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.
The sports economy in the US allows athletes to better monetize their talent, as most of it is driven by the private sector. in places like Singapore, India, among others, many of the national sports initiatives are government-led, which use higher monetary rewards to strengthen a sports culture, according to Unmish Parthasarathi, founder and executive director of the Picture Board Partners consultancy to CNBC.
A Malaysia it also has good rewards for its Olympic winners. Athletes who win gold receive 1 million ringgit ($236,149), while silver winners receive 300,000 ringgit and 100,000 for third place. In dollars, an Olympic bronze winner from Malaysia will receive a higher performance reward than a gold winner from Australia or Canada, for example.
How Athletes Make Money
In addition to receiving monetary and non-monetary rewards from their countries for winning medals, Olympic athletes have other sources of income for their sporting endeavors.
Athletes from larger and more competitive countries receive salaries or training grants of their national sports associations. Top performers receive cash prizes by winning national and international tournaments. Others receive regular salaries for having multiple jobs.
Some, like US badminton player Zhang Beiwen, allegedly depended on crowdfunding to afford the trip to Tokyo. Most US team athletes are not represented by sports agents and some do not have sponsors, according to a Forbes report.
Many other athletes can get multi-million funding or sponsorship deals even before competing in the Olympics. Tennis star Naomi Osaka, for example, won $55 million in sponsorships in 12 months, being voted the highest paid female athlete of all time.
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