Paris 2024 Olympics does not just offer an opportunity to showcase Athletic ability on the International level but a very big chance for athletes to have a big slice of the financial cake and other benefits that accrue along with the victories. GOLD, silver and bronze: IOC does not give direct monetary rewards, however, many countries shower hefty amounts of money on their athletes at the Olympics: The unawareness towards the significance and strengthening of sports and national pride.
Unprecedented Financial Rewards
Hong Kong tops the list of respective rewards per athlete with $96,380. It now rewards gold medalists from Hong Kong with HK$6 million ($768, 000) while the silver and bronze are rewarded HK$3 million and HK$1. 5 million, respectively. This has further risen compared to previous Olympics, and this shows that the city wants to support athletes to achieve their best. Singapore, yet another city-state that lavishes its athletes, pays SG$1 million (about $745,300) for gold , SG$500,000 for silver and SG$ 250,000 for bronze.
Other countries also demonstrate support on the same (the emphasis here being on ‘substantial’ rewards). The Israeli government has decided to double its cash rewards for gold medalists for the new Olympic games having raised the amount to one million Israeli shekel ($270,537). The host country, France, has also raised its rewards: For the gold medal the athletes will be get 80,000 euros, which is 15,000 more than it was awarded in Tokyo.
Beyond Cash: Unique Rewards and Incentives
Apart from cash, some of the African countries give out other forms of incentives that could be thought provoking at times. In Malaysia specifically, the winners are rewarded monetary prices alongside such supplementary prizes like luxury-serviced apartments and even a car if you are a gold medalist. Not only the money ($250,000 for the gold) but also apartments are waiting for Kazakhstan’s medalists. While other countries have limits to the financial support they offer to gold medalist, South Korea takes it further by offering those athletes a pension of million won every month for the rest of their natural lives or one shot amount of money.
The Price of Olympic Dreams
However, the dream of Olympics is frequently coloured with financial troubles on the way. Training costs, travelling and other sporting equipments can be very expensive, most of the athletes have to dig into their pocket, being supported by their families or through sponsorships. The incentives on the other hand are relatively large, however; they barely equal the monies athletes/their families direct towards their enterprise.
Olympic Medal Rewards by Country
| Country | Gold | Silver | Bronze |
|---|---|---|---|
| Hong Kong | $768,000 | $384,000 | $192,000 |
| Singapore | $745,000 | $373,000 | $186,000 |
| Indonesia | $300,000 | $150,000 | $60,000 |
| Israel | $271,000 | $216,000 | $135,000 |
| Republic of Kazakhstan | $250,000 | $150,000 | $75,000 |
| Malaysia | $216,000 | $65,000 | $22,000 |
| Spain | $102,000 | $52,000 | $33,000 |
| France | $87,000 | $43,000 | $22,000 |
| South Korea | $45,000 | $25,000 | $18,000 |
| United States | $38,000 | $23,000 | $15,000 |
| Japan | $32,000 | $13,000 | $6,000 |
| Poland | $25,000 | $19,000 | $14,000 |
| Germany | $22,000 | $16,000 | $11,000 |
| Australia | $13,000 | $10,000 | $7,000 |