Gold medalist USA’s Nathan Chen celebrates at the Beijing 2022 Winter Olympic Games on February 10.
Sebastien Bozon | AFP | Getty Images
The 2022 Winter Olympics is well underway in Beijing, and more than 200 medals have already been awarded to athletes from around the world.
Finishing on the podium is a matter of national pride. For some winners, it also means taking home a cash bonus and opening doors to rare multimillion-dollar sponsorship opportunities.
The International Olympic Committee does not pay prize money to medalists, but many countries offer monetary rewards to their athletes for the number of medals they win at either the Summer Olympics or Winter Olympics.
CNBC compiled the chart below, sourcing information from various national Olympic committees, sports associations and personal finance site Money Under 30.
The data showed the U.S. Olympic and Paralympic Committee rewards its athletes $37,500 for every gold medal won, $22,500 for silver and $15,000 for bronze. Most of that prize money is not taxable unless athletes report gross income that exceeds $1 million.
American athletes also receive other forms of support such as health insurance, access to top-tier medical facilities and college tuition assistance.
The U.S. sent more than 200 athletes to compete in Beijing. Team USA has so far bagged 7 gold medals, 6 silver and 3 bronze.
At the 2021 summer games, American athletes took home 39 gold, 41 silver and 33 bronze — racking up the highest medal tally by any country in Tokyo.
How much do other countries pay?
Some countries and territories provide much higher monetary incentives for their athletes to finish on the podium. Experts say some of it is an attempt to develop national sporting cultures.
Singapore, for example, rewards its gold medalists nearly 20 times more than the U.S.
Players who clinch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars ($737,000). The prize money is taxable and the winning recipients are required to return a portion of it to their national sports associations for future training and development.
Kazakhstan pays their athletes about $250,000 for a gold medal, Italy gives about $213,000, the Philippines around $200,000 while Malaysia also offers hefty rewards for its athletes. Hong Kong, which competes separately from China at the Olympics, last year offered 5 million Hong Kong dollars ($641,000) for gold winners.
When India’s javelin thrower Neeraj Chopra secured the country’s first gold in track-and-field in Tokyo last year, several politicians and corporate brands reportedly announced millions of rupees in monetary reward for the athlete.
Apart from medal bonuses, winners in these countries are also offered other compensations. For example when Filipino weightlifter Hidilyn Diaz won the country’s first Olympic gold last year, she was reportedly offered two homes and free flights for life.
To begin with, clinching a spot on the Olympics team is not an easy feat…
Read More: How much athletes at Beijing Olympics get for winning medals