The value and prizes that come with an Olympic medal vary greatly depending on the country.
It’s a well-known fact that the economic rewards for different sports at the Paris Olympic Games vary depending on the federations and countries. However, you may not have paid close attention to the specific figures and “perks” provided to the athletes standing on the podium. There’s a bit of everything.
The case of Carlos Yulo. Let’s take the example of Carlos Yulo, the Philippines’ first-ever Olympic gold medalist in gymnastics. Yulo claimed the top prize for his floor routine on August 3 and quickly followed it up with another medal in less than 24 hours, making him the country’s first two-time Olympic gold medalist.
Yulo’s achievements not only earned him two medals but also a fully furnished $550,000 apartment, courtesy of Filipino real estate developer Megaworld Corp. On top of that, he’ll receive a lifetime supply of ramen, free meals at restaurants, and lifelong gastro consults, including colonoscopies. Surprisingly, the case of the Filipino athlete isn’t an isolated one.
How much is an Olympic medal worth (in cash)? The value of a medal can be measured in different ways, but one way to evaluate it is by the amount of money that athletes receive from their countries for winning. While the International Olympic Committee doesn’t give prize money to the winners of the Paris 2024 Olympics, many nations provide incentives to their athletes for achieving success.
A recent list published by CNBC shows the monetary rewards that athletes receive for winning a medal in some countries. The differences in the amounts are striking. For instance, gold medal winners in Hong Kong receive $768,000. In the U.S., they receive $38,000.
- Hong Kong: $768,000 (gold) | $384,000 (silver) | $192,000 (bronze)
- Singapore: $745,000 (gold) | $373,000 (silver) | $186,000 (bronze)
- Indonesia: $300,000 (gold) | $150,000 (silver) | $60,000 (bronze)
- Israel: $271,000 (gold) | $216,000 (silver) | $135,000 (bronze)
- Republic of Kazakhstan: $250,000 (gold) | $150,000 (silver) | $75,000 (bronze)
- Malaysia: $216,000 (gold) | $65,000 (silver) | $22,000 (bronze)
- Spain: $102,000 (gold) | $52,000 (silver) | $33,000 (bronze)
- France: $87,000 (gold) | $43,000 (silver) | $22,000 (bronze)
- South Korea: $45,000 (gold) | $25,000 (silver) | $18,000 (bronze)
- United States: $38,000 (gold) | $23,000 (silver) | $15,000 (bronze)
- Japan: $32,000 (gold) | $13,000 (silver) | $6,000 (bronze)
- Poland: $25,000 (gold) | $19,000 (silver) | $14,000 (bronze)
- Germany: $22,000 (gold) | $16,000 (silver) | $11,000 (bronze)
- Australia: $13,000 (gold) | $10,000 (silver) | $7,000 (bronze)
How much is an Olympic medal worth (in kind)? The value of a medal goes beyond just its economic worth. Aside from monetary rewards, there are other unique incentives, ranging from exemption from mandatory military service to receiving cars, livestock, housing, and even lifelong free meals. Let’s take a closer look at some examples from the recent Olympic Games.
South Korea. Regardless of the medal’s color, the winner is granted an 18-month exemption from mandatory military service, which is required for all men before they turn 28. During the Tokyo Olympics, Hyundai, the team’s sponsor, gifted cars to the six female archers who won four out of five gold medals.
Furthermore, gold medalists have the choice of either receiving a monthly lifetime pension of ₩1 million ($730) or a lump sum of ₩67.2 million ($49,000).
Poland and Indonesia. In Poland, the rewards for winning gold include a two-room apartment, a diamond, a painting, and a vacation voucher. Meanwhile, the “gifts” in Indonesia are unique. Apriyani Rahayu and Greysia Polii, who won gold in women’s doubles badminton in Tokyo three years ago, received rewards ranging from new houses from a real estate developer to meatball restaurants from a social media influencer.
Furthermore, Apriyani was also promised five cows, a plot of land, and a house by the district chief of her hometown in Southeast Sulawesi. On top of that, the tourism minister mentioned that they could enjoy free vacations at the country’s top five tourist destinations.
Watches, cars, and promotions. In the case of Jordan, athlete Ahmad Abu Ghaush won the country’s first-ever gold medal in the men’s 68 kg division in taekwondo at the Rio Olympics. He received numerous rewards and gifts from local companies, including a car and a luxury watch. Additionally, King Abdullah II awarded him the First Class Order of Distinction.
In the Philippines, weightlifter Hidilyn Diaz secured the country’s first gold medal at the Tokyo Olympics and was rewarded with two properties and a promotion in the Armed Forces of the Philippines. Moving on to Iraq, Iraqi soccer players received more than 9 million dinars ($7,200) and a plot of land for qualifying for the Olympics, while weightlifter Ali Ammar Yasser received a car and a plot of land after qualifying.
Food and free trips. At the Olympics in Paris, the Malaysian athlete who won the first gold medal won’t ever go hungry, considering that transport and delivery company Grab has promised to provide a year’s worth of free food orders. On top of that, the athlete will also receive a Chery SUV car and a luxury apartment from real estate developer Top Residency.
Similarly, in India, when Neeraj Chopra won the gold in javelin throwing in Tokyo, the airline IndiGo promised him unlimited free air travel for a year. Joseph Schooling, the champion for Singapore at the Rio Olympics, was offered free transportation for himself and his family for a year by an Uber-like ride-hailing service.
Hong Kong. The Hong Kong federation offers the highest in-cash reward of all countries. On top of that, the government has also awarded gold medal-winning fencers Vivian Kong and Cheung Ka-long lifetime travel tickets for the city’s MTR subway system. This promise extends to all other medalists.
Additionally, gym chain Pure offered lifetime memberships to the 35 Hong Kong athletes competing in Paris, while Cathay Pacific airline said it would provide all medal winners with free business class travel for a year.
It’s clear that winning a medal can lead to significant rewards. Depending on the athlete’s home nation, it could be similar to or better than winning the lottery.
This article was written by Miguel Jorge and originally published in Spanish on Xataka.
Image | Olympic Games | Ministério do Esporte| Hampton University
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