How Much Money is a Gold Medal Worth in Each Country?
How Much Money is a Gold Medal Worth in Each Country?
August 27, 2024
It costs a significant sum to get to the Olympics - but how much money do athletes have a chance to recoup with a triumphant win?
With an extravagant opening ceremony, exclusive brand sponsorships, and a chorus of high-profile spectators, a lot of funding flows through the Olympic and Paralympic Games. But what about the athletes who are, at the very core, the whole reason for the festivities? Here, we dive into all things medals and money to give fans of the Games an idea of just how much money a gold medal is worth in Australia and around the world.
It might surprise you to learn that Olympic athletes aren't automatically entitled to any prize money for their wins. The International Olympic Committee (IOC) does not award prizes or prize money; the decision on whether or not to reward medalists falls on their home countries' committees.
The figures vary greatly from country to country, with some athletes making over ten times the national average income for one win, while others take home nothing but their Olympic glory.
How Much Money is a Gold Medal Worth?
The value of a win might differ by country, but the value of the physical medal stays the same.
The first modern Olympic Games as we know them were held in 1896, but the gold, bronze, and silver medals weren’t introduced until 1904.
Back then, gold medals were made of solid gold, but as the onset of World War I saw a decline in its use, 1912 was the last time that winners got the solid gold, albeit slightly smaller, medal. Since then, gold medals are required to be made of at least 92.5% silver, and have to contain a minimum of six grams of pure gold.
Market Value
Generally speaking, Olympic gold medals could sell for anywhere between $30,000 - $74,000, but there are a plethora of factors that influence their actual value. The athlete who won the medal, the event it was won for (which is engraved along the side of the medal), and the circumstances surrounding the win can all have a massive impact on its resale value.
It’s estimated that Michael Phelps could sell one of his 23 gold medals for a minimum of $148,000, while the most lucrative sale was $2.17m for a medal won in the 1936 Olympics by Jesse Owens.
How Much do Olympians Get Paid in Each Country?
When Singaporean athletes win, they don’t just take home the gold - they also receive an impressive prize of around $1.1m. In a country with an average salary of $74,000, this is a life-changing amount of money for athletes who have dedicated most of their lives to their sport.
Hong Kong is not far behind, granting their top athletes prize money equivalent to $950,000 with a national average income of $81,000.
Next on the list of the highest payouts for gold medalists by country is Kazakhstan at $370,000, followed by Malaysia at $353,000. The average full-time worker in these countries earns around $4,500 and $25,500, respectively.
An honourable mention here goes to Italy’s Olympic Committee, which had the highest total payout from the 2022 Winter Games. Italian medalists won a combined total of $4m for earning their spot on the podium.
Hungary also offers significant monetary rewards to its athletes, and their support teams, with no taxes on these sums. Hungarian Olympic gold medalists receive 50 million HUF (approximately AUD 208,000), while silver and bronze medalists earn 35.7 million HUF (AUD 148,750) and 28.5 million HUF (AUD 118,750) respectively. Additionally, the rewards extend to those placing fourth through eighth. Paralympic medalists also receive substantial rewards, with a gold medal earning 25 million HUF (AUD 105,500).
Taxable Income
Singapore’s athletes may have the highest Olympic earning potential, but their winnings don’t come for free. In Singapore, any income over approximately $351,500 is taxed at a rate of 22%, which Olympians are required to pay on their winnings. Not only this but they are also obligated to donate some of their winnings back into the sport they represent.
As of now, Denmark, Romania and Hungary are the only countries that offer medalists a tax exemption on their winnings.
How Much do Aussie Athletes Win?
Anyone wondering “How much money do you get for winning a gold medal in Australia?” might be surprised by the answer.
For our skilled Aussie athletes, an Olympic win doesn’t stand to earn them much. Here, The AOC’s Medal Incentive Funding scheme will pay athletes $20,000 for gold, $15,000 for silver, and $10,000 for bronze in the 2024 Paris Olympics. Considering the cost of travel, equipment, and a lifetime of training and commitment, our best-of-the-best often rely heavily on public generosity to make ends meet.
While prize money for Olympic athletes is allocated by the Australian Olympic Committee, Paralympics Australia does not have the financial resources to match the prize money for our Paralympians. As a result, following our Paralympic team's great successes in Tokyo 2020, the Australian Government announced that all successful Paralympians would receive the same medal bonuses as Olympians.
Although it was unclear if this would carry over to future Games, as of the 27th of August 2024, it's been confirmed the Australian Government will again match the medal incentive bonus for our Paralympians competing in Paris.
Support Australia's Olympic Athletes
Many of this year's Australian Olympic athletes are fundraising through ASF, and you can help to support them financially. Donate to support Australia's Olympic athletes in going for gold today!
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