How much is Magnus Carlsen worth?
|Net Worth:||$8 Million
|Profession:||Professional Chess Player|
|Date of Birth:||November 30, 1990|
Who Is Magnus Carlsen
Magnus Carlsen was born on 30 November 1990 in Norway. He is most well known for his performance as a professional chess player, demonstrating great talent from a very early age. His father introduced him to the game of chess at the age of 5 and by the age of 13, he earned his grandmaster title. His earliest chess competition participation was at the age of 8 and by the time he was in his teens, Carlsen was already a recognizable name in the world of chess.
In one of his many interviews, Carlsen admitted that he has a very competitive spirit, and what drove him to become better at chess was his sister and his strive to be better at the game than her. His competitive attitude and perseverance would pay off later on in life when he managed to win world champion title several times and earning a small fortune from prize money.
Throughout his life, Carlsen was coached by many top chess players such as Simen Agdestein and Torbjørn Ringdal Hansen. With the right tutorship in place, between 2000 and 2002, Carlsen was able to play close to 300 rated tournament games, setting in motion his career as a professional chess player.
Norwegian chess Grandmaster Magnus Carlsen has a net worth of $8 million dollars, as of 2020.
How Did Magnus Carlsen Get So Rich?
Many professional chess players stated publicly that it is close to impossible to become wealthy just by playing the game at a competitive level. Magnus was able to prove them wrong by reaching a professional level that allows him to cash in on about $750,000 from chess competitions alone. Carlson was able to reach an estimated net worth of $12 million but it was not all made from chess tournaments.
Magnus earns approximately $750,000 per year from chess tournaments. Due to his appeal to the public, companies such as Microsoft offered him sponsorship deals, increasing his revenue beyond that number. Also, Carlson signed a deal with clothing brand G-Star Raw for which he was paid an undisclosed amount. His deal with the clothing company was for his modeling services as he became one of the core images for the brand along with movie star Liv Tyler.
To better manage his finances and assets, Magnus created MagnusChess AS, established in early 2007. The company is owned by Magnus and his father with a stake split between the two with Carlsen owning 85% of it. All his earnings would be cashed in and managed by MagnusChess AS which later on, became the parent company for his second one, Play Magnus AS.
Play Magnus AS was created by Magnus as a software development company, releasing his chess mobile app. By 2017, the app reached 2.8 million downloads and in 2019, the company merged with chess24.com. In early 2020, Magnus secured a round of investment for Play Magnus of $13.5 million, lowering his stake in the company to 16% while he still retained his spot as the public image of Play Magnus AS.
His ventures outside the chess world are not to be taken lightly. Some estimate that Carlsen makes approximately $2 million a year from his sponsorships and modeling contracts with G-Star Raw along with the sponsorship deal with Microsoft.
Why Is He So Famous?
Magnus earned his fame, not through his fortune but his skill as a professional chess player. Even at an early age, Carlsen showed great talent and decided to dedicate his life to the game. For many already established chess players, Carlsen is a prodigy chess player as very few of his peers managed to match his achievements.
The turning point that brought Magnus into the spotlight took place in his early teens. At the age of 13, he earned his grandmaster title, during times when there were not that many you players to have earned such recognition. His fame as a professional chess player was boosted in 2010 when, at the age of 19, he reached the first position on the FIDE world rankings. At that time, he was the youngest person ever to reach that rank. His classical rating of 2882 was the highest in history which brought him lots of attention from the media and his peers.
Over the past recent years, Carlson expanded his influence beyond the world of chess. With the use of social media platforms, brand deals, and his chess mobile application, Carlson managed to maintain high public visibility without relying on his performance as a chess player. His achievements in chess were only the tipping point that started his entire career as a professional player, public person, an entrepreneur, and continues to this date to remain relevant in the industry and the media.
What Makes Him So Successful?
Magnus Carlsen appealed to the public due to his charismatic personality. Being a fashion model also helped him get a considerable following outside the world of chess.
The success experienced by Carson was the result of his undisputable chess performance only to be followed up by inspired business decisions. Unlike most other professional chess players, Carlson created two companies to manage his earnings and invest in other ventures.
Perseverance and dedication paid off for Carlsen. Microsoft is the biggest brand that chose to associate their name with Magnus by offering him a sponsorship deal. G-Star Raw also decided to invest in Carlson and have him become part of their brand image under a modeling contract. These deals would have not been possible without Carlsen making the right decisions in managing his career and continued efforts to become one of the most recognized chess players of the past few decades.
Magnus Carlsen is a chess prodigy in the true sense of the word. His record-breaking performance and won titles caught the attention of the media and chess professionals alike. He benefited from the support of his family and continued to play chess at a world-class level while creating two successful businesses to expand his wealth. His playstyle, dominant attitude, and passion for the game of chess got Carlsen to be recognized as one of the greatest chess players of all time as well as an established entrepreneur.
One of the biggest achievements for Carlsen is the fact that he proved most critics wrong that claimed nobody can become rich by playing chess professionally. Magnus earns around $750,000 per year from chess competitions alone, topped off with around $2 million from brand deals and sponsorships.
Today, even if Magnus would decide to give up on his professional chess player career, he would still have two successful businesses increasing his wealth and brand deals that ensure a steady income. His ability to not depend financially on his core profession as a chess player makes Carlsen a very successful individual.