The Olympics have kicked off in full swing with numerous medals already awarded. But winning a medal often brings more than just the accolade of gold.
Japan currently leads the gold medal tally with six since the Olympics began last week. They are closely trailed by France, People’s Republic of China, Australia, and Republic of Korea, each boasting five gold medals as of July 30.
Achieving a medal is a monumental feat, and athletes do not receive monetary compensation directly from the International Olympic Committee (IOC).
Nevertheless, at least 33 of the 206 participating nations provide bonuses to athletes who clinch the top podium spot, as reported by Forbes. Impressively, 15 of these countries offer more than $100,000, making the rewards quite substantial.
Spain, for example, offers athletes $102,000 for a first-place finish, though team sports participants receive a reduced amount based on the number of team members.
According to Forbes, duos can earn around $82,000 for a gold medal, while teams of three or more receive approximately $54,000 each.
Ukraine has yet to secure any gold medals at the Olympics, but victorious athletes will be awarded a $125,000 bonus.
Italy, with two gold medals so far, rewards its athletes with a $196,000 bonus for each win.
In addition, Italy provides bonuses for silver and bronze medals, amounting to $98,000 and $65,000, respectively.
Hong Kong, competing independently of China, offers the highest bonus for gold medalists, handing out $768,000.
Bonuses are also provided for second and third places, and the country rewards athletes for finishing in fourth through eighth place.
Athletes who finish fourth can earn nearly $100,000, while those in fifth through eighth place receive almost $50,000.
The US does not offer bonuses exceeding $100,000, but gold medalists are not left empty-handed.
The US has so far secured three gold medals in the Games: two in swimming and one in fencing.
These victories were achieved by fencer Lee Kiefer, swimmer Torri Huske, and the Men’s 4 x 100m Freestyle Relay team composed of Jack Alexy, Chris Guiliano, Hunter Armstrong, and Caeleb Dressel.
To celebrate their achievements, each American gold medalist receives a $37,500 bonus from the US Olympic & Paralympic Committee.
Israel: $275,000
Serbia: $218,000
Malaysia: $214,000
Lithuania: $182,000
Moldova: $171,000
Latvia: $155,000
Hungary: $154,000
Bulgaria: $139,000
Kosovo: $120,000
Estonia: $109,000
Czech Republic: $103,000
Now, all athletes need to do is win those medals… how hard can it be?