- In total, there are 15 countries that reward Olympic medals with a six-figure prize money bonus.
- Hong Kong tops the list with US$768,000 (AU$1.175 million) for gold; Aussie gold medallists, on the other hand, earn AU$20,000.
- But the money is just the tip of the iceberg for many…
Forbes has revealed how much prize money athletes are getting paid for their medal-worthy efforts at the 2024 Paris Olympics.
For context, financial compensation is provided by the countries themselves, not the Internal Olympic Committee. This means there’s no universal figure for gold, silver, or bronze finishes (and sums will invariably differ depending on which flag you fly).
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At the most eyebrow-raising end of the spectrum sits Hong Kong, which competes separately from China in the Olympics, with US$768,000 (AU$1.175 million) earmarked for gold medallists and US$380,000 (AU$600,000) for silver results. The special administrative region dwarfs its closest rival in Israel by almost three and two times, respectively.
Of course, the spoils of victory aren’t strictly limited to cash in hand.
Some of you may recall when the Philippines secured its first-ever gold medal at the 2020 Tokyo Olympics thanks to weightlifter Hidilyn Diaz. The national hero made headlines when she was gifted two houses and a lifetime of free flights courtesy of AirAsia; in addition to ₱33 million or AU$850,000 from the country’s Sports Commission and independent donors.
Other countries such as Serbia and Malaysia also award lifetime pensions; while Lithuania’s cherry on top is footing the bill for winning athletes’ rent in perpetuity once they retire from their athletic careers.
The revelation of such compensation has raised questions surrounding the comparative lack of support, financial or otherwise, offered to those representing Australia at the highest possible level. Especially when it comes to sports with fewer earning opportunities outside of the Olympic Games.
Under the Australian Olympic Committee’s medal incentive fund, our homegrown battlers can only expect a one-off payment of AU$20,000 for gold, AU$15,000 for silver, and AU$10,000 for bronze. In other words, someone who takes home multiple golds still only pockets AU$20,000.
The US Olympic & Paralympic Committee only doles out US$37,500 (AU$51,500) for gold, US$22,500 (AU$35,000) for silver, and US$15,000 (AU$23,000) for bronze. However, this obviously isn’t an issue for self-made billionaires like LeBron James, his multi-million-dollar fellow NBA players, or any number of Team USA’s leading track athletes.
The latter of whom are buoyed by a combination of sponsorship contracts and donation pledges.
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And it almost goes without saying that household-name tennis stars such as Novak Djokovic, Rafael Nadal, Carlos Alcaraz, Coco Cauff, and Elena Rybakina will do just fine without an Olympic medal bonus. Although in all likelihood, the majority of the aforementioned can certainly expect one.
Check out the most notable medal bonuses for the 2024 Paris Olympics below.
The Biggest Olympic Gold Medal Bonuses (2024)
(Note: all $$$ referenced = USD)
- Hong Kong: $768,000
Also close to $100,000 for fourth place, nearly $50,000 for fifth to eighth place finishes. - Israel: $275,000
Also $192,000 for silver and $137,000 for bronze; athletes competing as a pair earn 75% of the bonus each; teams of three/four receive 50% per member; teams of five or more receive 40% per member; ball game athletes split the bonus between all players and staff members. - Serbia: $218,000
Also a national pension for any medallist is paid monthly beginning from the age of 40. - Malaysia: $214,000
Also 10% of this for bronze medallists; all competitors are entitled to lifetime pensions ranging from $400 to $1,100 monthly. - Italy: $196,000
Also $98,000 for silver and $65,000 for bronze; no splitting for team sports, full payment per player. - Lithuania: $182,000
Also paid to coaches (figure determined by “basic social benefit”); medallists have rent paid for life after the conclusion of their athletic careers. - Moldova: $171,000
Also $11,000 for finishing as low as eighth place. - Latvia: $155,000
Also 60% of the previous mark all the way down to sixth place (approximately $93,000 for silver, $56,000 for bronze, etc). - Hungary: $154,000
Also $88,000 for bronze. - Bulgaria: $139,000
Also $110,000 for silver and $83,000 for bronze; teams with more than two athletes receive 90% of individual bonuses for 70% of the roster, remaining 30% receive 50% of the outlined amount. - Ukraine: $125,000
- Kosovo: $120,000
Also approximately $218,000 to athletes who set individual sport records (half of that for team sports). - Estonia: $109,000
Also $7,000 in monthly payments for the next two years; coaches are also eligible for this reward but capped at half of athlete bonuses. - Czech Republic: $103,000
- Spain: $102,000
Two-person teams capped at $82,000 each while teams of three or more receive $54,000 each.
