2024 Olympics prize money: Here’s how much Paris Olympics players get for winning medals

Athletes who win medals at the Olympic Games receive much more than just gold, silver, or bronze awards. While the International Olympic Committee (IOC) does not offer cash prizes, many countries reward their medalists with financial bonuses and other unique gifts. These incentives vary widely around the world, with some countries offering substantial sums and others offering creative rewards.

Here is a list of financial rewards received by athletes who finish on the podium at the Olympic Games.

Hong Kong and Singapore top the list of cities with the highest cash rewards for Olympic victories.

Source: National Olympic Committees, local reports

Hong Kong and Singapore are among the countries that contribute the most to Olympic athletes’ prize money. Hong Kong recently increased its cash prizes by 20 percent since the Tokyo Summer Olympics. Hong Kong’s gold medalists now receive HK$6 million ($768,000). Silver and bronze medalists earn HK$3 million and HK$1.5 million, respectively.

Singapore also offers significant financial incentives. The country offers S$1 million ($745,300) for a gold medal, S$500,000 for a silver medal and S$250,000 for a bronze medal. Joseph Schooling, the only Singaporean athlete to receive the highest cash prize, achieved it by beating Michael Phelps in the 100-meter butterfly at the 2016 Rio Olympics.

Countries around the world have increased their Olympic prize money

Other countries are also offering substantial cash rewards for Olympic success. Israel is offering 1 million Israeli shekels ($270,537) for a gold medal, a 50 percent increase from the Tokyo Games. Malaysia, Kazakhstan and Indonesia are also offering six-figure rewards to their gold medalists. France, the host country of the 2024 Paris Olympics, has increased its cash incentives. Gold medalists receive 80,000 euros ($86,528), 15,000 euros more than what was offered at the Tokyo Olympics. Germany is also rewarding its athletes, with gold medalists receiving 20,000 euros. The German Sports Aid Foundation is giving financial rewards to athletes finishing up to eighth place.

Indian Olympic athletes receive awards from the government and the national sports body. Gold medallists receive Rs 7.5 million ($90,000) from the government, while the Indian Olympic Association provides an additional Rs 10 million.

Non-cash rewards for Olympic winners: apartments, cars and more

In addition to financial rewards, some countries offer other types of prizes. Kazakhstani athletes can earn $250,000 for a gold medal, $150,000 for a silver medal, and $75,000 for a bronze medal. They also receive apartments for their achievements.

The National Sports Council of Malaysia offers 1 million ringgit ($215,563) to individual gold medalists, with silver and bronze medalists receiving 300,000 and 100,000 ringgit respectively. Malaysian private companies sometimes offer additional perks, such as luxury serviced apartments or extra cash. According to a local media report, all Malaysian athletes who make it to the podium will receive a “foreign-made car,” as Malaysian Minister of Youth and Sports Hannah Yeoh put it.

South Korea offers a combination of prize money and lifetime pensions. Gold medalists receive 63 million Korean won ($43,288) and can choose between a monthly lifetime pension of 1 million won or a lump sum of 67.2 million won. Silver and bronze medalists earn 35 million won and 25 million won, respectively. Some South Korean athletes also receive gifts such as free drinks and transportation.

In Hong Kong, the public transport operator is offering free tickets for life to the city’s medalists. In Poland, silver medalist Klaudia Zwolińska received 200,000 Polish zlotys ($50,374) from the Polish Olympic Committee, as well as a painting, a holiday voucher, a scholarship and a diamond for her performance in the women’s K1 canoe slalom competition.

Creative and unique rewards for Olympic athletes

Olympic athletes have often received unique recognition. In Malaysia, a local chain promised free food and teh tarik (a hot milk tea drink popular in Southeast Asia) for life to athletes who represented the country at the Tokyo Games. Japanese table tennis player Kasumi Ishikawa received 100 bags of rice after winning a silver medal at the Tokyo Games. Indonesian badminton gold medalists Apriyani Rahayu and Greysia Polii received five cows, a meatball restaurant and a new home.

In contrast, athletes from countries such as Britain and Norway do not receive cash prizes for their medals. Despite this, their achievements are celebrated in a variety of ways, reflecting the different approaches taken to rewarding Olympic success around the world.