Athletes who win a gold, silver or bronze medal at the 2024 Paris Olympics receive a medal, a poster and a stuffed toy with the Olympic mascot – but no money.
Although the International Olympic Committee does not offer a financial prize for a victory, some countries still offer cash bonuses to medalists. On Tuesday, based on data from the National Olympic Committee, CNBC published a list of countries that reward winning athletes and how much they get for each medal.
Hong Kong and Singapore are the most generous and rewarding gold medal winners with over half a million dollars.
Paris 2024 Olympic Games. Photo by Michael Reaves/Getty Images
The US finished tenth on the list, with prices ranging from $15,000 to $38,000.
Becoming an Olympic athlete requires a six-figure investment with no guaranteed return, salary or federal support to cover expenses. Rick Hawn, who competed in the 2004 Olympics in judo, said his family felt the financial strain of his Olympic career.
“My parents almost went bankrupt,” Hawn said The Huffington Post. “They put everything they could into me and I'm the oldest of six children.”
The Paris Olympics EXPENCES up to $21,700 in fees and memberships, but one in four U.S. Olympians' annual income is less than $15,000. Team USA almost won 2.5 million dollars in private grants every year.
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Here are the top five countries with the highest Olympic payouts.
Hong Kong
Gold: $768,000
Silver: $384,000
Bronze: $192,000
Singapore
Gold: $745,000
Silver: $373,000
Bronze: $186,000
Indonesia
Gold: $300,000
Silver: $150,000
Bronze: $60,000
Israel
Gold: $271,000
Silver: $216,000
Bronze: $135,000
Republic of Kazakhstan
Gold: $250,000
Silver: $150,000
Bronze: $75,000
Here's how the US pays its medalists
Gold: $38,000
Silver: $23,000
Bronze: $15,000
For the full chart, click here.