Cash for Gold: Prize Money for Olympic Winners
While most Olympic athletes compete purely for recognition and the reward of victory, some winners come away from the games with hundreds of thousands of dollars in prize money. While you might expect larger, wealthier countries to give the biggest rewards to its winning athletes, smaller and developing countries like Indonesia, the Philippines, and even non-countries such as Chinese state Taiwan, actually offer the largest rewards to its athletes.
One Taiwanese female weightlifter walked away with almost a million dollars in prize money from the games. Another male swimmer from Singapore received almost three quarters of a million dollars. A single gold medal, surprisingly, would earn a Brazilian athlete two hundred and fifty thousand dollars, according to CNN.com. According to totalsportek.com, the United States pays athletes “around $25,000 for winning the gold, $15,000 for silver and $10,000 for Bronze.” Even winning coaches can make an earning, albeit nowhere near as much as the athletes.
Ever wondered how much the medals themselves are worth? According to totalsportek.com, a gold medal - which only contains about one percent actual gold - is worth about $600, a silver medal is worth about $325, and a bronze is worth just three dollars.
In summary, whether it’s three dollars or a million dollars, it pays to be an Olympic medal winner.
Research for this article was taken from cnn.com and totalsportek.com.