The Olympics are in full swing, and many of us have become armchair experts and cheerleaders over the past two weeks. The determination, skill and sacrifice athletes require to reach the top of their game is remarkable. But have you ever wondered how they are financially rewarded for their efforts?
Wonder no more. Here’s how much a medal from the Olympics can make you.
How much a gold medal from the Olympics can make you
The amount a medal from the Olympics can make you depends on the country you are competing for. There is no official prize money at the Olympics.
If you’re part of Team GB, you are out of luck as you won’t make anything directly for winning a medal. However, other countries have much more generous medal bonuses.
According to Money Under 30, Singapore is by far the most generous country. That said, they are yet to pay out at the Tokyo Olympics, as the country still hasn’t secured a spot on a medal podium.
If a Singaporean were to win a gold medal, they would be rewarded with $737,000 (around £530,000).
The next most generous countries are Hong Kong and Kazakhstan, paying $644,000 (around £463,000) and $250,000 (about £179,000) respectively. Hong Kong has so far secured one gold medal, while Kazakhstan hasn’t won any.
Although the USA ($37,500 – around £27,000) and Japan ($42,500 – about £30,500) pay much less, their total payouts will likely add up to more, due to their second and third place positions in the Olympic medal table.
Currently, with 30 gold medals secured in the Tokyo Olympics, the USA will be paying $1,125,000 (about £808,700). That doesn’t take into account team medals, so the total is likely to be even higher.
Malaysia offers gold medallists $241,000 (roughly £173,000). But, the country also pays monthly salaries for life to all those that win medals for the country at the Olympics.
These salaries equate to $1,182 (about £850) for gold, $709 (just over £500) for silver, and $473 (around £340) for athletes taking home a bronze medal.
The amount you could get for a silver medal
A silver medal can still earn you a substantial sum, especially if you’re competing for Singapore at the Olympics. The country’s athletes are reportedly compensated with $372,000 (roughly £267,000) for a second-place finish.
Hong Kong and Kazakhstan remain in second and third places, paying out $322,000 (around £231,500) and $150,000 (about £108,000) respectively.
The USA rewards second-placed athletes with $22,500 (around £16,100), while Japan pays out $18,100 (just over £13,000).
Bronze medal winners could still make a lot of money
Athletes taking third place at the Olympics could still be well rewarded for their efforts.
Singaporean athletes will reportedly receive $286,000 (around £205,000) for winning a bronze medal – significantly more than most countries pay out for a gold medal.
Hong Kong is the second most generous, with athletes receiving $161,000 (roughly £115,000) per bronze medal. Hungary jumps into third place, offering its bronze medallists $95,500 (around £68,500).
The USA and France both pay out $15,000 (roughly £10,800) for a bronze medal performance. Host country Japan only deems a bronze medal performance worthy of $9,045 (around £6500).
Other ways a medal from the Olympics can make you money
UK athletes might not get rewarded financially for winning a medal at the Olympics, but winning can still unlock plenty of other revenue streams.
Funding for training and competing increases for medal winners. Those winning a medal at the Olympics will be awarded an annual stipend of $36,000 (roughly £25,800) to help fund their efforts.
In terms of alternative revenue streams, product endorsements, brand ambassador roles and commentating opportunities are all popular options for successful athletes.
Just like reality stars, social media also offers a range of opportunities for top athletes.
Dame Jessica Ennis-Hill became a brand ambassador for Santander and now has a pundit role with the BBC, while swimming star Adam Peaty has a string of sponsorship deals, ranging from DFS to Visa and even a jacuzzi company.
Meanwhile, multiple gold medallist Sir Mo Farah appeared on I’m a Celeb last December. His stint in the Welsh castle reportedly earned him £300,000.
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