Stunning amount Olympians earn if they're able to win a gold medal

As you sit down to watch the best athletes on the planet fight it out for Olympic medals, you've probably wondered how much they earn for winning.

Some countries offer a huge sum to athletes that win gold. Credit: Sarah Stier/Getty

The Olympics attracts the best of the best and athletes dedicate the majority of their lives to ensuring they can compete at the highest level.

Of course, everything they do is heavily scrutinised by millions of experts sitting at home on their sofas, but this is what we do best.

But as we watch the games, a question keeps popping up - how much do you get paid for winning a gold medal?

Per Eurosport, despite the immense prestige of competing and winning at the Olympics, athletes do not receive any financial rewards from the International Olympic Committee (IOC).

The Games were originally conceived as an amateur competition to celebrate athleticism and sportsmanship.

The Olympic medals. Credit: Charles McQuillan/Getty

The IOC maintains this tradition by distributing its revenue to international federations and national Olympic committees (NOCs) instead of directly rewarding athletes.

However, despite the IOC not offering any financial reward, Forbes reports that 33 of the 206 competing countries offer their athletes a hefty sum if they can bag the top prize.

Spanish athletes receive $102,000 for a gold medal. For team sports, the reward is adjusted based on the number of participants, with teams of two earning around $82,000 each and larger groups receiving about $54,000 per person.

Hong Kong offers the most substantial bonus, awarding $768,000 for a gold medal. The country also incentivizes athletes who place fourth through eighth, with fourth-place finishers earning nearly $100,000 and those in fifth through eighth receiving almost $50,000.

Although Ukraine has yet to secure a gold medal at these Olympics, its athletes are promised a $125,000 bonus for a top podium finish.

Italy, currently boasting two gold medals, rewards its gold medalists with $196,000 each. Silver and bronze medalists receive $98,000 and $65,000, respectively.

The US awards each gold medalist $37,500 from the US Olympic & Paralympic Committee. At the time of writing, the US has bagged three gold medals.

US Athlete Torri Huske won gold in the Women’s 100m Butterfly. Credit: Lintao Zhang/Getty

Several countries offer substantial bonuses for gold medals:

• 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

Being the best certainly pays out!

In a historic move, World Athletics announced it would award prize money for gold medal winners in track and field events at Paris 2024. A total of $2.4 million has been allocated, with each gold medalist receiving $50,000.

Winning relay teams will split the reward. This initiative will extend to silver and bronze medalists at the Los Angeles Games in 2028, further enhancing the prestige and financial incentive for track and field events.

Winning gold could mean a big payday! Credit: Clive Rose/Getty

The International Boxing Association (IBA) has also introduced financial rewards for medalists.

Boxing gold medalists will receive $100,000, with the athlete taking half and the rest evenly split between the coach and the NOC. The IBA will also award $50,000 for silver and $25,000 for bronze. 

Featured image credit: Clive Rose/Getty