Chess is one of the oldest sports in the world, with a competitive scene that offers life-changing prize purses for its highest performers. This guide will explore record chess prize funds, tournament earnings, players‘ career winnings, and potential future trends.
The largest single prize money in competitive chess history comes from the World Chess Championship (WCC). Organized by the International Chess Federation (FIDE), this title match between the world‘s top two players offers a total prize pool reaching as high as €2 million (around $2.2 million).
FIDE World Championship Offers €2 Million Prize Fund
The 2023 FIDE World Chess Championship will have a massive €2 million total prize fund. According to official announcements, 60% of the fund (€1.2 million) will go to the winner, while 40% (€800,000) is awarded to the runner-up.
This continues the trend of high eight-figure prize pools for the World Championship match. For example, the 2018 contest between Magnus Carlsen and Fabiano Caruana also boasted a fund of €1 million.
As current World Champion, Magnus Carlsen has earned over $5.5 million simply from competing in these lucrative World Championship events over his career so far.
Other Major Chess Competitions Offer Six-Figure Rewards
While the World Championship stands above the rest, other prominent chess tournaments also offer substantial five and six-figure prize purses:
- The total prize pool for a Major chess tournament is $210,000, with $2,500 awarded per match point.
- The annual Grand Chess Tour has a total prize fund of $1.75 million when combining all events.
- The famous Tata Steel Chess Tournament awards €275,000 (around $295,000) in prizes annually.
- The Sinquefield Cup has a total fund of $325,000, with $75,000 for first place.
- A recent new event, the FTX Crypto Cup, offered $320,000 in prizes, with $100,000 going to the winner.
| Tournament | Total Prize Fund |
|---|---|
| FIDE World Championship | €2 million |
| Grand Chess Tour | $1.75 million |
| Tata Steel Chess | €275,000 |
| Sinquefield Cup | $325,000 |
| FTX Crypto Cup | $320,000 |
Top Players Can Earn Millions Over Their Careers
Very few chess players earn enough in their careers to reach millionaire status from prize money alone. However, the sport‘s greatest champions have amassed multi-million career earnings from their sustained success:
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Garry Kasparov – He is widely considered the greatest chess player ever. Over his long run dominating the sport from the mid 1980s to early 2000s, Kasparov earned over $5.5 million in prize money.
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Magnus Carlsen – The current world #1 has made around $5.3 million so far in his career. Since 2014, he has consistently earned over $1 million annually from major tournament victories.
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Vishwanathan Anand – The Indian Grandmaster was World Champion from 2007 to 2013. In that time, he accrued approximately $3.5 million in total career earnings.
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Vladimir Kramnik – Playing professionally for over 20 years, Kramnik scored over $2.9 million in prize winnings. He was World Champion from 2000 to 2007.
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Viswanathan Anand – An elite player who challenged for the world title multiple times, Anand has made around $2.8 million total in his long career.
Only 3 Chess Players Have Become Millionaires from Tournaments
Based on available data, only Garry Kasparov, Magnus Carlsen, and Vishwanathan Anand have officially crossed the $1 million threshold strictly from chess prize money.
However, income from endorsements, books, appearances, and other sources could potentially push more players into chess millionaire status. For example, acclaimed player Bobby Fischer likely passed $1 million in earnings when including all revenue streams.
Other current top Grandmasters like Fabiano Caruana, Levon Aronian, and Hikaru Nakamura have each won several hundred thousand dollars in high-level events, but have not yet reached seven figures from tournaments alone.
Notably, no female player has yet earned $1 million over their career. The highest earning woman is Hou Yifan of China, with total prize money over $450,000.
Chess Prize Funds Could Keep Increasing
There are some promising signs that we could see prize purses rise in coming years:
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More corporate sponsorships and high-publicity events like the FTX Crypto Cup may continue driving bigger prize pools.
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If chess gains inclusion as an Olympic event, government funding could further increase professional earnings.
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Continued interest from major online platforms like Twitch has proven lucrative for elite players through subscriptions and viewership.
In Summary
Chess trails many traditional sports in raw prize money handed out. But through sustained excellence at the highest level, the greatest chess champions can accrue multi-million dollar career earnings solely from tournaments. As sponsorship and public interest expand, we may see more and more chess millionaires developed in future years.
