How Much Money Do Olympians Make For Winning Medals? The Country Giving The Most Money To Athletes Is Surprising
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Winning a medal at the Olympics will bring an athlete instant fame and notoriety.
In most countries, including the United States, bringing home a gold, silver, or bronze medal will also earn an amateur a monetary “thank you” for a job well done.
Unfortunately for the athletes of some countries, the amount of money in their checking account will be nice but not exactly life-changing, especially compared to the time, dedication, and sacrifice Olympians put into training for the sporting events.
CNBC analyzed the monetary compensation athletes will receive from their countries and highlighted an amazing story about Hidilyn Diaz, the first Filipino ever to win a gold medal.
“While the International Olympic Committee does not pay prize money to medalists, many countries offer monetary rewards to their athletes for the number of medals they win at the Olympics.
The Philippines clinched its first-ever gold medal in Tokyo this week, making Filipino weightlifter Hidilyn Diaz the country’s first Olympic gold medalist.
As a reward for her historic achievement, Diaz will reportedly receive at least 33 million Philippine pesos (around $600,000) from the Philippine Sports Commission as well as the country’s top businessmen. She has also been offered two homes and free flights for life, according to reports.”
Here’s how much money Olympians make for standing out among all the contenders.
How much money do Olympians make for winning medals?
CNBC broke down the twelve countries that reward athletes with the biggest purses for a medal win, and the country topping the list is rather surprising.
Singapore rewards athletes with $737,000 for a gold medal, $369,000 for silver, and $184,000 for bringing home a bronze.
Next on the list is Kazakhstan. The country gives gold medal winners $250,000, hands out $150,000 to silver medalists, and $75,000 to bronze medal winners.
So, where does the United States rank on the list? The US comes in at number 9, behind the two countries previously mentioned, plus Malaysia, Italy, the Philippines, Hungary, Brazil, and Japan.
Olympians from the United States will earn $37,500 for a gold medal, $22,500 for silver, and $15,000 for bronze.
To see the complete list of payouts, check out the entire article on CNBC.