Did you know chess players can afford a lavish lifestyle with six-figure incomes? Though it varies from player to player, some professional players live a good life. And talking about the grandmasters of chess, they live a grand life!

So, how much do chess players make?

To start with, Magnus Carlsen is worth a net worth of $25-$30 million. This earning is a total of his winnings and other chess ventures worldwide. Another chess grandmaster, Vishwanathan Anand, has a $15 million cost from his successful chess career.

Thus, you see, earnings acquired from the game have no limit!

Who is the Richest Chess Player?

Chess is not similar to any other popular sport in terms of earnings. I mean that you will not earn crazily, but you will surely earn to live lavishly, if not extravagantly.

So, guess the richest chess player? (drum rolls!) Hikaru Nakamura, ladies and gentlemen!

Hikaru Nakamura is the wealthiest chess player currently conquering the throne, worth $50 million. Hikaru Nakamura’s earnings are not solely dependent on the game of chess but also on the books that he writes about the game.

How Much do Chess Players Make? (On an Average)

The average earnings of a chess player is on and off $3500 per month. If you also profess as a chess coach, your earnings will increase to $4800.

If you plan on becoming a chess coach and are determined to coach online, then per hour, you can estimate a fortune of $25-$50, which is pretty decent enough. The earnings of a chess player will depend upon what else you do besides playing chess. You can coach young chess players, write books on playing chess like a pro, and do other such activities.

Worry not; we will discuss these in detail in the upcoming section.

But you have to bear in mind that the earnings of chess are an estimate of the average figure, which we just based our discussion on. Still, the actual earnings will be influenced by your skills, ranking in the market, your reputation as a chess player, and other such entrepreneurial activities that you might venture into once you become a pro chess player.

11 Ways on How Chess Players Earn Money

Now let us know how the chess players earn money to afford a good lifestyle. They are playing more than chess in life! Let’s find out!

1. Playing for the Clubs

Playing for clubs is one of the sources of income that the chess grandmasters rely on. The chess players who are determined to be chess grandmasters someday will enter some clubs to play chess.

You will see many elite chess grandmasters playing for their favorite clubs. Playing for these clubs will fetch the chess players a handsome sum, between $5,000 and $20,000, for playing from a club.

2. Charging Appearance Fees

This suits elite grandmasters paid to appear in a chess tournament or play. This will come once you have recognition and a reputation for your chess skills. Magnus Carlsen and Garry Kasparov are chess champions who charge for their unique appearance.

3. Get Scholarships and Stipends for Pursuing a Career in Chess

Worry not if you are a chess player and want support from your school or college. A system of scholarships is given to chess players from schools and colleges, which will help them pursue their careers in this game.

You must delve into this game and become a remarkable chess player to get this facility.

4. Sponsor

Do you know of any companies that have invested in professional chess players? To get these companies to recognize you, you must only prove your chess skill set and presentable appearance to them.

5. Performances

Chess players can also play in the stimulus, exhibitions, and other such events where they will be awarded cash prizes if they win and prove themselves pro.

6. Writing Literature

Once they become pros, chess grandmasters start writing their books and literature. They drafted their newspaper column and a renowned author for their book, which discusses chess and how to play chess like a pro.

In those, the chess grandmaster elaborately speaks about their journey in the chess world. The chess grandmaster elaborates on how they learned, their inspiration, and how many medals they have won.

You can also purchase their books to learn tricks and tips on becoming a pro at this game.

7. Doing Organization Work

One can be an Arbiter or any tournament director once they have mastered the game of chess and have accurate proficiency. FIDE has also released the payment charts, which show the earnings of the judges and other such officials.

8. Become a Chess Coach

You are not required to be a star player to become a chess coach, nor must you win many medals to be a professor in this area. Coaching for chess players is quite popular nowadays.

You can even give online classes to young chess players. If you are a chess grandmaster, this will be pretty convenient!

9. Be a Chess Second

Did you know being a chess second is a thing? You can assist the young and eminent players in playing random matches and criticize their opponent’s weaknesses to help them play well.

10. Chess Merchandise Seller

Once you know the game well, you will see the equipment that helps the chess players become grandmasters.

Many well-classified people worldwide look for chess games to play during their leisure; you can provide them with unique chess accessories that will suit them and, in return, will give you handsome bucks.

11. Be a Chess Hustler

Once you have confidence in your game, you can challenge people and make money. You will see a lot of chess hustlers at parks and clubs who challenge players and earn decent money as their winning prizes.

Key Takeaways

The best way to earn money by playing chess is when grandmasters sell their courses to young players online after much proficiency at their game. Suppose you want to do the same and want an approximation of your earnings. Then selling 1000 courses at $1000 per course pretty much makes a good amount!

There are other varied sources from which you can earn money by playing chess, such as tournament prizes, writing books, coaching, and other activities. But apart from earning money, playing chess as a passion also sounds intriguing.

One quote says, “Don’t do what you love; instead, invest in what you love.”

FAQs

1. How much money can be won in chess tournaments?

Ans. If you win a chess tournament, you can win up to $750,000, while the runner-up can win up to $500,000 for their sole participation.

2. How does a chess grandmaster earn?

Ans. A chess grandmaster can earn coaching, write books, and make money by selling their courses. The chess grandmaster can also make special appearances in tournaments and thus can get paid.

3. Which is the wealthiest chess tournament?

Ans. Champions Chess Tour is the wealthiest chess tournament.

Last Updated on February 23, 2024 by Priya