Money for olympic medals
Updated GMT HKT August 19, Hong Kong CNN Olympic athletes shed blood, sweat and tears for the chance to go for gold and bring their country pride once every four years. CNN's Susie East and intern Begona Blanco Munoz in Hong Kong contributed to this report. Politics Money Entertainment Tech Sport Travel Style Health Video VR.
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Find out what's happening in the world as it unfolds. JUST WATCHED How are medals made for the Olympic Games? How are medals made for the Olympic Games? Story highlights Some countries shower athletes with cash when they win gold Athletes are awarded cars, flats and even get planes named after them.
While many developed countries expect their athletes to compete purely for the glory of victory, smaller nations shower their sportspeople with cash and other incentives in the hopes of spurring the march to medals.
Here's How Much Money Olympic Gold Medalists Win in Each Country
The athlete walking away from Rio with the biggest paycheck for a single gold medal doesn't even come from an official country. Swimmer Joseph Schooling won Singapore's first-ever Olympic gold medal and also captured the hearts of his adoring countrymen. Joint silver medalists, Michael Phelps of United States and Laszlo Cseh of Hungary and gold medalist Joseph Schooling of Singapore celebrate on the podium during the medals ceremony in the Men's m butterfly final.
France, South Korea, Japan, China and the United States also reward medalists with money -- but on a much smaller scale.
How Much Money Do Olympic Gold Medalists Win? | POPSUGAR Career and Finance
Sometimes, it's not just athletes who strike gold. Some countries also recognize the contribution of coaches and reward them with bonuses when athletes end up on the podium.
South Korea, India and Azerbaijan are among those that reward the coaches of gold medalists. These viral photos defined Rio South Korean gymnast Lee Eun-ju takes a selfie with North Korean gymnast Hong Un-jong during training on Thursday, August 4.
Relations have been frosty between the North and South since its division following the end of World War II, but geopolitics were put to the side as the two Olympians came together. Abbey D'Agostino of the United States leaves the track on a wheelchair after twisting her ankle in the meter semifinal on Tuesday, August D'Agostino and New Zealand's Nikki Hamblin, right, collided during the race but helped each other up and managed to make it to the finish line. Shaunae Miller of the Bahamas dives over the finish line to win gold in the meters on Monday, August She edged out American Allyson Felix by.
David Katoatau of Kiribati dances during the kilogram pound weightlifting final on Monday, August He finished sixth overall. China's Qin Kai proposes to fellow diver He Zi after she received silver in the 3-meter springboard on Sunday, August Jamaican sprinter Usain Bolt looks back at his competitors during a meter semifinal on Sunday, Forex easter holidays Bolt won the final a short time later, becoming fsa stock broker rules first man in history pros and cons of stock option compensation win the meters at three straight Olympic Games.
How much money do Olympic athletes earn by competing?
South Africa's Chad Le Clos, right, looks over at U. Telugu data entry operator jobs working from home in bangalore of their semifinal, the two were seen on camera as Le Clos shadowboxed while Phelps just watched.
The diving pool, right, is seen on Tuesday, August 9. The pool had turned from blue to green stock for savage 10 fcp-k Monday.
Rugby player Isadora Cerullo of Brazil, left, kisses Marjorie Enya, a volunteer at the Games, on Monday, August 8. Enya proposed to Cerullo after the rugby sevens match between Australia and New Zealand. Muhammad is the first U. Olympian to compete in hijab. A cell phone falls out of the pocket of French fencer Enzo Lefort as he competes against Germany's Peter Joppich on Sunday, August 7. S swimmer Michael Phelps competes in the 4xmeter freestyle relay on Sunday, August 7.
The red marks on his body are the result of cupping -- an ancient therapy that has mostly been used in Middle Eastern and Asian countries, especially China. King beat Russia's Yulia Efimova in both their semifinal and final faceoff after what had been billed as an Olympic grudge race.
Yusra Mardini, a swimmer for the Refugee Olympic team, competes in a meter butterfly heat on Saturday, August 6. The Syrian native and her teammates have had a remarkable journey to the Games. Silver medalist Yang Sun of China and gold medalist Mack Money for olympic medals of Australia shake hands sogotrade short penny stocks the meter swimming freestyle on Saturday, August 6.
The Australian had opened up a war of words against his Chinese opponent in the buildup to the final, saying: Samir Ait Said of France receives medical attention after breaking his leg on the vault during the artistic gymnastics team qualification round on Saturday, August 6.
Fireworks explode over the Maracana Stadium in Rio de Janiero at the end of the Olympic Games' opening ceremony on Friday, August 5. But, don't expect to see a penny if you hail from the British Isles. Team Great Britain has won more than 50 medals in Rio, but neither the government nor the British Olympic Association are giving athletes any reward money. Well, the Association says it believes athletes are motivated by their desire to represent their country and their love of sport.
When Keshorn Walcott threw a javelin Walcott got a hero's welcome when he went home. JUST WATCHED Aussies go wild for Kyle Chalmers. Aussies go wild for Kyle Chalmers The government declared the day of his arrival a national holiday and named a lighthouse as well as an airplane after him. It's not just governments that shower sports stars with riches. Businesses and corporations have been keen to muscle in on the action too. After the Games, China's golden swimmers, Sun Yang and Ye Shi-wen, were each given 1,square foot apartments as a gift from a local developer, according to local media.
Some of the most 'mouthwatering' incentives have come from Europe -- Belarussian medalists infor example, were promised unlimited sausages by a meat producer. On the whole, though Asian countries offer more generous cash prizes for medalists.
Stefan Szymanski, a sports management professor at University of Michigan, said many of these nations generally don't have a strong Olympics culture and sports history, as they are relative latecomers to the Games. JUST WATCHED How do elite athletes conquer their nerves? How do elite athletes conquer their nerves? He said more incentives have to be provided to encourages their athletes to win medals and help these nations catch up with Western countries.
Despite that, most of these high paying Asian countries don't have medal tallies as impressive as their prize money. The medals and bonuses may be worth a fortune, but in some countries the money does not go straight to athletes' accounts.
American medalists have to pay state and federal taxes on the prize money awarded to them by USOC. Winners of gold and silver medals will also be taxed on the value of the medals themselves -- the value of a bronze medal is too negligible to be taxed.
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