How much does an athlete who wins a medal at the 2021 Olympics earn?

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As Philippines won the country’s first Olympic medal this week, when the weightlifter Hidilyn Diaz won first place in its sport in Tokyo Games. As a reward for his achievement considered historic, Diaz will receive a prize of 33 million Philippine pesos, the equivalent of US$600,000 from the Philippine Sports Commission and entrepreneurs in the country. She was also offered two houses and free flights for life, according to reports.

although the International Olympic Committee do not pay cash prizes to medalists, many countries offer monetary rewards to their athletes for the number of medals they earn at the Olympics. We separated a survey carried out by CNBC with the amount received by medalists from 12 countries, based on data compiled from various national Olympic committees, sports associations, as well as from the personal finance website Money Under 30.

Olympic medal bonus

See how much money athletes get for finishing on the podium

Why some athletes earn more

More than 600 athletes from USA are competing in the Tokyo Olympics. So far, Americans have won 11 gold, 11 silver and 9 bronze medals. The US Olympic and Paralympic Committee rewards athletes with $37,500 for each gold medal won, $22,500 for silver and $15,000 for bronze. Most of this prize money is not taxable unless athletes report gross income in excess of $1 million.

US athletes also receive other forms of benefits, including health insurance, access to world-class medical facilities and assistance with college tuition.

In comparison, Singapore rewards its gold medalists nearly 20 times more than US players ($737,000). On the other hand, the city-state only took 23 athletes to Tokyo. Prize money is taxable and recipients are required to return a portion to national sports associations for training and future development.