How Much Do Countries Award their Olympic Gold Medal Winners

The 2021 Olympics are around the corner and many might wonder – How much do the Olympics Gold Medalist earn? Well, the answer to this question will surely surprise you!

Men’s and Women’s Olympic Swimming. National Aquatics Center

The Olympic medal is the most prestigious prize in sports. Participating in the Olympics, itself is a big achievement. Winning the gold medal for your country is every athlete’s dream and very few succeed in achieving that dream. Winning the gold medal is a life-changing experience for many athletes.

The Olympics consists of various sports events that do not catch much attention before or after the Olympics. So many athletes are not as popular as football, cricket or basketball players. Not all athletes get endorsed heavily. So by winning a gold medal at the Olympics changes the lives of many athletes – not just their sports career but also their financial background.

Also Read: List of Countries With Most Olympic Medals (1896-2016)

Have you ever wondered how many cash prizes do the gold medalist win? Well, you will be surprised to know the real answer.

The International Olympic Committee does not offer any prize money to any athletes. But many countries reward their medalists with handsome prizes. The prize money varies from country to country.

Let’s go back to the Rio Olympics. Michael Phelps had confirmed his final appearance at the Olympics. All eyes were on Phelps and Joseph Schooling from Singapore edged out Phelps in the 100 m butterfly event and became the first athlete from Singapore to win a gold medal. The Singapore government rewarded Joseph with a $753,000 bonus. This reward from Singapore is 30 times more than what the US rewards their gold medalists.

Of course, it is observed that countries with fewer Olympic medals usually offer their medalists huge rewards to encourage and promote the sports culture within youths. As of now, Singapore has won five Olympic medals which include one Gold and two silver and bronze each. Whereas, the United States has 1117 gold medals and 2773 medals altogether.

The United Kingdom offers no cash reward to its athletes.

Other than this prize money, athletes from popular sporting events make fortunes with endorsements. Michael Phelps is reported to have a net worth of $55 Million. Gymnast Gabby Douglas is reported to have $3 Million. Sadly, not all athletes get these opportunities.