Money for medals: Olympic glory can also be very lucrative for athletes from these countries (2024)
TOKYO –Qatar'sMutaz Essa Barshim might not have known exactly what it meant toGianmarco Tamberi when he askedif the high jumpers could share a gold medal instead of competing in a jump-off to break a tie.
They both agreed, and Tamberi not only took his first career Olympic gold, he earned a bonus of more than $100,000.
Italy has one of the more generous medal bonuses among those surveyed by USA TODAY Sports, giving its gold medalists 180,000 Euro, or roughly $213,000 – double what it gives its silver medalists. They’ll never know what might have happened in the jump-off, but the friends’ decision to share a spot atop the podium made a big impact on Tamberi.
For athletes from some countries, an Olympic medal brings more than glory and fulfillment for years of hard work. It’s a pay day – and occasionally a big one.
Weightlifter Hsing-Chun Kuo of Chinese Taipei will receive roughly $716,000 for her gold in the 59 kg category. But go up one weight class and it’s clear how varied this can be.
Canada’s Maude Charron won at 64 kg, but that only earns her roughly $16,000. Italy’s Giorgia Bordignon will receive nearly $107,000, thanks to her silver medal. And Chinese Taipei’s bronze from Wen-Huei Chen will earn her more than $179,000.
Why does it work out that way?
A couple reasons. Generally, countries with larger delegations and more projected medals give less in bonuses. The United States, for instance, is challenging for the top of the medal count and tops out at $37,500 for gold medals.
The Americans have moremedals (76and counting) thanathletes Chinese Taipei has in its delegation (68).
Many countries fund their sports regularly through their Olympic committees or ministry of sport, so rather than getting a big payday after an event, athletes receive regular funding.
That doesn’t mean Americans can’t make money here.
Caeleb Dressel earned $187,500 just from the U.S. Olympic and Paralympic Committee for his five golds. Two gold and two silver earned Katie Ledecky $125,000, and both will receive bonuses from USA Swimming on top of that.
Both will be handsomely rewarded for leading the United States in the pool. With one medal, though, athletes from Singapore could surpass them.
The country has the most generous medal bonus of any surveyed. A gold for any of its 23 athletes will earn them $1 million.
Olympic athletes are not paid. However, they have the opportunity to earn money in other ways that can make their respective Olympic careers extremely lucrative (as we'll explain later). The International Olympic Committee embraces values-based ethics and has never sought to incorporate a for-profit business model.
The U.S. Olympic and Paralympic Committee awards its athletes $37,500 for gold medals, $22,500 for silver and $15,000 for bronze. Some countries that field far fewer athletes offer much larger bonuses: Hong Kong offers the equivalent of about $638,000 to gold medalists, and Singapore offers about $740,000.
The Indian Olympic Association (IOA) awarded Rs 75 lakh each to gold medal winners of the Tokyo Olympics, and Rs 40 lakh and Rs 25 lakh respectively to silver and bronze winners.
In addition, these National Olympic Committees are also responsible for all funding associated with its athletes. For most countries the funding comes from their government, corporate sponsorship and personal fundraising.
For example, U.S. gold medalists each received $37,500 from the U.S. Olympic and Paralympic Committee (USOPC) at the Tokyo Olympics. Athletes earned $22,500 for silver medals and $15,000 for bronze. The numbers vary by nation.
The average salary for Athlete is £24,441 per year in the United Kingdom. The average additional cash compensation for a Athlete in the United Kingdom is £2,957, with a range from £628 - £13,924.
Olympic gold medals are required to be made from at least 92.5% silver, and must contain a minimum of 6 grams of gold. All Olympic medals must be at least 70mm in diameter and 3mm thick. Minting the medals is the responsibility of the Olympic host.
Phelps has an estimated net worth of US$100 million, according to Celebrity Net Worth, from his career and sponsorship deals with the likes of Under Armour, Omega and Beats by Dre over the years, per CNBC. He is also an equity investor in mental health start-up TalkSpace.
The metallic value of a gold metal today is only between $600-$700 USD. Sterling silver is at the core of the medal. Of course, the real value of any Olympic medal is not found in the minerals.
The proud owner of eight Olympic golds and 19 Guinness World Records, Usain Bolt has turned speed into a highly lucrative franchise. According to CelebrityNetWorth's estimate, Usain Bolt's net worth is around $90 million.
Biles, the 2022 Presidential Medal of Freedom recipient, is also the world's eighth-highest-paid female athlete, making roughly $10 million as of December 2022, primarily outside of gymnastics, according to Forbes.
What prizes did Olympic victors get? A victor received a crown made from olive leaves, and was entitled to have a statue of himself set up at Olympia. Although he did not receive money at the Olympics, the victor was treated much like a modern sports celebrity by his home city.
In these deals, brands partner with athletes who promote their company for compensation. There are many different models, but athletes may rep a product in a commercial, pitch an item to their social media followers or wear a jersey with a company logo in public.
The prize money comes from payments to World Athletics from the International Olympic Committee, which brings in billions of dollars in revenue from broadcasting deals and other sponsorships. The IOC then redistributes millions each year to international sporting federations and national Olympic committees.
Introduction: My name is Van Hayes, I am a thankful, friendly, smiling, calm, powerful, fine, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.
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