How different countries pay athletes for Olympic gold medals
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The value of an Olympic medal depends on the country that you represent. The value of an Olympic medal can be affected by the country you represent. The actual precious metal content of the medals is relatively low, but the cash rewards given by countries differ widely.
Top 5 Bonuses By Country
Singapore
Singapore continues to lead with a hefty reward of SGD 1,000,000 (approximately USD 738,000) for a gold medal. Singaporean athletes compete across various sports, with a focus on table tennis and swimming.
Indonesia
Indonesia offers IDR 10 billion (about USD 660,000) for a gold medal, reflecting its strong commitment to supporting athletes, especially in badminton and weightlifting.
Kazakhstan
Kazakhstan provides USD 250,000 for a gold medal, maintaining its generous rewards for Olympic success. The country has a strong presence in boxing and wrestling.
Azerbaijan
Azerbaijan rewards its gold medalists with USD 248,000. The country has a notable history in wrestling and boxing, contributing to its Olympic success.
Italy
Italy offers EUR 180,000 (around USD 200,000) for a gold medal, continuing its tradition of supporting athletes in various sports, including fencing and cycling.
Other Notable Bonuses
Countries like Hungary (USD 125,000) and Russia (USD 61,000) also provide substantial rewards. The USA offers USD 37,500 for gold, while Canada and Australia offer more modest sums of CAD 20,000 (approximately USD 15,000) and AUD 20,000 (around USD 13,500), respectively.
Beyond Cash Bonuses
The true value of an Olympic medal often lies beyond the immediate cash reward. Canada and Australia offer stingy bonuses, especially when it comes to high-profile sports. Canadian athletes will receive a bonus of $15,000 for winning a gold medal, while silver medalists will earn $11,000, and bronze medalists will make $8,000.
Unlike many other countries the US taxes the bonuses, which means that up to 39.6% of them will be returned to the IRS. The gold medal, as well as the silver and bronze, can lead to lucrative advertising and endorsement deals worth hundreds of thousands or more. This depends on where the medal is from and what the event was. But these deals are often the ones that make the most money. It is an incredible feat for them to have won the gold.
