Novak Djokovic is loving life in Monte Carlo, Monaco, despite not having won his ‘home’ Masters tournament in the last 9 years. Monte Carlo holds a special place in Djokovic’s heart since his children were born there and it has given him a home away from home in Belgrade, Serbia. However, the World No.1 was not happy when once asked about money and especially his earnings from the sport.
Novak Djokovic is the highest prize money earner tennis has ever seen, with his earnings set to cross the $200 million mark in the future. However, his incredible riches from tennis aren’t the only reason behind Djokovic’s massive wealth. Many believe that Djokovic living in Monte Carlo has made him richer than other players since Monaco is considered to be amongst the biggest tax havens in the world. Whereas other major countries like the USA, Spain, Italy, etc, where most tennis players are from, have a heavy tax levy.
Owing to this context, an interesting conversation broke out between a journalist and Novak Djokovic during the 2022 ATP Finals. Djokovic was asked whether prize money in terms of “dollars” are ever on his mind before and after any competition. Djokovic gave a hilarious reply to that and laughed while saying it, which left others in splits too –
“No. Only Euros. Only Euros and Dinars.”.
Post that, Djokovic went on to quote soccer star Zlatan Ibrahimovic, who played for the LA Galaxy once. the Serb recalled Ibrahimovic saying something along the lines of $100 million not being enough. However, after that, the World No.1 accused media houses for not revealing the players’ actual take-home money since he claimed that he too has to pay taxes like others and has many expenses to bear.
“It’s all public information of course. People can see how much we are earning. What the media is not writing about is also the taxes and also all the other expenses, but that’s fine. But I cannot sit here and talk about money as an issue in my life or anything like that. I have been very blessed and lucky, and it comes as a consequence of my tennis and the success I’ve had along with my family and my team. I think that every Euro I’ve earned is, was though heart, sweat, and tears. So, I don’t take anything for granted.”
Novak Djokovic went on to explain how much and what do his earnings mean to him and his family. His dignified response didn’t affect his relationship with the media at all, but rather won tennis fans over.
Djokovic may live in a ‘tax haven’ country, but his earnings are so high, that even if he pays less percentage of tax, the amount might be higher than most other players. There is also the high percentage of tax on the brand endorsements that he does. He does have to pay the host nation’s tax though, just like everybody else.
What is the net worth of Novak Djokovic and what does it mean for him?
Novak Djokovic has a net worth of above $240 million. This number was last verified after the 2023 Wimbledon, where he lost to Carlos Alcaraz. Out of that, more than $180 million is from tennis prize money. Djokovic might not have to pay a considerable amount of tax to the Monaco government, but he does have to pay to the country where he is playing. For example, the United Kingdom charges 45% tax, if the earnings are over $200,000. Therefore, when Djokovic earned $1,463,698 (1,175,000 GBP) as a runner-up in the 2023 Wimbledon, he had to pay $658,664 to the UK government as tax.
Similarly, he had to pay taxes throughout his career to the host-nation governments, but he barely paid whenever he lived in Monaco. Other players have to pay in both their home country and the country they are earning it from.
Despite all of these, Djokovic isn’t concerned about money. It is not something that’s weighing heavy on his mind, as he let the journalist know during that same 2022 ATP Finals press conference.
Djokovic further said, “I know how it feels like having zero on the table and 5 family members; and war and sanctions. Let’s not forget where I come from and in which kind of era I was growing up. So, I know exactly the opposite side; which helps me in life, I think, to appreciate everything I earn more.”
The Yugoslav War broke out in the 1990s Serbia and Djokovic was growing up at a time when NATO bombings were a regularity in Belgrade. And just like any war-torn country, people grow up either in poverty or wanting more. Djokovic and his family faced hardships there, and he, therefore, knows and appreciates the value of money.
