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How much do Athletes get at the 2022 Beijing Winter Olympics for Winning Medals?

Tags: 2022 Winter Olympics, Beijing, China, Olympics.
Posted on 18 February 2022 by "T".

The 2022 Winter Olympics is still ongoing up until February 20 in Beijing, and so far over 200 medals have already been awarded to athletes from all around the world.

It's a super big deal when an athlete manages to finish on the podium. First off, it is all about national pride. For some winners, however, it also means they would be able to take home a handsome cash bonus as well as it would potentially open doors for them to enjoy rare multi-million dollar sponsorship opportunities.

Let's get it straight right away - the International Olympic Committee (IOC) does not actually pay prize money to medalists; in fact, many countries offer cash rewards to their athletes for the amount of medals they win at either the Summer Olympics or Winter Olympics.

CNBC compiled a chart which displayed information from various national Olympic committees, sports associations and personal finance site Money Under 30:

The data showed the US Olympic and Paralympic Committee rewards its athletes the following:

  • Gold medal - $37,500
  • Silver - $22,500
  • Bronze - $15,000

Most of the prize money is not taxable, unless athletes report gross income that exceeds $1 million.

Aside from the monetary reward, American athletes also receive other kinds of support including health insurance, college tuition assistance and access to first-rate medical facilities.

The United States sent over 200 athletes to compete in this year's Winter Olympics in Beijing. So far Team USA has bagged 8 gold medals, 8 silver and 5 bronze.

At the 2021 Summer Olympic Games, American athletes won 39 gold, 41 silver and 33 bronze, scooping up the highest medal tally by any country in Tokyo.


How much do other countries pay for their athlete winners?
There are some countries and territories that give much higher cash incentives to their athletes who finish on the podium. Experts claim that some of it is an attempt to develop national sporting cultures, encouraging both regular and aspiring new athletes to compete and win to bring glory to their own land.

For instance, Singapore generously rewards its gold medalists almost 20 times more than the U.S.

Players who catch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars (US$737,000). The prize money, however, is taxable and the winning recipients are required to return a portion of it to their national sports associations for future training and development.

Kazakhstan rewards their athletes around $250,000 for a gold medal, Italy gives about $213,000, and Philippines around $200,000. Malaysia also pays monthly salaries to its medalists for life: $1,182 for gold, $709 for silver, and $473 USD for bronze.

When javelin thrower Neeraj Chopra from India nabbed the country's very first gold in track-and-field in Tokyo's Summer Olympics last year, many politicians and corporate brands reportedly pledged and awarded millions of rupees as monetary reward for the athlete.

Aside from medal bonuses, winners in these countries are also offered various other compensations. For example, when weightlifter Hidilyn Diaz from the Philippines won the country's first Olympic Gold last year, she was rewarded three house and lots (one was a gift from President Duterte himself), a posh condominium unit, a brand new car and a motorcycle, free lifetime fuel, free meals for life from several restaurants, and free flights for life. These were on top of the initial $200,000 reward for getting the country's first Olympic gold, which brought her total earnings to $970,000! And to think that Diaz was once forced to ask for financial help to support her Olympic campaign.

While the UK does not give medal bonuses, it does allocate £125 million (US$162 million) of government and lottery funds to Olympic and Paralympic Sports annually, some of which goes to yearly athlete stipends. Current funding figures are listed in the UK Sport website. UK Olympic medalists receive a stipend of US$36,000 per year to train and compete.

How hard is it to participate in the Olympics?
To begin with, securing a spot on the Olympics team is not a walk in the park, and athletes usually dedicate most of their time diligently training for the games, thus making it difficult for them to hold onto a full-time employment.

In some types of sports, the equipment, coaching sessions and access to training venues can significantly rack up an athlete's expenses.

While athletes from larger, more competitive countries receive stipends or training allowances from their national sports associations, others need to keep a variety of jobs or even turn to crowdsourcing so that they can finance their Olympic dreams.

Top athletes can also collect prize money by winning national and international tournaments.

Getting sponsored - how hard is it?
Only a select few of top athletes manage to land multi-million dollar endorsements of sponsorship deals, either before competing at the Olympics or right after winning a medal in the Games.

For example, snowboarder Shaun White received his first board sponsorship when he was 7. After he won his first Olympic gold medal in 2006, snowboard-manufacturing company Burton signed him onto a 10-year contract, and Shaun earned around $10 million a year in sponsorships, according to NBCSports.

Last year, American gymnast Simone Biles and swimmer Katie Ledecky received millions in endorsements ahead of the summer games, whereas tennis champ Naomi Osaka reportedly made $55 million from endorsements in one year and she was named the highest-paid female athlete ever, according to reports.

But being able to easily score highly lucrative deals is rare, and hardly the norm.

Most Team USA athletes are actually not represented by sports agents, and some have no endorsements or sponsors at all.

Source: https://www.cnbc.com/2022/02/15/how-much-athletes-at-beijing-olympics-get-for-winning-medals.html


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29 comments on "How much do Athletes get at the 2022 Beijing Winter Olympics for Winning Medals?"

Displaying only the 25 latest comments. To view all comments, please visit the forum thread:
» How much do Athletes get at the 2022 Beijing Winter Olympics for Winning Medals?


 CALICUL18/02/2022 17:46:49 GMT
I read a bit and saw that Norway has the 1st place on this day and Hungary has a gold medal. Germany and the USA are doing well. My country is no longer what it once was before, because politicians destroyed all sports ... Congratulations to the winners Cool
 ligador3719/02/2022 20:27:04 GMT
Norway, despite being a small country, is one of the best when it comes to the Winter Olympics. Another reality is when we talk about the Summer Olympics.
I've seen movies, and I've read news about it and the reason is simple: they are born with skis on their feet, haha. It's a bit of a joke, but it's also true. As children they already learn these sports.
 CALICUL19/02/2022 20:34:17 GMT
The results of the Norwegians are good, but they have a very cold climate in winter and that is why they prefer seasonal sports. They have money to invest in sports and their young athletes have enough performance that sometimes brings them rewarding places. This is good for them because they are not such a big country.
 antonis32120/02/2022 02:35:28 GMT
Some countries give more , some less , very strange that some rich countries and governments do not give more money to athletes who win gold medals , don't they want their country to be famous , competitive ??? Ofcourse summer medals are more prestigious for most of the countries , many sportd and very famous among sports fans
 CALICUL20/02/2022 02:40:09 GMT
some countries don't invest too much in sports, because they are robbed by politicians and their leaders
 Rogerio1020/02/2022 14:50:08 GMT
Yeah but in our country is like opposite, the winter sports is the sports that country invest the most. The second is proably basketball and handball. Fotball is just like few cents if we compare to the other countries. But i don't know how much they will get from our olympic organization. Usualy was just few k nothing special.
 CALICUL20/02/2022 15:02:28 GMT
this is the situation, but it is good that in your country you have ambition to make sports
 antonis32121/02/2022 20:37:26 GMT
when the things go well , governments spare money for the athletes and the olympic champions , when recession begins in a country expenses are cut , athletes then they are on their own

I like the idea the countries to support generally the athletes so as to get help for their training expenses , ofcourse some more $$$$ to the olympic gold winners for motivation is also good , but if sb wins , he''ll get sponsorship , more or less money depending on the achievement and the sport . But untill then , the road is difficult , they need some help , at least the ones with talent ans some successes in their history
 dule-vu21/02/2022 20:42:07 GMT
Winter games are great!
 ligador3722/02/2022 01:43:57 GMT
There are countries that not only do not give good prizes for medals, but also do not offer much financial aid to athletes. That is why it is simply almost impossible for them to win anything.
In the USA, China, Russia, etc. the participants have the profession of being athletes, swimmers, etc. Here they must necessarily have another profession, or they could not subsist. a pity
 CALICUL22/02/2022 01:51:05 GMT
It is not easy for many countries, but this is the situation and everyone resigns where they can. These games are also Olympic, but also European or world, and the more they play, the more chances they will have in front of very good athletes.
 Rogerio1023/02/2022 09:19:57 GMT
Yes in winter olympics the winners are usualy from European countires. But also Asians are good like Japan and South Korea. Oh and i almost forgot of course the USA and Canada always one of the betters. The last i tihnk are south america and africa but they also have some candidats. For me personaly summer olympics are more fun to watch.
 dule-vu23/02/2022 09:23:07 GMT
yeah,much better sports are on summer olympic games!
scandinavian countries are great on winter olympic games,especially norway!
 eloy224/02/2022 04:11:11 GMT
The 2022 Winter Olympics so far, more than 200 medals have already been awarded to athletes from around the world. It's about national pride. For some winners, however, it also means they could take home an attractive cash bonus.
 dule-vu24/02/2022 06:04:11 GMT
Next olympics are in 4 years!we cah hope that they will be without corona measures!
 Rogerio1024/02/2022 10:40:19 GMT
I hope too. That oylmpics was like so strange and all the winter sports this year. I am used at like ski jumping that there is thousands of people watching and now nothing or maybe some few k here. I think corona will now be over and we will enjoy sports like we used to do before that. I really hope so.
 dule-vu24/02/2022 10:48:18 GMT
I know that you are good in ski jumping and alpine ski!
 Rogerio1025/02/2022 11:36:40 GMT
Yep those are our primary winter sports and even ice hockey team is not so bad. In sochi 2014 we get to the quater finals but lost to sweden. But the best was that we eliminated round before our neighbours Austrians with which we are big rivals in ice hockey. That was our "golden" ice hockey team.
 dule-vu25/02/2022 11:41:09 GMT
maybe in future you will be better!
 Rogerio1026/02/2022 13:08:16 GMT
Yes i hope but Anže Kopitar is getting older and older( he plays for La galaxy, won two stanely cup and so on). And this generation from 2000 and on si not so perspective, maybe some one will suprise. But it's like fun when we play sweden. We didn't even have so many profesionals how many indoor hockey places they have haha. We are small country but overall in the sports if you look by the procent one of the best.
 dule-vu26/02/2022 13:29:59 GMT
when you are smaller country its hard to be good in every sport,but good luck in hockey!
 geseco1228/02/2022 02:26:23 GMT
There you will see the talent and the work you do for years to get the first places where apart from winning the medal you will earn juicy bonuses and be recognized worldwide and maybe the brands can hire you, and in general you represent your country which is the most beautiful thing.
 CALICUL28/02/2022 03:29:14 GMT
athletes work hard, that's why they perform and get there
 Rogerio1028/02/2022 15:42:35 GMT
Yes some they work hard some not soo. We have fun of some of our athletes that they are just turist. Just train enough to be there and to have good salary from country and other special stuff when they retire becouse they were profesional athletes. But our country in athletics is not too good, we have here and there some talent in some disciplines but that's it.
 dule-vu28/02/2022 16:27:11 GMT
Yeah,some of them work hard just to get sport pension from goverment!

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