How Much Do Olympic Athletes Earn For Winning Medals?

The U.S. Olympic and Paralympic Committee (USOPC) will continue its financial reward system known as “Operation Gold” for the 2024 Paris Olympics.

American athletes can expect to earn $37,500 for every gold medal, $22,500 for every silver, and $15,000 for each bronze. While these figures may appear substantial, they fall below the payouts of several other nations.

Countries Rewarding Gold

The payout structures vary significantly across countries. Germany offers bonuses for athletes who finish between fourth and eighth place, ensuring that near-podium performances are also rewarded. Morocco provides notable payouts of $200,525 for gold and $125,328 for silver, extending bonuses even to athletes who finish as far down as 32nd place.

One of the most intriguing plans comes from Poland, celebrating the centenary of its first Olympic performance. Hong Kong, competing independently from China, is offering $768,000 for a gold medal. This amount is more than any other nation offers for a silver medal—a substantial $380,000 bonus. For comparison, Israel and Serbia offer $275,000 and $218,000 respectively for gold medalists.

The U.S. typically disburses more overall due to its higher medal count. Team USA topped the Tokyo Olympics medal table with an impressive haul of 39 golds, 41 silvers, and 33 bronzes. However, the rewards for individual medals in the U.S. are modest compared to other nations, at "just" $37,500 for every gold medal, $22,500 for every silver, and $15,000 for each bronze.

Beyond Cash Bonuses

While cash bonuses are significant, they are just one form of support for Olympians. The USOPC supplements its financial rewards with grants, health insurance, and other benefits. 

Some countries go further, providing lifelong monthly allowances to gold medalists. Malaysia and Bulgaria, for instance, offer over $1,000 per month for life, while Chile, Kosovo, and Lithuania have similar benefits that last until the next Olympics. New Zealand provides yearly bonuses, with gold medalists receiving $40,000 annually until the subsequent Games. Denmark’s gold medal reward of $15,000, though modest, is tax-free, a notable perk in a country with high tax rates.

However, the story of the U.S. Women's Water Polo Team made headlines earlier this year, where their star player Maggie Steffens made an Instagram post highlighting that some of their athletes are working 2nd and 3rd jobs to make ends meet, all while training to compete. This caught the attention of rapper Flavor Flav, who signed a 5 year sponsorship deal with U.S. Water Polo to make sure this doesn't have to happen.

The Value Of Olympic Medals

The value of an Olympic gold medal extends beyond its monetary reward.

Despite its name, the gold medal is predominantly made of silver. Weighing 529 grams, it consists of 505 grams of silver, six grams of pure gold plating, and 18 grams of iron. If made entirely of gold, the medal would be worth approximately $41,161.50.

However, based on today's price, the value is roughly $900 based on the current price of gold and silver.

The last pure gold medals were awarded in 1912.

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