2024-07-10 14:10:02
Novak Djokovic has built a resume in tennis that stands above all others in the modern era with a trio of on-court records: 24 Grand Slam titles, 428 weeks ranked No. 1 and $182.5 million in career prize money.
But one crown Djokovic has relinquished: The world’s highest-paid tennis player.
Carlos Alcaraz earned an estimated $45 million over the last 12 months, $6 million more than Djokovic ($38.7 million), flipping their ranks among 2023’s top-earning athletes. The two tennis aces are a step above other stars in the sport for income from prize money, endorsements and appearance fees. Rounding out the top five are Jannik Sinner ($25.7 million), Coco Gauff ($25.6 million) and Iga Świątek ($25.2 million).
Sinner, Djokovic and Alcaraz currently sit atop the ATP rankings, as well as tennis’ financial hierarchy in reverse order.
In June, Alcaraz won his third Grand Slam at the French Open, just one month after his 21st birthday, and became the youngest man to collect major championships on three surfaces, including his 2022 U.S. Open and 2023 Wimbledon titles. The $2.6 million payday pushed him to ninth on the all-time career prize money list at $31.5 million—he earned $15 million during the last year, including $4.4 million from the ATP bonus pool
Alcaraz’s off-the-court game has been even stronger, as he’s been tabbed as tennis’ next-generation star to fill the eventual void of Roger Federer, Rafael Nadal and Djokovic. Alcaraz signed deals with LVMH, Rolex, BMW, Babolat, Calvin Klein and ISDIN sunscreen. The groundswell of interest in Alcaraz has carried over into his appearance fees where he can command seven figures for a tournament or exhibition, including his Netflix faceoff in March against Nadal.
His most lucrative sponsor is Nike, which redid its deal with Alcaraz in 2023 at a huge increase. Tennis apparel sponsorships are layered with bonuses for tournament performances and year-end rankings, and Alcaraz will earn more than $10 million annually from Nike, based on his current results.
Djokovic has won 98 career events, including at least four in 15 different years, but the 37-year-old Serb is still seeking his first win of 2024—he’s yet to even make a final. He still earned $12.7 million in prize money over the last 12 months, with $7 million of the tally from his wins at the ATP Finals and U.S. Open. As the lone active member of the Big Three for much of the past year, Djokovic can also command lucrative appearance fees that add to his sponsor haul, headlined by Lacoste as one of the richest apparel deals in the sport.
Gauff edged Świątek in 2023 to rank as the highest-paid female athlete, and the 20-year-old is still on top seven months later with two new deals in her endorsement stable. She signed a multiyear pact with L’Oreal to pitch its natural hair care brand Carol’s Daughter and added juice brand Naked, where she was named CSO, chief smoothie officer. The Naked deal includes an equity position, as Gauff looks to take more ownership positions in her partnerships.
New Balance remains her most significant deal. In 2022, the company redid Gauff’s contract and made it one of the biggest in the game with an extension that runs for more than five years.
Świątek had the highest prize money in tennis—male or female—during the first six months of 2024, an amount that was boosted by her fourth French Open win in five years. Yet, she lost in the third round at Wimbledon, continuing her struggles at the All England Club where she has just a single quarterfinal appearance. Still, the world’s top-ranked player has built a deep endorsement roster with On, Tecnifibre, Oshee, Porsche, Visa, Infosys, Lego and Lancome.
Naomi Osaka ($16.5 million) and Nadal ($13.2 million) have played limited matches this past year, with Nadal hampered by injuries and Osaka returning to the WTA Tour in 2024 after giving birth to her daughter Shai a year ago. The inactivity dented their Nike earnings, where contracts are tied to rankings and tournament results. Prize money also took a hit with a combined $752,000 for the year.
But the former Grand Slam champions retain lucrative deals beyond their apparel and racket contracts. Nadal still works with Kia, Santander, Telefonica, Infosys, Cantabria Labs, Louis Vuitton, Playtonic and Richard Mille. This year, he became an ambassador for Saudi Arabia’s tennis federation. Osaka brand partners include Louis Vuitton, TAG Heuer, Panasonic, Beats, Crate & Barrel, Hyperice, Morinaga and Bobbie baby formula. She recently joined ZICO Coconut Water as an investor and brand ambassador.
Overall, the 10 highest-paid tennis players earned $241 million with 34% from prize money and 66% from endorsements, bonuses and appearance fees. The earnings reflect those between July 1, 2023 and June 30, 2024, and the prize money component includes the ATP bonus pool. Sportico estimated off-court earnings through conversations with those familiar with tennis endorsement deals. The figures are all before taxes and any agent fees. Only active players were considered, knocking out retired legends Roger Federer and Serena Williams.
Like the sport as a whole, it is an international group with nine different countries represented and only Spain landing two players, Alcaraz and Nadal, in the top 10. The players also skew young with Djokovic the only one in the top five older than 23. And unlike every other major pro sport, women have near equal representation with 40% of the entries.
