Thousands of athletes from around the world are competing in the 2024 Paris Olympics with hopes of bringing home coveted gold medals — and stacks of prize money.
While the Internal Olympic Committee doesn’t provide financial rewards to its winners, countries often give their athletes money for medaling—some countries’ payments being much higher than others.
Per Forbes, the United States offers gold medal winners a $37,500 bonus, courtesy of the U.S. Olympic & Paralympic Committee while silver medalists receive $22,500 and bronze medalists earn $15,000, according to USA Today.
In context, that means that third-place finishers make less than the current federal poverty line for one person.
The impact of these winnings varies significantly. For example, superstar athletes like those in the NBA–LeBron is a billionaire– are less likely in need of the financial compensation as much as athletes who are trying to cover the costs of training for and competing in the Olympics, as there is no salary for prospective Olympians. Only a select few land a lucrative corporate partnership as well.
More than 90 percent of all Olympians reported spending as much as $21,700 in competition fees and membership dues in the lead-up to the games. More than a quarter of all US Olympians report making less than $15,000 annually in total income.
Still, the United States has fairly low payouts for Olympic prize money compared with other nations. According Forbes, out of the 206 countries and territories participating at least 33 will award cash prizes for medals and within that group, 15 verified that they will pay more than $100,000 to athletes who top the podium.
The top payout belongs to Hong Kong, which competes independently from China. They pay their athletes $768,000 for gold and $380,000 for silver.
After Hong Kong, the highest-paying countries are Israel ($275,000) and Serbia ($218,000).
The USOPC, which will also pay $22,500 for silver and $15,000 for bronze, provides grants and benefits (such as health insurance) that are more widely available to Olympians. Athletes reported spending as much as $9,200 for out-of-pocket expenses amid injuries and as little as 16 percent were reimbursed, according to a report from the Commission on the State of US Olympics & Paralympics – an independent commission appointed by Congress
The 12 other countries that exceed the $100,000 mark include 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), and Spain ($102,000).
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