This article details standard incentives given to Olympic athletes for winning a medal either by their National Olympic Committee, the government of their country/territory, or both.

While the International Olympic Committee itself don't provide monetary rewards to Olympic medalists, some countries provide prize money to athletes for winning a medal in the Olympics.[1][2] Countries like Singapore and India, sports have heavy government involvement and athletes are given high monetary reward for winning an Olympic medal as a means to promote the growth of sporting culture in those countries.[3]

According to Forbes, Great Britain, New Zealand, Norway and Sweden don't provide monetary incentives for their athletes winning an Olympic medal (as of the 2020 Summer Olympics).[4]

Incentives by Country (USD equivalent in 2021)

This list is incomplete; you can help by adding missing items. (April 2022)
Countries Gold Silver Bronze Note
 Australia $15,000 $11,000 $7,000 [1]
 Azerbaijan $235,000 $117,500 $58,750 AZN 400,000, AZN 200,000, and AZN 100,000, for Gold, Silver, and Bronze, respectively in 2016 Rio Olympics.[5]
 Brazil $49,000 $29,000 $20,000 [1]
 Bulgaria $91,008 $72,806 $54,605 [1]
 Canada $16,000 $12,000 $8,000 CAD $20,000, CAD $15,000, CAD $10,000, for Gold, Silver, and Bronze, respectively.[6][7]
 Denmark $15,962 $11,971 $7,981 [1]
 Estonia $117,500 $82,250 $52,875 €100,000, €70,000, and €45,000, for Gold, Silver, and Bronze, respectively. Prize money is doubled in the case a medal is won by a team of four or more individuals.[8]
 Finland $59,342 $35,605 $23,737 [1]
 Germany $22,000 $17,000 $11,000 [9]
 Great Britain $0 $0 $0 Annual stipend of $38,339 to each athlete.[9]
 Hong Kong $642,500 $321,250 $160,625 HK$5,000,000, HK$2,500,000, HK$1,250,000, for Gold, Silver, and Bronze, respectively.[10]
 Hungary $168,000 $126,000 $96,000 [citation needed]
 Indonesia $346,000 $138,500 $69,250 Rp 5 billion, Rp 2 billion, and Rp 1 billion, for Gold, Silver, and Bronze, respectively.[11]
 Italy $213,000 $107,000 $71,000 [1]
 Japan $45,000 $18,000 $9,000 [1]
 Kazakhstan $250,000 $150,000 $75,000 [12]
 Kosovo $118,683 $71,210 $47,473 [1]
 Liechtenstein $27,602 $22,082 $16,561 [1]
 Lithuania $144,793 $72,397 $54,238 [1]
 Malaysia $236,000 $71,000 $24,000 Additional lifetime monthly salary of 5,000, 3,000, and 2,000 ringgit for Gold, Silver, and Bronze, respectively.
 Morocco $225,067 $140,667 $84,400 [1]
 New Zealand $0 $0 $0 [4]
 Norway $0 $0 $0 [4]
 Philippines $200,000 $100,000 $40,000 ₱10,000,000, ₱5,000,000, ₱2,000,000, for Gold, Silver, and Bronze, respectively.[11][13]
 Russia $61,000 $38,000 $26,000 Medal winners have historically been gifted expensive luxury cars valued at $50,000 to $200,000 USD.[14]
 Serbia $71,210 $59,342 $47,473 [1]
 Singapore $737,000 $369,000 $184,000 S$1,000,000, S$500,000, S$250,000, for Gold, Silver, and Bronze, respectively.[15]
 Slovakia $59,342 $47,473 $35,605 [1]
 Slovenia $23,737 $20,770 $17,802 [1]
 South Africa $37,000 $19,000 $7,000 [citation needed]
 South Korea $54,767 $30,426 $21,733 [1]
 Spain $111,562 $56,968 $35,605 [1]
 Sweden $0 $0 $0 [4]
  Switzerland $44,171 $33,129 $22,086 [1]
 Taiwan $720,000 $251,000 $178,000 NT$20,000,000, NT$7,000,000, NT$5,000,000, for Gold, Silver, and Bronze, respectively.[16][17]
 Thailand $365,150 $219,090 $146,060 THB12,000,000, THB7,200,000, THB4,800,000, for Gold, Silver, and Bronze, respectively.[18][19][20]
 United States $37,500 $22,500 $15,000 Only includes payout from U.S. Olympic Committee, other organizations such as USA Swimming and USA Wrestling award additional bonuses.[4][1]

Per country

Singapore

The Singapore National Olympic Council in the 1990s under President Yeo Ning Hong instituted the Multi-Million Dollar Award Programme (MAP), an incentive scheme to reward athletes who win medals in major international tournaments, including the Olympics, for Singapore.[21] The programme's name was changed to Major Games Award Programme (MAP) in 2018.[22]

The largest prize money under the MAP is for athletes who clinch an Olympic gold medal. For athletes who win multiple Olympic gold medals, they entitled S$1 million only for the first individual gold medal won at the Games.[23]

The money, however, is taxable and the medal winner is obligated to make a donation back into the sport they are representing.

Medal Standard reward
 Gold S$1,000,000
 Silver S$500,000
 Bronze S$250,000

Philippines

Coaches who are Filipino citizens who personally trained winning Filipino Olympians are also entitled to prize money 50% of the cash incentives for gold, silver, and bronze medalists.[24][25][26]

Medal Standard reward
 Gold ₱10 million
 Silver ₱5 million
 Bronze ₱2 million

Prior to the RA 10699, standard government incentives are codified under the RA 9064 or the National Athletes, Coaches and Trainers Benefits and Incentives Act of 2001 which mandates a prize money of ₱5 million for Olympic gold medalists, ₱2.5 million for silver medalists and ₱1 million for bronze medalists.[24]

References

  1. ^ a b c d e f g h i j k l m n o p q r s "Money for medals: Olympic glory can also be very lucrative for athletes from these countries". USA Today. Retrieved August 4, 2021.
  2. ^ "Cashing in on gold". South China Morning Post. August 12, 2021.
  3. ^ Choudhury, Saheli Roy (29 July 2021). "Here's how much Olympic athletes earn for winning medals". CNBC. Retrieved 3 August 2021.
  4. ^ a b c d e Knight, Brett (31 July 2021). "These 10 Countries Offer Six-Figure Payouts To Their Olympic Medalists". Forbes. Retrieved 3 August 2021.
  5. ^ General, Ryan (2016-08-10). "Here's How Much Money Olympic Gold Medalists Win in Each Country". NextShark. Retrieved 2021-08-08.
  6. ^ "How much money a Canadian Olympian earns versus the rest of the world | Offside". dailyhive.com. Retrieved 2021-08-07.
  7. ^ "Canadian Olympic Committee Athlete Excellence Fund (AEF)". Team Canada - Official Olympic Team Website. Retrieved 2021-08-07.
  8. ^ "Fencers to receive €200,000 in prize money from Estonian Olympic Committee". ERR News. Eesti Rahvusringhääling. 28 July 2021. Retrieved 3 August 2021.
  9. ^ a b "How Much Do Olympic Athletes Earn?". Money Under 30. Retrieved 2021-08-07.
  10. ^ "Hong Kong athletes chasing HK$5 million cash carrot for winning gold". South China Morning Post. 2021-07-08. Retrieved 2021-08-07.
  11. ^ a b "ASEAN nations offer huge rewards to Olympic medalists". Nikkei Asia. Retrieved 2021-08-07.
  12. ^ "Kazakhstan to give prize money to athletes winning in Olympics". www.aa.com.tr. Retrieved 2021-08-08.
  13. ^ "Duterte adds P100,000 to Filipino Tokyo Olympians' game allowance". Rappler. Retrieved 2021-08-07.
  14. ^ "Here's how much athletes around the world earn for Olympic victory". JOE.co.uk. Retrieved 2021-08-08.
  15. ^ "Major Game Award Programme" (PDF). SNOC.
  16. ^ Liao, George (1 August 2021). "Foxconn founder suggests Taiwan shower Olympic athletes with cash". Taiwan News. Retrieved 3 August 2021.
  17. ^ Knight, Brett. "These 10 Countries Offer Six-Figure Payouts To Their Olympic Medalists". Forbes. Retrieved 2021-08-07.
  18. ^ "How much is an Olympic medal worth?". nationthailand. 2021-07-29. Retrieved 2021-08-07.
  19. ^ "How much is an Olympic medal worth?". nationthailand. 2021-07-29. Retrieved 2021-08-08.
  20. ^ "Thai stars kick off quest for Games glory". Bangkok Post. Retrieved 2021-08-08.
  21. ^ "Major Games Award Programme". Singapore National Olympic Council. Retrieved 3 August 2021.
  22. ^ Chia Han Keong (13 November 2018). "Singapore medallists' reward scheme renamed Major Games Award Programme". Yahoo! Singapore. Retrieved 3 August 2021.
  23. ^ "Olympic Heroes Honoured At The London 2012 Olympic Games Awards And Appreciation Dinner". Sport Singapore. Retrieved 3 August 2021.
  24. ^ a b Tuquero, Loreben (27 July 2021). "Why is government giving Hidilyn Diaz P10 million? We have a law for that". Rappler. Retrieved 3 August 2021.
  25. ^ Baldonado, Kevin (2 August 2021). "Hidilyn won't be taxed; What about other athletes?". Philippine Daily Inquirer. Retrieved 3 August 2021.
  26. ^ "BIR answers tax issues on Hidilyn Diaz's Olympic winnings". CNN Philippines. 29 July 2021. Retrieved 3 August 2021.