How Much Money Do Gold Medal Olympics Win
This article details standard incentives given to Olympic athletes for winning a medal either by their National Olympic Committee, the government of their country/territory, or both.
While the International Olympic Committee itself don't provide monetary rewards to Olympic medalists, some countries provide prize money to athletes for winning a medal in the Olympics. Countries like Singapore and India, sports have heavy government involvement and athletes are given high monetary reward for winning an Olympic medal as a means to promote the growth of sporting culture in those countries.[1]
According to Forbes, Great Britain, New Zealand, Norway and Sweden don't provide monetary incentives for their athletes winning an Olympic medal (as of the 2020 Summer Olympics).[2]
Incentives by country [edit]
Chinese Taipei [edit]
Taiwan competes as Chinese Taipei in the Olympic Games. The Taiwanese government provides monetary incentives to Taiwanese Olympic medalists..[3]
| Medal | Standard reward[3] |
|---|---|
 Gold | NT$20 million |
 Silver | NT$7 million |
 Bronze | NT$5 million |
Estonia [edit]
The Estonian Olympic Committee's (EOC) reward system provides a prize money of €100,000 for each individual Olympic gold medal won (€70,000 for silver, €45,000 for bronze). The prize money is doubled in the case a medal is won by a team of four or more individuals.[4]
| Medal | Standard reward[4] |
|---|---|
| Gold | €100,000 |
| Silver | €70,000 |
| Bronze | €45,000 |
Philippines [edit]
The Republic Act (RA) No. 10699, also known as the National Athletes and Coaches Benefits and Incentives Act, signed into law by President Benigno Aquino III in November 13, 2015 guarantees monetary rewards to "national athletes and other athletes who are not officially or currently members of the national training pool but who have otherwise represented the country in international sports competitions" including the Summer and Winter Olympics. Olympic gold medalists as per law would also be conferred an Olympic Gold Medal of Valor from the Philippine Sports Commission. Additional prize money given by private individuals and entities are subject to donor's tax, which would not be shouldered by the recipient.[5] [6] [7]
Coaches who are Filipino citizens who personally trained winning Filipino Olympians are also entitled to prize money 50% of the cash incentives for gold, silver, and bronze medalists.[5]
| Medal | Standard reward[5] |
|---|---|
| Gold | ₱10 million |
| Silver | ₱5 million |
| Bronze | ₱2 million |
Prior to the RA 10699, standard government incentives are codified under the RA 9064 or the National Athletes, Coaches and Trainers Benefits and Incentives Act of 2001 which mandates a prize money of ₱5 million for Olympic gold medalists, ₱2.5 million for silver medalists and ₱1 million for bronze medalists.[5]
Singapore [edit]
The Singapore National Olympic Council in the 1990s under President Yeo Ning Hong instituted the Multi-Million Dollar Award Programme (MAP), an incentive scheme to reward athletes who win medals in major international tournaments, including the Olympics, for Singapore.[8] The program's name was changed to Major Games Award Programme (MAP) in 2018.[9]
The largest prize money under the MAP is for athletes who clinch an Olympic gold medal. For athletes who win multiple Olympic gold medals, they entitled $1 million[ specify ] only for the first individual gold medal won at the Games. [10]
The money, however, is taxable and the medal winner is obligated to make a donation back into the sport they are representing.
Incentives by Country (USD equivalent in 2021) [edit]
| Countries | Gold | Silver | Bronze | Note |
|---|---|---|---|---|
| Singapore | $737,000 | $369,000 | $184,000 | [11] S$1,000,000, S$500,000, S$250,000, for Gold, Silver, and Bronze, respectively. |
| Taiwan (Chinese Taipei) | $720,000 | $251,000 | $178,000 | [12] NT$20,000,000, NT$7,000,000, NT$5,000,000, for Gold, Silver, and Bronze, respectively. |
| Hong Kong | $642,500 | $321,250 | $160,625 | [13] HK$5,000,000, HK$2,500,000, HK$1,250,000, for Gold, Silver, and Bronze, respectively. |
| Thailand | $365,150 | $219,090 | $146,060 | [14] [15] [16]THB12,000,000, THB7,200,000, THB4,800,000, for Gold, Silver, and Bronze, respectively. |
| Indonesia | $346,000 | $138,500 | $69,250 | [17] Rp 5 billion, Rp, 2 billion, and Rp 1 billion, for Gold, Silver, and Bronze, respectively. |
| Kazakhstan | $250,000 | $150,000 | $75,000 | [18] |
| Malaysia | $236,000 | $71,000 | $24,000 | Additional lifetime monthly salary of 5,000, 3,000, and 2,000 ringgit for Gold, Silver, and Bronze, respectively. |
| Azerbaijan | $235,000 | $117,500 | $58,750 | [19] AZN 400,000, AZN 200,000, and AZN 100,000, for Gold, Silver, and Bronze, respectively in 2016 Rio Olympics. |
| Morocco | $225,067 | $140,667 | $84,400 | [20] |
| Italy | $213,000 | $107,000 | $71,000 | |
| Philippines | $200,000 | $100,000 | $40,000 | [17] [21] P10,000,000, P5,000,000, P2,000,000, for Gold, Silver, and Bronze, respectively. |
| Hungary | $168,000 | $126,000 | $96,000 | |
| Lithuania | $144,793 | $72,397 | $54,238 | [20] |
| Kosovo | $118,683 | $71,210 | $47,473 | [20] |
| Estonia | $117,500 | $82,250 | $52,875 | [4] €100,000, €70,000, and €45,000, for Gold, Silver, and Bronze, respectively. |
| Spain | $111,562 | $56,968 | $35,605 | [20] |
| Bulgaria | $91,008 | $72,806 | $54,605 | [20] |
| Serbia | $71,210 | $59,342 | $47,473 | [20] |
| Russia | $61,000 | $38,000 | $26,000 | [22] Medal winners have historically been gifted expensive luxury cars valued at $50,000 to $200,000 USD. |
| Slovakia | $59,342 | $47,473 | $35,605 | [20] |
| Finland | $59,342 | $35,605 | $23,737 | [20] |
| Korea | $54,767 | $30,426 | $21,733 | [20] |
| Brazil | $49,000 | $29,000 | $20,000 | |
| Japan | $45,000 | $18,000 | $9,000 | |
| Switzerland | $44,171 | $33,129 | $22,086 | [20] |
| United States | $37,500 | $22,500 | $15,000 | Only includes payout from U.S. Olympic Committee, other organizations such as USA Swimming and USA Wrestling award additional bonuses. |
| South Africa | $37,000 | $19,000 | $7,000 | |
| Lichtenstein | $27,602 | $22,082 | $16,561 | [20] |
| Slovenia | $23,737 | $20,770 | $17,802 | [20] |
| Germany | $22,000 | $17,000 | $11,000 | [23] |
| Canada | $16,000 | $12,000 | $8,000 | [24] [25] CAD $20,000, CAD $15,000, CAD $10,000, for Gold, Silver, and Bronze, respectively. |
| Denmark | $15,962 | $11,971 | $7,981 | [20] |
| Australia | $15,000 | $11,000 | $7,000 | |
| Great Britain | $0 | $0 | $0 | [23] Annual stipend of $38,339 to each athlete |
| Sweden | $0 | $0 | $0 | |
| Norway | $0 | $0 | $0 |
References [edit]
- ^ Choudhury, Saheli Roy (29 July 2021). "Here's how much Olympic athletes earn for winning medals". CNBC . Retrieved 3 August 2021.
- ^ Knight, Brett (31 July 2021). "These 10 Countries Offer Six-Figure Payouts To Their Olympic Medalists". Forbes . Retrieved 3 August 2021.
- ^ a b Liao, George (1 August 2021). "Foxconn founder suggests Taiwan shower Olympic athletes with cash". Taiwan News . Retrieved 3 August 2021.
- ^ a b c "Fencers to receive €200,000 in prize money from Estonian Olympic Committee". ERR News. Eesti Rahvusringhääling. 28 July 2021. Retrieved 3 August 2021.
- ^ a b c d Tuquero, Loreben (27 July 2021). "Why is government giving Hidilyn Diaz P10 million? We have a law for that". Rappler . Retrieved 3 August 2021.
- ^ Baldonado, Kevin (2 August 2021). "Hidilyn won't be taxed; What about other athletes?". Philippine Daily Inquirer . Retrieved 3 August 2021.
- ^ "BIR answers tax issues on Hidilyn Diaz's Olympic winnings". CNN Philippines. 29 July 2021. Retrieved 3 August 2021.
- ^ "Major Games Award Programme". Singapore National Olympic Council . Retrieved 3 August 2021.
- ^ Chia Han Keong (13 November 2018). "Singapore medallists' reward scheme renamed Major Games Award Programme". Yahoo! Singapore . Retrieved 3 August 2021.
- ^ "Olympic Heroes Honoured At The London 2012 Olympic Games Awards And Appreciation Dinner". Sport Singapore . Retrieved 3 August 2021.
- ^ https://www.singaporeolympics.com/wp-content/uploads/2018/11/MAP-2017-to-2020.pdf
- ^ Knight, Brett. "These 10 Countries Offer Six-Figure Payouts To Their Olympic Medalists". Forbes . Retrieved 2021-08-07 .
- ^ "Hong Kong athletes chasing HK$5 million cash carrot for winning gold". South China Morning Post. 2021-07-08. Retrieved 2021-08-07 .
- ^ "How much is an Olympic medal worth?". nationthailand. 2021-07-29. Retrieved 2021-08-07 .
- ^ "How much is an Olympic medal worth?". nationthailand. 2021-07-29. Retrieved 2021-08-08 .
- ^ Limited, Bangkok Post Public Company. "Thai stars kick off quest for Games glory". Bangkok Post . Retrieved 2021-08-08 .
- ^ a b "ASEAN nations offer huge rewards to Olympic medalists". Nikkei Asia . Retrieved 2021-08-07 .
- ^ "Kazakhstan to give prize money to athletes winning in Olympics". www.aa.com.tr . Retrieved 2021-08-08 .
- ^ Staff·January 13, Editorial; 2020 (2016-08-10). "Here's How Much Money Olympic Gold Medalists Win in Each Country". NextShark . Retrieved 2021-08-08 . CS1 maint: numeric names: authors list (link)
- ^ a b c d e f g h i j k l m "Money for medals: Olympic glory can also be very lucrative for athletes from these countries". www.usatoday.com . Retrieved 2021-08-07 .
- ^ "Duterte adds P100,000 to Filipino Tokyo Olympians' game allowance". Rappler . Retrieved 2021-08-07 .
- ^ "Here's how much athletes around the world earn for Olympic victory". JOE.co.uk . Retrieved 2021-08-08 .
- ^ a b "How Much Do Olympic Athletes Earn?". Money Under 30 . Retrieved 2021-08-07 .
- ^ "How much money a Canadian Olympian earns versus the rest of the world | Offside". dailyhive.com . Retrieved 2021-08-07 .
- ^ "Canadian Olympic Committee Athlete Excellence Fund (AEF)". Team Canada - Official Olympic Team Website . Retrieved 2021-08-07 .
How Much Money Do Gold Medal Olympics Win
Source: https://en.wikipedia.org/wiki/Incentives_for_Olympic_medalists_by_country
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