it can be said that chess is based on what is called “flowing passion”. If one has enough passion for chess then they should follow it wholeheartedly.
If one studies the background of all chess official chess grandmasters then there is one thing that will be common which is passion for chess.
Playing chess is showing off your brain muscles, it makes one nerd but a very cool one. Those who just want to follow chess passionately, then they worry less about earning.
One can only estimate “How much do chess grandmasters make?” Although it can be estimated that chess grandmasters earn money playing chess from different sources for instance sponsors, online platforms, etc.
Grandmasters like Magnus Carlsen or Hikaru Nakamura run their chess community and YouTube channels with multiple collaborations with other YouTube creators.
The thing is when one follows a respective passion wholeheartedly, actually, the person earns more than just winning the grandmasters title.
One can say that elite grandmasters earn more from teaching chess. The industry of chess will be turned into a wealthier multi-billion dollar industry until 2030. Professional chess is something which mesmerizes audiences of any age group.
Thus, one may need to learn the basic steps, so if one is interested in chess learn the first hot shot move called the Scholar’s Mate to start a chess career. However, many chess players think that reaching to grandmaster title is the end, or maybe the beginning.
Last Updated on February 29, 2024 by Anuja.V
