How much money Olympic athletes earn when they win medals
- Olympic athletes who win a medal receive a wide range of financial prizes.
- US Olympians receive $37,500 for a gold medal, $22,500 for a silver, and $15,000 for a bronze.
Winning a medal at the Olympics might be the career achievement of a lifetime — but it doesn't come with guaranteed riches.
While the International Olympic Committee doesn't hand out money to athletes who medal in their respective events, many countries across the globe provide compensation to athletes for reaching the podium.
But the financial rewards vary considerably.
The US Olympic and Paralympic Committee awards American athletes $37,500 for gold medals, $22,500 for silver medals, and $15,000 for bronze medals. During the 2016 Olympics, the committee awarded $25,000 for gold medals, $15,000 for silver medals, and $10,000 for bronze medals.
For star athletes like US gymnast Simone Biles, this can result in large earnings. She's won three gold medals and one silver medal during the 2024 Olympics in Paris — giving her $135,000 in total winnings.
While the growth of these prizes over the past eight years has outpaced inflation, they look less generous when compared to the prizes of some other countries.
Citing information from National Olympic Committees and local reports, CNBC compiled the medal prizes for 14 countries, including the United States. The US had the 10th-highest payout across all three medal categories.
Hong Kong and Singapore have the most generous prizes, awarding athletes who win gold $768,000 and $745,000 respectively. Indonesia, Israel, the Republic of Kazakhstan, Malaysia, and Spain all award gold medalists at least $100,000.
Among the 14 countries, Australia had the smallest financial prize, awarding gold medalists $13,000, silver medalists $10,000, and bronze medalists $7,000. However, Olympians from countries like Great Britain and Norway receive no direct award for medaling, per CNBC.
To be sure, these financial prizes aren't the only way Olympic athletes can cash in on their success — some make a a lot of money through endorsements. But many Olympians struggle to fund their sporting careers — it can require as much as $100,000 a year to pay for travel, equipment, coaching, and recovery therapies. It's why it's not uncommon for Olympians to have day jobs or side hustles to help pay the bills.
Some countries have made promises beyond cash prizes. For example, the Republic of Kazakhstan is offering free housing to athletes who medal: a three-room apartment for gold medalists, a two-room apartment for silver medalists, and a one-room apartment for bronze medalists.