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The Olympic games are a global spectacle, and the Olympians are sporting gods to us. You must have wondered how they earn buckloads of cash after putting on such a mesmerizing game event. But the short answer is that it varies widely. Sorry to ruin your bubble, but the financial rewards for athletes are far from standardized. It basically depends on a country's patronization of its Olympians.
No Direct Paycheck. That's right. Unlike professional sports, Olympians aren't paid salaries by the International Olympic Committee (IOC). The IOC's stance is to maintain the amateur spirit of the Games and prevent the Olympics from becoming a purely commercial event.
In addition to a medal, medalists receive a stuffed Olympic mascot toy and a 'mysterious' box containing the official event poster.
Medal bonuses
Numerous nations provide financial incentives to their Olympic medalists. These bonuses can be small amounts or big payouts. For example, the US offers $38,000 for gold, $23,000 for silver, and $15,000 for bronze; in contrast, nations like Serbia offer far more significant sums.
According to a report in the Economic Times, Hong Kong and Singapore lead with the most significant reward payouts, awarding up to $768,000 and $745,000 for gold, respectively.
In addition to cash, athletes may receive apartments, cars, and lifelong pensions. Some nations, however, don't provide direct monetary rewards. France, the host of the Paris 2024 Olympics, has increased its cash incentives. Gold medalists are awarded 80,000 euros ($86,528), which is 15,000 euros more than what was offered at the Tokyo Olympics.
Some extend rewards to athletes outside of the podium places. Germany's Sports Aid Foundation doles out cash prizes up to eighth-place finishers at the Olympic Games. Gold medalists receive 20,000 euros.
According to local media, India's Olympic athletes receive monetary rewards from both the government and its national sports body. The government gives gold medalists 7.5 million rupees ($90,000), while the
Non-monetary prizes
In Hong Kong, the public transit operator provides free lifetime tickets to the city's medalists. In Poland, silver medalist Klaudia Zwolińska from the Polish Olympic Committee received a painting, a holiday voucher, a scholarship, and a diamond for her performance in the women's canoe slalom K1 competition.
South Korea offers lifelong pensions. According to a local media report, all Malaysian athletes who secure a podium finish will receive a 'foreign-made car,' as stated by Malaysia's youth and sports minister, Hannah Yeoh.
Quirky prizes
Olympians have often been gifted quirky tokens of appreciation. A Malaysian food chain pledged that athletes who represented Malaysia at the Tokyo Games would get free food and teh tarik for life, according to local media. Teh tarik is a hot milk tea beverage that is popular throughout Southeast Asia.
Japanese table tennis player Kasumi Ishikawa was gifted 100 bags of rice after winning a silver medal at the Tokyo Games. Indonesian badminton gold medalists Apriyani Rahayu and Greysia Polii were reportedly given five cows, a meatball restaurant and a new house.
Beyond the medals
Even while medal bonuses constitute a substantial source of income for certain Olympians, they are not a sustainable means of subsistence for the remaining Olympians.
While some athletes go on to become multimillionaires, the majority need help with money and depend on sponsorships, medal bonuses, and other sources of income to get by.
Naturally, the majority of athletes rely on other avenues to make a living. These side income sources may include endorsements and sponsorships from brands.
High-profile athletes can command substantial endorsement deals with major commercial companies. This is especially true for those in popular sports like swimming, gymnastics, and basketball.
Brand deals surged by 2000% between the Rio 2016 Olympics and the Paris Olympics 2024. Neeraj Chopra, PV Sindhu, Mirabai Chanu, and other athletes receive millions of dollars from Indian sponsors.
Olympic javelin gold medallist Chopra is worth $29.6 million in total as a brand. He has about fifteen brands in his collection. After finishing their careers as competitors, several Olympians go on to become coaches or pundits.
The Reality for most Olympians
Even with the glamour of an Olympic gold medal, most athletes struggle with money. Many people give up years of their lives to train, missing out on possibilities for education and work. Even medal winners frequently require more funding to support their long-term way of life.
It's critical to remember that competition and the pursuit of perfection are at the core of the Olympic spirit. The chance to represent one's nation in the international arena, gain recognition elsewhere, and pursue personal development are the actual benefits of participating in the Olympics; however, monetary compensation does play a role.