How Much Olympic Athletes Earn for Winning Medals : Top 10 Countries
The Philippines clinched its first ever gold medal in Tokyo this week, making Filipino weightlifter Hidilyn Diaz the country’s first Olympic gold medalist.
As a reward for her historic achievement, Diaz will reportedly receive at least 33 million Philippine pesos (around $600,000) from the Philippine Sports Commission as well as the country’s top businessmen. She has also been offered two homes and free flights for life, according to reports.
While the International Olympic Committee does not pay prize money to medalists, many countries offer monetary rewards to their athletes for the number of medals they win at the Olympics.
Here’s a look at how much money medalists from 10 countries could take home, based on data compiled by CNBC from various national Olympic committees, sport associations as well as personal finance site Money Under 30.
In places like Singapore, Malaysia, Indonesia and elsewhere, many of the national sporting initiatives are driven by governments that sometimes use higher monetary rewards to encourage a growing sporting culture.
Beyond receiving monetary and non-monetary rewards from their countries for winning medals, Olympians rely on other revenue streams for their sporting endeavors.
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