The International Olympic Committee doesn’t pay prize cash to medalists, but numerous nations offer financial awards to their athletes for the number of medals they win at either the Summer Olympics or Winter Olympics.
At the ongoing 2022 Winter Olympics in Beijing, and in excess of 200 medals have as of now, been awarded to athletes from around the world.
Completing on the podium involves national pride, and for some winners, it also implies bringing home a money reward and opening ways to intriguing multimillion-dollar sponsorship opportunities.
As indicated by CNBC’s compilation which was obtained from different national Olympic boards, sports associations and personal finance site Money Under 30, these countries pay quite a lot of money to their athletes.
The data showed the U.S. Olympic and Paralympic Committee remunerates its athletes with $37,500 for each gold medal or decoration won, $22,500 for silver and $15,000 for bronze. However, the majority of that prize cash isn’t taxabl except if athletes report gross income that surpasses $1 million.
American athletes additionally get other forms of support, for example, health insurance, access to top-tier medical facilities and college tuition assistance.
The U.S. sent in excess of 200 athletes to compete in Beijing. Team USA has up until this point won 7 gold medals, 6 silver and 3 bronze.
At the 2021 summer games, the American team brought home 39 gold, 41 silver and 33 bronze – piling up the highest medal count by any country in Tokyo, Japan.
The Rewards By Each Country:
Singapore compensates its gold medalists almost 20 times more than the U.S. Players who secure their first personal gold award for Singapore stand to get 1 million Singapore dollars ($737,000).
Kazakhstan pays its athletes about $250,000 for a gold medals, whilst Italy gives about $213,000 to its team. The Philippines also reward around $200,000 while Malaysia offers heavy prizes for its athletes.
Malaysia also offers hefty rewards for its athletes. Hong Kong, which competes separately from China at the Olympics, last year offered 5 million Hong Kong dollars ($641,000) for gold winners.
When India’s javelin thrower Neeraj Chopra secured the country’s first gold in track-and-field in Tokyo last year, several politicians and corporate brands reportedly announced millions of rupees in monetary reward for the athlete.
Aside from medal bonuses given out, winners in these countries are additionally offered homes and free trips forever.
According to experts, some of it is an effort to foster national sporting culture.
Singapore, for instance, remunerates its gold medalists almost multiple times more than the U.S.
Players who secure their first personal gold medals for the city-state stand to receive 1 million Singapore dollars ($737,000). The prize money is taxable and the winning recipients are required to return a portion of it to their national sports associations for future training and development.
Last year, U.S. swimmer Katie Ledecky and gymnast Simone Biles received millions in endorsements ahead of the summer games, Forbes reported. Meanwhile, tennis star Naomi Osaka reportedly made $55 million from endorsements in 12 months, and was named the highest-paid female athlete ever, according to reports.