The 2024 Olympics have started in Paris, and athletes are already winning. India has won its first medal, a bronze, thanks to shooter Manu Bhaker. However, medals aren’t the only rewards for Olympians. In their home countries, they also receive large cash prizes.
Here is a list of the countries that give the highest payments to Olympic Medal Winners , according to Forbes.
1. Hong Kong
In Hong Kong, athletes are rewarded generously for their achievements. If an athlete wins a gold medal, they receive a substantial prize of $768,000. Even if they do not finish on the top of the podium, there are still significant rewards. For instance, a fourth-place finish earns nearly $100,000, while athletes who place between fifth and eighth receive almost $50,000. This shows that Hong Kong values and supports its athletes’ efforts, regardless of whether they win a medal.
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2. Israel
The prize money for a gold medal is $275,000, while for a silver medal it is approximately $192,000, and for a bronze medal, it’s around $137,000. For athletes competing in pairs, each receives 75% of the total prize money. In teams of three or four, each member gets 50% of the prize, and in teams of five or more, each member receives 40%. In ball games like football, the $275,000 prize for a gold medal is divided among 18 players and 7 staff members. All these prizes are tax-free.
3. Serbia
If you win a gold medal, you’ll receive a prize of $218,000. Additionally, athletes who earn a gold, silver, or bronze medal are eligible for a national pension. This pension starts at age 40 and is paid out on a monthly basis.
4. Malaysia
Athletes from Malaysia who win a gold medal receive a prize of $214,000. Additionally, Malaysian athletes, regardless of whether they win first, second, or third place, are entitled to a monthly pension for life. This pension varies between approximately $400 and $1,100 per month.
5. Italy
In Italy, the prize money for gold medals is $196,000, and this amount is the same for both individual and team sports. For silver medals, the prize is $98,000, and for bronze medals, it is $65,000. Italy does not divide the medal bonuses among team members, so each athlete on a winning team receives the full prize amount. This means that whether you win in an individual event or as part of a team, you will receive the same prize money for each medal.
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