Yahoo Sports Here's How Much Money Olympic Medalists Get When They Win Gold, Silver, Or Bronze
You might imagine that winning an Olympic medal sets an athlete up for life, sort of like winning the Hunger Games. However, that's not the case.
Here are 14 facts about how much money Paris 2024 Olympic medalists win (and what other prizes they receive):
1.Winning a gold, silver, or bronze medal doesn't guarantee any additional rewards. The International Olympic Committee doesn't award monetary prizes, so it's up to the athlete's home country.
2.In place of prize money, the IOC distributes 90 percent of its income through national Olympic committees and international federations.
In a statement to CNN, the IOC said, "This means that, every day, the equivalent of $ 4.2 million goes to help athletes and sports organizations at all levels around the world. It is up to each IF and NOC to determine how to best serve their athletes and the global development of their sport."
3.There are 206 countries and territories competing in the Paris Olympics, but only 33 have confirmed they'll award their athletes money for winning medals.
4.The US Olympic & Paralympic Committee pays American medal winners — $37,500 for gold, $22,500 for silver, and $15,000 for bronze.
Paralympic medalists weren't paid equally until 2018, when the committee granted retroactive payouts to the 36 medal winners from the Pyeongchang games.
5.Singapore offers medalists six-figure sums based on the event they win. Gold medalists are awarded $1 million for individual events, $1.5 million for team events, and $2 million for team sports.
Silver medalists get $500,00 for individual events, $750,000 for team events, and $1 million for team sports.
Bronze medalists get $250,000 for individual events, $375,000 for team events, and $500,000 for team sports.
However, winners must put 20 percent of their prize toward development and training.
6.Reportedly, 15 countries award gold medal winners six figures.
Those countries are as follows:
1. Hong Kong — $768,000
2. Israel — $275,000
3. Serbia — $218,000
4. Malaysia — $214,000
5. Italy — $196,000
6. Lithuania — $182,000
7. Moldova — $171,000
8. Latvia — $155,000
9. Hungary — $154,000
10. Bulgaria — $139,000
11. Ukraine — $125,000
12. Kosovo — $120,000
13. Estonia — $109,000
14. Czech Republic — $103,000
15. Spain — $102,000
7.Along with offering prize money for medal winners, Malaysia grants all of its Olympic competitors a lifetime pension equivalent to around $400–$1,100 per month.
8.Any Malaysian athlete who wins a gold medal in Paris will also be rewarded with a foreign car.
A car company made the offer to the Road to Gold Committee.
9.Kazakhstan awards its Olympic, Paralympic, and Deaflympic medalists with apartments. The higher the medal, the bigger the apartment they get.
A gold medal earns a three-bedroom apartment, a silver medal earns a two-bedroom apartment, and a bronze medal earns a one-bedroom apartment.
However, winning multiple medals doesn't mean getting multiple apartments. Housing is only awarded one time.
10.In New Zealand, gold medalists are given an annual bonus of $40,000 until the next Olympics.
11.Great Britain reportedly doesn't award its medalists prize money, but non-professional athletes with high potential to medal can receive Athlete Performance Awards, which are funded through the National Lottery, to aid with their living expenses as well as costs associated with their sport.
Team GB Olympic and Paralympic athletes also receive annual Personal Development Awards.
12.In a historic move, World Athletics (the international governing body for athletics) will award $50,000 to the gold medal winners in the 48 track and field events. It's the first ever international federation to give Olympic athletes cash prizes.
It's not $50,000 per athlete, though. Relay teams will be awarded $50,000 to split amongst their members.
In a statement, World Athletics President Sebastian Coe said, "The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes."
13.Similarly, the International Boxing Association pledged to award payouts to boxing medalists in Paris — $100,000 for gold, $50,000 for silver, and $25,000 for gold.
However, the prize money will be split evenly between each athlete and their national federation.
In a statement, IBA Secretary General and CEO Chris Roberts OBE said, "We are setting a clear example for many on how International Federations should be treating their champions. This is real support with real actions, a thing that has become rare in the international sports environment. We are happy to be the lead sport to have this opportunity to support our boxers and reward them for their hard work and dedication."
14.And finally, some Olympic athletes have been calling for the International Olympic Committee to start awarding prize money.
British swimmer Matt Richards told the Guardian, "It's crazy money, big business. When you look at that, you go: 'Well, it makes a lot of money, but then the athletes aren't actually going to be able to win any of that.' If the IOC steps up and [says]: 'We'll just put a blanket amount, this is how much the medals are worth across all sports,' that would make a lot of athletes a lot happier.'"
The 2020 Tokyo Olympics cycle generated more than $7.6 billion in revenue for IOC.
