U.S. Olympians, for example, will earn $37,500 for each gold medal they win this year, $22,500 for each silver and $15,000 for each bronze… Where does this Olympic bonus money for US athletes come from? How Much Money Does Walmart Make in a Year? Some websites erroneously report that Olympic athletes make $25,000 for a gold medal, $15,000 for a silver and $10,000 for a bronze. (Michael Phelps’ net worth is estimated at at least $50 million, and he didn’t earn that by giving swimming lessons on the side. The biggest in the U.S. is Michael Phelps. Asian Food That said, those at the Phelps level have to send a good chunk of their payouts right back to Uncle Sam. It’s not onl… https://t.co/AdTG1xhSK8 pic.twitter.com/uB1fmd1KA1, — Ryan Lochte (@RyanLochte) July 27, 2016. The most Olympic money ever for one medal comes from Singapore’s Joseph Schooling, who beat Michael Phelps in the 100m butterfly for an $880,000 gold medal bounty. Now to South Korea: Able-bodied males are expected to serve a 21-month tour of duty in the military by the time they turn 28—and if you’re an Olympian, it’s hard to argue you aren’t able-bodied. With $25,000 for each gold, plus money for the silvers and bronzes, Phelps has over half a million in Olympic medal money. They don’t. Originally Answered: What’s the value of an Olympic gold medal? That’s still only a small portion of the money Phelps has made, Kim Kardashian can turn a leaked sex tape into a multi-million dollar career, estimated $94 million in endorsement deals since 2001, Usain Bolt has made over $8 million each year, 14 Restaurants Open Thanksgiving Day 2016, Bill Clinton Net Worth: Hanging on His Words. Most don’t do as well. It’s free. Instead, they get their face on a stamp, but they may receive sponsorship contracts worth more than most higher paying countries. Asian Lifestyle The International Olympic Committee doesn’t give prize money, but many countries reward their medalists with a bonus. Despite being on the low-end of the per-medal Olympics money scale, U.S. athletes seem to take home more than their share of the loot. That can be anywhere from $510,000 per gold medal in Azerbaijan, $180,000 for an Italian gold medal champion, $135,000 for a Russian who takes home the gold or $19,500 for a gold medal winning German. The payments vary in size from rather-paltry-considering-the-years-an-athlete-invests-in-training to amounts that are downright go-ahead-and-take-the-next-decade-off. India announced that gold medalists will be rewarded with 10,000,000 Indian rupees, which is around $150,000. The very top athletes however get big, big sponsor deals. Listed below are the estimated sums for various countries. @poloralphlauren "Ryan is the most natural swimmer I’ve ever seen. The most Olympic money ever for one medal comes from Singapore’s Joseph Schooling, who beat Michael Phelps in the 100m butterfly for an $880,000 gold medal bounty. Filipino athletes who bring home a gold medal are granted 10 million Philippine pesos, or $215,000. All Rights Reserved. Thailand reportedly guarantees a 10 million baht cash incentive for gold medalists, which is around $287,000. As of 8/24/16, USA athletes earned $2.08 million in 2016 Olympic money. (Leon Neal/AFP/Getty Images). A silver medalist gets 200,000 AZN ($124,000), while bronze fetches 100,000 AZN ($62,000). Michael Phelps tops the list. Chilean artist Jorge Selarón's tribute to the people of Brazil. Silver medalists earn 30 million won, about $27,000, and bronze medalists win 18 million won, or about $16,000. In 2016 alone he is widely expected to make $12 million. In Kazakhstan, gold medal winners reportedly receive 86 million Kazakhstani tenge, or around $250,000. We’ve left out a lot of $200,000 and over bounties from somewhat smaller countries that have never won a gold medal in any sport. Italy, Russia and France give each of their gold medalists $180,000, $135,000 and $65,000, respectively. That’s not strictly true, because it seems to say that all Olympic athletes make that money. The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most medals ever and the most endorsement deal riches. That’s the most medals of any Olympian in history. The unknowns will make far less. Silver medalists are awarded 7,500,000 Indian rupees, or about $112,000, and the bronze medalists are awarded 5,000,000 Indian rupees, or about $75,000. In general, nations that normally have a lot of Olympic success tend to cut back on the payments accordingly (even if the U.K. took it to the extreme), and those that have had less glory are prepared to be very generous. (Michael Phelps’ net worth is estimated at at least $50 million, and he didn’t earn that by giving swimming lessons on the side.) Asian Entertainment News Pony Pie Is the Bourbon-Soaked Dessert Your Thanksgiving Table Needs, Steely Dan’s Cynical, Moody Masterpiece Hits Harder 40 Years Later, Wyatt Tee Walker Remembers the Last Secrets of Martin Luther King. The table below shows some of the top pay rates for gold medals from different countries. Silver wins 50 million KZT ($150,000), while bronze gets 25 million KZT ($75,000). Asia Travel Please keep in mind that the dollar amounts may fluctuate based on exchange rates. It’s important to note that not all Olympians get big endorsement deals. Stefania Belmondo of Italy benefits from a similar lopsided pay scale. Particularly for athletes in sports with the potential for high earnings like soccer or baseball, this is a brutal hit, as it takes away a good chunk of their athletic prime. Many countries reward medalists with bonus money. “Simple Sabotage” — The CIA’s Guide for “Rascally Spies”, New Documentary Explores What Was Cut From "Planes, Trains and Automobiles", The 12 Best Beers for Thanksgiving, According to Professional Brewers, The 100 Best Gifts for the Women in Your Life, The 50 Most Underappreciated Cars of All Time, Expert NFL Picks for Week 12, Including Both Thanksgiving Games, The 12 Black Friday Deals We Think You’ll Be Most Excited About, The Perfect Thanksgiving Weekend Workout Plan, If You Must, Master & Dynamic Just Kicked Off Its Black Friday Sale, The 16 Best Boozy Gifts for the Serious Drinker, The 2020 Uni Watch College Basketball Season Preview, All the Grammy Nominees for Best Rock Performance Are Women. The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most medals ever and the most endorsement deal riches. / AFP PHOTO / Fabrice COFFRINI (Photo credit should read FABRICE COFFRINI/AFP/Getty Images), Germany’s gold medallists, Laura Ludwig (L) and Kira Walkenhorst, celebrate on the podium at the end of the women’s beach volleyball event. The private sector often adds cash prizes too, usually amounting to additional millions of Thai baht. The table below shows some of the top pay rates for gold medals from different countries. For the top countries participating in this year’s Rio Summer Olympics, a gold medal can fetch a handsome reward. The colorful "Selarón Steps" in Rio de Janeiro. That’s because three of his four medals were gold, which in Russia pays $135,000 each. The Indonesian government announced a cash prize of 5 billion Indonesian rupiah, or almost $384,000, for gold medalists. ), South Korea: $55,000 (The special bonus will be explained momentarily. With a minimum six grams of gold and a large chunk of silver, the pithy answer is about £450. Standout athlete Ryan Lochte is only expected to pull in about $3 million this year in Olympics money from endorsement contracts. At the end, we’ll explain why it’s particularly good to be a champ from South Korea. Olympic medal money varies by country but in the U.S. athletes make $25K for gold, $15K for silver and $10K for bronze, plus millions in endorsements. That Olympic medal money only goes to U.S. athletes as a bonus for winning. U.S. Olympians, for example, earned $37,500 for … On February 2, 2018, gold traded at $42.85 per gram and silver traded at $0.54 per gram, according to JM Bullion. What you may find interesting is that some of the lesser-publicized winners still get a payout from their country’s Olympic committee. ), Thailand: $287,000 (also reported as $314,000), Singapore: $1,000,000, up from $746,000 in 2016 (As if Singapore’s Joseph Schooling didn’t already have reason to celebrate after topping Phelps in the 100m Butterfly.). are awarded 5,000,000 Indian rupees, or about $75,000. © NextShark INC. 2018. He has made an estimated $94 million in endorsement deals since 2001. The table below shows how much money an American champion makes per medal. Olympic athletes from different countries compete for their home nation’s glory, honor and pride, so it’s just right that they get rewarded for their hard work, especially if they get the Olympic gold. Britney Spears Net Worth: The $290 Million Blowout. Phelps has done a great job turning that notoriety into ready cash. (Not always, though: Here’s looking at you, United Kingdom.) Silver medalists get 5 million PHP ($107,000), and bronze medalists get 2 million PHP each ($43,000).