The Olympic Games are the pinnacle of athletic achievement for many athletes. This is the top of the top. It’s a stage where we all get to cheer for our top athletes, and where countries get to compete for the top honor of winning a gold medal.
For many athletes, the journey to a gold medal has taken practically their whole life. Countless hours of training and sacrifice all add up to a few short weeks of competition.
While winning a gold medal is immeasurable, many countries provide direct monetary rewards for athletes who win gold medals.
Is a gold medal actually worth its weight in gold? Well, it depends on where you live. Here’s how much some countries are paying their athletes per gold medal. We used this year’s gold medal payments to create a ranked list of the top ten paying countries in descending order:
Why Are We Covering This?
The Olympics are all the rave currently. But for many athletes, it isn’t just about winning the gold medal; it’s also about saving for their future. After the Olympics, many athletes must shift their goals. Prize money from the Olympics can help with this shift tremendously!
Of course, here at 24/7 Wall St., we’re interested in any global financial topic. The countries that pay the most aren’t the ones with the largest economies, either!
10. South Africa
South Africa is a nation with a rich sporting history. It’s made significant strides in sports over the last few decades, and the country is highly encouraging of athletic endeavors.
The country’s Olympic prize money reflects this progress, with incentives designed to inspire future generations of athletes. This is a country that is just now building its sporting legacy, and it rewards athletes tremendously by paying $37,000 per gold medal. Silver medals earn $19,000 and bronze earn $7,000.
9. United States
Despite being a powerhouse at the Olympic Games, the United States isn’t as high as you’d expect. They do offer $37,500 per gold medal, as well as $22,500 for a silver and $15,000 for a bronze. While the prize money might not be the highest on this list, the overall support system for American athletes, including endorsements and sponsorship opportunities, often surpasses the financial rewards offered by other countries.
Therefore, the United States doesn’t necessarily have to pay as much, as its athletes are heavily supported by the country’s infrastructure.
8. Japan
Japan is a global economic and technological leader, so it isn’t surprising that it offers prize money to Olympic athletes. The country places a strong emphasis on discipline and teamwork, which is reflected in its sporting culture.
Currently, Japan offers $45,000 for a gold medal, $18,000 for a silver, and $9,000 for a bronze. This is similar to many other Asian countries that participate in the Olympics.
7. Brazil
Brazil is heavily invested in sports development. This country hosted the 2016 Olympic Games, and it offers cash to each athlete that wins a medal. Gold medalists, in particular, earn $49,000. While this may not be as high as some other countries, it does represent an achievement for Brazilian athletes.
Many Brazilian athletes have a large, passionate fan base and see tons of support beyond this payout, too.
6. Hungary
Hungary has a long-standing tradition of sporting excellence, particularly in swimming and water polo. The country still highly prizes its athletes and pays $168,000 for each gold medal—a huge jump from Brazil.
This is a sizable reward for any Olympic medalist.
5. Philippines
Hungary has a long-standing tradition of sporting excellence, particularly in swimming and water polo. They may not be one of the most popular countries at the Olympics, but they are looking to change that by offering significant rewards to their athletes. Currently, the company offers $200,000 to every athlete that wins a gold medal.
They also offer $99,000 for those who win silver and $40,000 for those who win bronze.
4. Italy
Italy has a rich sporting history, too, and it offers competitive prize money to its Olympic medalists. This year, a gold medalist from Italy will earn $213,000. While they aren’t at the top of the list, Italy is pretty close to it!
Italy’s strong sporting tradition and passionate fan base contribute to the overall value placed on Olympic success in this country. These factors are likely why Italy is so high on this list.
3. Malaysia
Like many Asian countries, Malaysia places a high value on excellence. This country also has a strong sporting culture and seeks to inspire future athletes by paying substantial rewards. This year, they are paying $236,000 for gold medals, $71,000 for silver medals, and $24,000 for bronze medals.
2. Kazakhstan
Kazakhstan probably wasn’t the country you were thinking was going to land in our #2 spot. This country is a vast Central Asian nation with a burgeoning sports scene. In an attempt to encourage more athletes, Kazakstan offers substantial rewards to its Olympic champions. They currently offer $250,000 for gold medals and $150,000 for silver medals. Those who win bronze medals earn $75,000.
1. Singapore
At the top of our list, we have Singapore! This country pays its athletes $737,000 per gold medal, $369,000 per silver medal, and $184,000 per bronze medal. That’s a staggering amount, even compared to Kazakhstan.
Singapore has transformed itself into a sporting powerhouse, and these hefty rewards serve as a serious incentive for athletes.
The generous payouts, fueled by the nation’s economic prosperity, establish Singapore as a global leader in athlete compensation.
Other Countries
Some other countries pay money for gold medals, but not quite enough to make it onto the list above. For instance, Australia pays $20,000 per gold medal through the Australian Olympic Committee’s Medal Incentive Funding program.
These figures do fluctuate each year, too. Australia has paid athletes much less in the past.
Many other countries don’t offer anything. For instance, Great Britain pays their athletes nothing for winning gold medals. The incentive is much more focused on world-class training facilities, coaching, and medal care.
The British Olympic Association also offers athletes long-term support, including education and career development opportunities. Therefore, despite not receiving any cash, the athletes aren’t left high and dry.
It’s important to remember that the value placed on Olympic medals often goes beyond simple financial compensation. Many athletes receive recognition and opportunities after winning a gold medal they wouldn’t have received otherwise.
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
The post This Country Pays $737,000 To Athletes for Each Gold Medal appeared first on 24/7 Wall St..