At this year’s Games, American athletes who win a gold medal will receive a $37,500 bonus from the United States Olympic and Paralympic Committee (USOPC). While this may seem insignificant to multimillionaire NBA stars, it is a significant help for many other athletes in covering the costs of pursuing their Olympic dreams.
However, this financial reward pales in comparison to what other countries offer. According to research conducted by the prestigious business magazine Forbes, at least 33 nations will award cash prizes to their medalists, and of these, 15 confirmed that they will pay more than $100,000 for each gold medal.
Hong Kong takes the top spot on this list, offering a staggering $768,000 for a gold medal. Competing independently from China, the territory has won the top prize just twice in its 17 Olympic appearances. For reference, a silver medal in Hong Kong is priced at $380,000, far exceeding what any other nation offers for a gold medal. By comparison, Israel and Serbia, which come in second and third, respectively, offer $275,000 and $218,000 for each gold.
The USOPC will also award $22,500 to silver medalists and $15,000 to bronze medalists. In addition, the committee provides various grants and benefits, such as health insurance, that are available to a larger number of Olympic athletes.
Other countries also stand out for their generous rewards. Malaysia and Bulgaria provide gold medalists with monthly allowances of more than $1,000 for life. Chile, Kosovo, and Lithuania have a similar scheme, although it ends before the next Olympics. Until the next Olympics, New Zealand structures its payments as annual bonuses of $40,000. Denmark, meanwhile, awards just $15,000 for a gold medal, but this amount is tax-free, which is significant in a country with high tax rates.
Poland, in addition to handing out approximately $82,000 to its gold medalists, offers a number of additional benefits. These include a painting by Polish artists, an investment-grade diamond, and a vacation voucher for two people, provided by a travel agency. Coaches are also entitled to the same rewards. In addition, gold medalists in individual sports receive a two-bedroom apartment in the Warsaw metropolitan area.
In some Nordic countries, such as Norway, Iceland, and Sweden, there is no explicit financial compensation offered for medals, but different types of support are provided leading up to the Games. Åsa Edlund Jönsson, secretary general of the Swedish Olympic Committee, explained via email that their aim is to maximize the chances of Olympic success by offering as much support as possible before the Games.
Similarly, in the UK, the government does not provide direct bonuses, but British Athletics, the body responsible for athletics equipment, does award medal prizes independently.
Despite the differences in financial rewards, all of these efforts have a common goal: to support and motivate athletes to achieve peak performance at the Olympic and Paralympic Games. These varied strategies reflect the different priorities and resources available in each nation but ultimately seek to recognize and reward the exceptional achievements of their athletes.
The 15 countries that reward their medalists with great cash prizes.
- Hong Kong: $768,000
- Israel: $275,000
- Serbia: $218,000
- Malaysia: $214,000
- Italy: $196,000
- Lithuania: $182,000
- Moldova: $171,000
- Latvia: $155,000
- Hungary: $154,000
- Bulgaria: $139,000
- Ukraine: $125,000
- Kosovo: $120,000
- Estonia: $109,000
- Czech Republic: $103,000
- Spain: $102,000
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