The Paris 2024 Olympics are well underway, with many medals already awarded.
Medallists receive not only a medal, a stuffed toy of the Olympics mascot, and a “mysterious” box with the official event poster, but also financial incentives.
While the International Olympic Committee does not award prize money for medals, numerous countries do.
The following are some of the payouts, based on data obtained by CNBC from national Olympic committees, sports associations, and local sources.
Hong Kong and Singapore have the biggest payments for Olympic winners.
Olympic medal bonuses
Here’s how much money athletes get for finishing on the podium.
| Hong Kong | $768,000 | $384,000 | $192,000 |
|---|---|---|---|
| Singapore | $745,000 | $373,000 | $186,000 |
| Indonesia | $300,000 | $150,000 | $60,000 |
| Israel | $271,000 | $216,000 | $135,000 |
| Republic of Kazakhstan | $250,000 | $150,000 | $75,000 |
| Malaysia | $216,000 | $65,000 | $22,000 |
| Spain | $102,000 | $52,000 | $33,000 |
| France | $87,000 | $43,000 | $22,000 |
| South Korea | $45,000 | $25,000 | $18,000 |
| United States | $38,000 | $23,000 | $15,000 |
| Japan | $32,000 | $13,000 | $6,000 |
| Poland | $25,000 | $19,000 | $14,000 |
| Germany | $22,000 | $16,000 | $11,000 |
| Australia | $13,000 | $10,000 | $7,000 |
Highest payouts
Cash incentives for Hong Kong athletes competing in Paris increased by 20% from the Tokyo Summer Olympics. Gold medallists will get 6 million Hong Kong dollars ($768,000), Hong Kong’s Chief Secretary for Administration, Chan Kwok-ki, stated in early July.Silver and bronze medallists will get HK$3 million and HK$1.5 million, respectively.
This year, the city is expecting a large payout due to an early crop of medals in swimming and fencing. Vivian Kong became Hong Kong’s first medallist at the Paris Games, winning the women’s epee singles event. Cheung Ka-long won gold in the men’s solo foil event, while Siobhan Bernadette Haughey earned bronze in the women’s 200-meter freestyle.
Singapore awards Olympic medallists $1 million (SG$745,300) for gold, $500,000 for silver, and $250,000 for bronze. The city-state has only given out the top financial award to one athlete: Joseph Schooling. The now-retired swimmer won gold in the 100-meter butterfly at the 2016 Rio Olympics, defeating Michael Phelps of the United States.
Other governments offering six-figure cash incentives for gold medallists include Israel, Malaysia, Kazakhstan, and Indonesia.Israel is paying a million Israeli shekels ($270,537) for a gold medal, a 50% increase over the Tokyo Games.
France has reportedly increased its monetary incentives. Gold medallists will get 80,000 euros ($86,528), which is 15,000 euros more than what was paid in the Tokyo Olympics.
Some reward competitors who do not finish on the podium.Germany’s Sports Aid Foundation awards cash rewards up to eighth place finishers at the Olympic Games. Gold medal winners receive 20,000 euros ($22,000).
Local media reports that India’s Olympic athletes receive monetary prizes from both the government and the national sports association. The government awards gold medallists 7.5 million rupees ($90,000), while the Indian Olympic Association provides 10 million rupees ($120,000).
Cars, cows and apartments
In addition to or in place of cash, some athletes may get additional prizes such as residences and automobiles from both governments and private companies.
Kazakhstan’s Olympic competitors can win up to $250,000 for gold, $150,000 for silver, and $75,000 for bronze. Medallists receive state-provided apartments.
Local media reports Malaysia’s National Sports Council rewards gold medallists with one million ringgit ($215,563), while silver medallists receive 300,000 ringgit and bronze medallists receive 100,000 ringgit.Some private enterprises in Malaysia apparently provided further incentives, like luxurious serviced residences and cash.
Malaysia’s Youth and Sports Minister Hannah Yeoh announced that competitors who finish on the podium will receive a “foreign-made car,” as reported by local media.
South Korean medallists receive pensions in addition to their prize money.
South Korean gold medallists receive a windfall of 63 million Korean won ($43,288), as well as a lifetime monthly pension of a million won or a lump sum of 67.2 million won, according to local media reports.
A silver medallist earns 35 million won, while a bronze medallist receives 25 million won.
Some athletes may also receive additional presents, such as free drinks and transportation.
According to local media, Hong Kong’s public transit operator, MTR Corporation, would provide free lifetime tickets to city medallists.
Klaudia Zwolińska will earn 200,000 Polish zloty ($50,374) from the Polish Olympic Committee, along with a painting, holiday ticket, scholarship, and diamond for winning silver in the women’s canoe slalom K1 category.
Olympians have frequently been given unusual mementos of appreciation.
According to local media, a local restaurant offered free food and teh tarik for life to Malaysian athletes who competed in the Tokyo Games. Teh tarik, a hot milk tea beverage, is popular throughout Southeast Asia.
Japanese table tennis player Kasumi Ishikawa received 100 bags of rice after winning a silver medal at the Tokyo Games. Apriyani Rahayu and Greysia Polii, Indonesian badminton gold medallists, were reportedly left five cows, a meatball business, and a new home.
Athletes from Great Britain, Norway, and a few other countries do not receive a direct monetary prize for finishing on the podium.
