Why No Women Are Among The World’s 50 Highest-Paid Athletes

Serena Williams retired, Naomi Osaka is coming back after a pregnancy and Caitlin Clark is just beginning her professional career. Here’s why Iga Świątek, Coco Gauff, Nelly Korda and others will soon give men a run for their money.

By Justin Birnbaum, Forbes Staff

Much like her college basketball career, Caitlin Clark began her days as a pro by shattering another record. The former University of Iowa standout—and the all-time leading scorer in NCAA basketball history—signed with Nike for what is believed to be the most lucrative endorsement contract in women’s basketball, reportedly worth as much as $28 million over eight years. And it’s clear why. Clark’s electrifying run through the NCAA Tournament pushed TV ratings to new heights and her WNBA debut against the Connecticut Sun gave that team its first sellout for a home opener since 2003.

Yet even with her Nike deal, and other lucrative partnerships with Gatorade, State Farm and Gainbridge, Clark did not earn enough to be among the world’s 50 highest-paid athletes this year—in fact, no woman did. The highest-paid female athlete in 2023, Polish tennis sensation Iga Świątek, collected an estimated $23.9 million in total earnings, just over half of the $45.2 million it took to rank among 2024’s top 50 athletes overall. And it’s not getting any easier to make the list considering the cutoff for this year is roughly double the $22.7 million it was a decade ago.

Serena Williams was the only woman among the world’s 50 highest-paid athletes last year—her sixth time making the list in the last decade—but she is now retired and no longer eligible. Only three other women have landed in the top 50 since 2012—retired tennis stars Maria Sharapova and Li Na, as well as Naomi Osaka, who is still ramping up a sponsor portfolio that once peaked at an estimated $60 million annually after a long injury absence and welcoming her first child last year. No women made the list from 2017 to 2019.

Much of the issue stems from the fact that on-field earnings, or salaries and prize money, is tied to league revenue. Broadcasting income is a crucial stream, and Deloitte projects women’s elite sports will collectively generate $340 million from that category in 2024. The WNBA, for example, currently reaps around $60 million annually from media rights, and commissioner Cathy Engelbert recently told CNBC that she aimed to “at least double our rights fees.” By comparison, the NBA earns around $3 billion from its deals, a mark that is expected to double after the next round of renegotiations.

Noting those disparities, it’s readily apparent why Clark will only earn just shy of $77,000 in her first season while the NBA’s first overall pick in 2023, Victor Wembanyama, collected a base salary of $12.2 million. WNBA salaries max out around $240,000 while the minimum for their male counterparts is around $1 million. Even in a sport like tennis, where Grand Slam tournaments have offered equal prize money since 2007, the earnings gap persists at smaller tournaments.

“This year and last year have been phenomenal for women in sports,” says Anjali Bal, an associate professor of marketing at Babson College. “It’s just going to take time for the market to catch up with the fans.”

An increasing amount of money flowing into women’s sports is already shifting the landscape. Deloitte estimates the combined total revenue of women’s professional sports will reach $1.28 billion this year, which is at least 300% more than the company’s projection three years ago. Already boosting those marks are new media rights deals that pushed the average annual value for the NWSL and the NCAA Women’s Basketball Tournament above $60 million each.

That money is translating back into player earnings. The LPGA Tour’s total prize money pool this season is up to $123 million, a 76% increase from 2021. The NWSL raised its salary cap 40% to $2.75 million and saw U.S. Women’s National Team forward Mallory Swanson sign the league’s largest contract ever—$2 million over four years, with an option for a fifth.

And while off the field opportunities have traditionally lagged for female athletes in comparison to their male counterparts, that is changing as well. Clark and Las Vegas Aces forward A’ja Wilson are set to receive namesake sneakers from Nike, joining New York Liberty stars Sabrina Ionescu and Breanna Stewart in an uptick of signature shoes in women’s basketball.

Meanwhile, more brands are seeing the business case for endorsing female athletes, and in addition to Clark, there’s a slew of young, marketable stars coming up through the ranks, including Angel Reese and Cameron Brink in the WNBA, Nelly Korda and Rose Zhang in golf and Świątek, Coco Gauff and Aryna Sabalenka in tennis.

The gap may be steep, but the top-earning female athletes are making real progress. The median of last year’s top 20 rose to $8.5 million from $7.3 million in 2022, and eight athletes posted estimated total earnings of $10 million or greater, doubling the mark from three years ago.

“It’s so unfair for people to say things like, ‘Well, women’s sports will never be viewed like men’s sports’ because we’ve never tried to give them equity in terms of distribution, in terms of pay, in terms of other things,” Bal says. “Sponsors are driven by things like viewers. There’s no question about it.”

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