Beyond Gold: What countries are paying their medalists extra
In addition to the Olympic glory, athletes who medal at the games are also earning some hefty payouts for reaching the podium.
Video Transcript
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JARED QUAY: Winning a medal at the Olympics is a point of pride for countries all over the world, and for some Olympians, it could mean future endorsement money. But most countries like to incentivize their athletes with a bit of cash for taking home the hardware. Here in the US we're lagging behind a number of countries in payouts, handing over just $37,500 for gold. But that means Caleb Dressel will take home $187,500 for his five from this year.
Italy is one of the most generous nations, giving out around $213K per gold. In Spain, though, some hefty stacks out there at around $111,000. Soufiane El Bakkali has taken home the lone gold of Morocco in steeplechase and has netted him $225,000. Ecuador's Ricardo Carapaz and Neisi Dajomes took home $110K each for grabbing gold in their events.
And that doesn't compare to China who handed out over $700,000 per gold, $250,000 per silver and $170K per bronze. And with all the medals they landed at the games, that's over $30 million in prize money. Singapore has its own version of "Who Wants to Be a Millionaire" with a cool million to any gold medalist while offering $500K per silver and $250,000 for bronze. Unfortunately no one has reached the medal stand for them. They're leaving a lot of money on the table.
Some countries are offering more than just cold hard cash. Hidilyn Diaz has earned $200K for the Philippines' first gold ever and free flights for life from AirAsia Philippines. The women's fencing team from Estonia will take home 4,600 euros every year for life for grabbing gold. And the women's badminton doubles team from Indonesia will get paid to the tune of $18,000 a year every year for the rest of their life.
Meanwhile in South Korea, where men are required to do an 18 month stint in the military, some medalists are earning exemption in order to stay sharp in their sport. Sure most competitors are doing it for their love, but it never hurts to get a little extra something for your pocket too.
