When athletes triumph at the 2024 Paris Olympics, they receive a medal, a poster, and a stuffed toy of the Olympics mascot – but no cash prize. Despite the absence of monetary rewards from the International Olympic Committee, some countries do offer lucrative bonuses to their medalists. CNBC recently compiled a list of these countries and the amounts awarded to winning athletes by their National Olympic Committees.
Surprisingly, Hong Kong and Singapore lead the pack, offering gold medalists over half a million dollars each. On the other hand, the U.S. stands at tenth place on the list, with prizes ranging from $15,000 to $38,000.
Embarking on an Olympic career requires a substantial six-figure investment with no guaranteed income, salary, or federal support to cover costs. Athletes like Rick Hawn, who represented the U.S. in judo at the 2004 Olympics, often face financial hardships along the way. Hawn’s family nearly went bankrupt supporting his Olympic aspirations.
The financial burden of aspiring Olympians is significant. The Paris Olympics entail costs of up to $21,700 in fees and memberships, while the annual income of a quarter of U.S. Olympians is below $15,000. Despite these challenges, Team USA does provide nearly $2.5 million in private grants annually, offering some relief to athletes.
Top Five Countries with the Highest Olympic Payouts:
Hong Kong
Gold: $768,000
Silver: $384,000
Bronze: $192,000
Singapore
Gold: $745,000
Silver: $373,000
Bronze: $186,000
Indonesia
Gold: $300,000
Silver: $150,000
Bronze: $60,000
Israel
Gold: $271,000
Silver: $216,000
Bronze: $135,000
Republic of Kazakhstan
Gold: $250,000
Silver: $150,000
Bronze: $75,000
U.S. Medal Payouts
Gold: $38,000
Silver: $23,000
Bronze: $15,000
For more detailed information on medalist payouts, check out the full chart here.