- The Paris 2024 Olympics is in full swing, with athletes from around the world vying for the ultimate prize money for an Olympic gold medal. While the glory and national pride associated with winning are immeasurable, the financial rewards for these triumphs vary widely across countries.
While nations like the United States and the United Kingdom traditionally excel in Olympic sports, their athletes often receive no monetary bonuses for their achievements.
In contrast, countries with a less prominent Olympic history offer substantial financial incentives to motivate their athletes.
Big Paydays for Gold Medallists
Several countries have made headlines with their generous reward packages for gold medallists.
Hong Kong leads the pack with a staggering £598,000 prize money, followed by Israel at £214,000. Serbia, Malaysia and Italy also offer six-figure sums to their Olympic champions.
This trend highlights the growing importance of financial rewards in motivating athletes and elevating a nation’s sporting profile.
As the competition for Olympic glory intensifies, it’s clear that some countries are willing to go the extra mile to incentivize their athletes.
To provide a broader perspective, here’s a glimpse into how 10 different countries reward their Olympic gold medallists:
Hong Kong
Prize Money: $768,000
Hong Kong leads the way in rewarding athletes for winning gold medals, offering the highest prize money by a significant margin. Vivian Kong Man, a fencer, was the first to receive over £500,000 for her victory.
Israel
Prize Money: $275,000
In Israel, podium finishes are highly lucrative. Even a third-place finish can earn competitors more than £100,000, making it financially rewarding to reach the podium.
Serbia
Prize Money: $218,000
Serbia’s most high-profile Olympian, Novak Djokovic, will earn substantial prize money and a national pension if he wins a medal. Any Serbian athlete who secures a top-three finish will benefit similarly.
Malaysia
Prize Money: $214,000
Malaysia offers a significant disparity in prize money based on podium finishes. While gold medallists receive over £200,000, those finishing third earn only 10%.
Italy
Prize Money: $196,000
Italian swimmer Nicolo Martinenghi’s gold medal win in the 100m breaststroke at the 2024 Olympics not only marked a historic victory but also secured a substantial financial reward from his nation.
Lithuania
Prize Money: $182,000
Lithuania rewards both athletes and coaches for winning medals. Olympians also benefit from paid rent after retirement. The prize for a gold medal is an impressive £142,000.
Moldova
Prize Money: $171,000
Moldova awards roughly $11,000 even for eighth-place finishes, with the amount significantly increasing for podium positions. Denis Vieru’s bronze in judo at Paris 2024 was the first to claim this reward.
Latvia
Prize Money: $155,000
Latvia calculates prize money by dividing the previous amount by 60%. This results in silver medalists earning just over £70,000 and bronze medallists around £43,000. Winning gold in a team event results in a lump sum of £366,000 distributed among all competitors and coaches.
Hungary
Prize Money: $154,000
Hungary, which claimed six gold medals in 2021, offers substantial prize money for medallists. Even bronze medallists receive around £69,000, with hopes to repeat their previous success.
Bulgaria
Prize Money: $139,000
In Bulgaria, individual athletes benefit more than teams. While individual gold medallists receive £108,000, teams receive a fraction. Typically, 90% of the prize goes to 70% of the team, with the remaining 30% receiving 50% of the individual prize money.
