Some athletes participating in the Tokyo Olympic Games have a reason to wear a smile as they can expect to take home an impressive salary per competition victory.
Usually, athletes are monetarily compensated for their impressive show at Olympic games by officials of their country.
While the International Olympic Committee (IOC) — which arranges the Games — doesn’t pay athletes for their sterling performances, numerous nations offer some type of remuneration for a platform finish all alone.
Several countries offer winners an unobtrusive compensation for every medal, while other nations have their own extra sums set for gold, sliver and bronze medal athletes.
For example, in Singapore, reports say, the country pays gold medalists $744,000 while Italy pays their athletes ahead of the rest of the competition winners $212,400.
Only one out of every odd nation offers financial rewards after a medal finish. Others offer their participants stipends or grants from national sports associations instead.
For Team USA, the U.S. Olympic and Paralympic Committee (USOPC) rewards winning competitors with a set aggregate, but competitors can gather different types of income to support their pay rates.
Many well-known Games participants also collect multimillion-dollar endorsements from well-known brands. For example, tennis champ Naomi Osaka became the highest-paid female athlete in 2020, having earned a lucrative $37.4 million from prize money and endorsement deals. She has 15 current deals, including one with Nike.
Other athletes might hold extra positions outside of their training to boost their income streams.