Italy’s Jannik Sinner scripted history and won his maiden Wimbledon title on Sunday after beating challenger Carlos Alcaraz in a nail-biting four-set final. The 22-year-old dominated with a 4-6, 6-4, 6-4, 6-4 win, which was completed within three hours and one minute. The victory not only saw Sinner win his first title on the historic grass courts of the All England Club but also his fourth Grand Slam title in total.
The contest followed more than a month since Alcaraz’s epic French Open win, during which he fought for nearly six hours. Among women, Poland’s Iga Swiatek did it a day before by winning over American Amanda Anisimova in a stunning 6-0, 6-0 display—clinching her maiden Wimbledon title in 57 minutes.
Equal Prize Money – But Hefty Taxes Follow
Both Swiatek and Sinner took home £3 million each (around $4.05 million) for winning as Wimbledon continues to reward winners of men’s and women’s categories with equal prize money. However, their paychecks will be greatly diminished due to taxes.
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According to Forbes report, as per international tax consultant Andreas Bosse, the U.K. charges an initial withholding tax of 20% and a subsequent maximum tax of 45% after taking into account applicable expenses. The actual rate of tax, according to OFS Wealth’s Sean Packard, is around 36.52%, which would cut down on the $4.05 million prize to around $2.5 million.
Monaco Residency Shields Sinner From More Taxes
Although Sinner will have to pay U.K. taxes on his Wimbledon income, he will not have to pay any more income tax elsewhere. Because Monaco is a tax-free haven for wealthy individuals, his residency there shields him from more taxation. Some other top sportsmen, including tennis players Novak Djokovic, Daniil Medvedev, and Stefanos Tsitsipas, and Formula 1 racers Max Verstappen and Charles Leclerc, also make Monaco home for the same tax benefits.
Swiatek Is Hit With Additional Tax In Poland
Swiatek, meanwhile, will have additional deductions. Apart from taxes in the U.K., she will be required to pay an additional 4% tax in Poland, which could translate to an additional reduction of around $162,000 on her Wimbledon prize.
Runners-Up Also Feel Winnings Decrease
Carlos Alcaraz and Amanda Anisimova, who both won $2 million as runners-up, will also experience a sharp decrease in take-home pay. On the same 36.52% rate, their net pay would decline by over $700,000, leaving them with approximately $1.2 million apiece.
American athletes like Anisimova will also have to pay additional U.S. tax liabilities, including self-employment tax and the Medicare surtax, which will further erode earnings.
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Historic Victories On Both Ends
Swiatek’s comprehensive final will be etched in history not just as her maiden Wimbledon victory but also as a record-breaker. She is the first woman in Open Era history to claim a Wimbledon singles title without losing a game, and the first one to achieve that at any Grand Slam tournament since 1968.
Wimbledon Prize Pool Reaches Record Amount
This year’s Wimbledon sported a record-shattering $72.2 million prize-money pool, 7% up from last year, further evidencing the tournament’s ongoing financial prosperity and popularity worldwide.
