The International Olympic Committee does not issue cash awards to athletes, but countries can provide bonuses to their medal winners.
CNBC and the personal finance website Money Under 30 recently aggregated data from various National Olympic Committees and sports associations to understand the fees paid by more than a dozen countries for athletes.
Records show that there is a wide range of bonuses offered between countries.
The United States ranks 9th among 12 countries, with a gold price of 37,500 US dollars, a silver price of 22,500 US dollars, and a bronze medal price of 15,000 US dollars.
Singapore offers the largest cash prize for its gold medal winners, with a gold medal of approximately US$737,000, a silver medal of US$369,000 and a bronze medal of US$184,000.
Australia paid the lowest prizes, with a gold medal of US$15,000, a silver medal of US$11,000 and a bronze medal of US$7,000.
If you win the gold medal for Singapore, you will earn 700,000 US dollars more than if you win the gold medal for the United States pic.twitter.com/JeDbEBP6xI
— Morning Brew☕️ (@MorningBrew) July 31, 2021
Kazakhstan paid the second most, followed by Malaysia, Italy and the Philippines.
When comparing the United States with Singapore, American athletes do not have to pay taxes on their prize money, which is different from Singaporean athletes who must donate part of their prize money to the country’s National Sports Association to support future Olympic training.
Singapore’s prize money is also much higher because the country only sent 23 athletes compared to the 600 athletes in the United States.
Many American Olympians rely on sponsorship funds. The endorsements of legendary swimmer Michael Phelps include Speedo, Subway, Visa, PowerBar, AT&T and Under Armour.
The sponsorship and endorsement value of other US Olympic Games may be in the millions. Gymnasts Simone Biles and McKayla Maroney appeared in Uber Eats and Geico TV commercials respectively.
The United States also provides tuition support for universities for its athletes and provides opportunities for some countries to provide the best medical services.
Athletes from all countries can also make money from external competitions and tournaments.
