How much do athletes at the Beijing Olympics receive for medals

US gold medalist Nathan Chen celebrates winning the 2022 Winter Olympics in Beijing, Feb. 10.

Sebastien Bozon | AFP | Getty Images

The 2022 Winter Olympics in Beijing are in full swing and over 200 medals have already been awarded to athletes from all over the world.

Finishing on the podium is a matter of national pride. For some winners, it also means taking home a cash bonus and opening doors to rare multi-million dollar sponsorship opportunities.

The International Olympic Committee does not pay prize money to medalists, but many countries offer cash rewards to their athletes for the number of medals they win at the Summer or Winter Olympics.

CNBC compiled the chart below after receiving input from various National Olympic Committees, sports associations and personal finance website Money under 30.

The data showed that the US Olympic and Paralympic Committee awards its athletes $37,500 for each gold medal won, $22,500 for silver and $15,000 for bronze. Most of this prize money is tax-free. unless athletes report gross income in excess of $1 million.

American athletes also receive other forms of support, such as health insurance, access to top-notch medical facilities, and college tuition assistance.

USA sent over 200 athletes compete in Beijing. So far, the US team has won 7 gold medals, 6 silver and 3 bronze.

At the 2021 Summer Games, American athletes won 39 gold, 41 silver, and 33 bronze medals, the most of any nation in Tokyo.

How much do they pay in other countries?

Kazakhstan pays its athletes about $250,000 for a gold medal, Italy about $213,000, the Philippines about $200,000, and Malaysia too. offers huge rewards for its athletes. Hong Kong, which competes in the Olympics separately from China, last year offered HK$5 million ($641,000) for the gold medalists..

When Indian javelin thrower Niraj Chopra won the country’s first gold in athletics in Tokyo last year, several politicians and corporate brands A cash reward of millions of rupees was reportedly announced. for an athlete.

In addition to medal awards, other compensations are offered to winners in these countries. For example, when Filipino weightlifter Hidilyn Diaz won the country’s first Olympic gold. She was reportedly offered two houses last year and free flights for life.

To begin with, getting a place on the Olympic team is not an easy task, and athletes devote most of their time to preparing for the games, which makes it difficult to maintain a permanent employment.

In some sports, equipment, training, and access to training facilities can also increase an athlete’s costs.

While athletes from larger and more competitive countries receive scholarships or grants for education from their national sports associations, others withhold various works or turn to crowdsourcing to fund your Olympic dream.

Top players also receive cash prizes by winning national and international tournaments.

How difficult is it to get sponsorship?

Only a handful of top athletes receive multimillion-dollar endorsements or sponsorship deals, either before participating in the Olympics or after achieving success at the Games.

Snowboarder Shaun White, for example, received his first board sponsorship when he was 7 years old. It is reported by NBC Sports.. After he won his first Olympic gold medal in 2006, snowboard company Burton signed him to a 10-year contract, and according to NBC, White received about $10 million a year in sponsorship.

Last year, American swimmer Katie Ledecky and gymnast Simone Biles received millions ahead of the summer games. Forbes reported. Meanwhile the tennis star Naomi Osaka reportedly made $55 million from the ads. in 12 months and was reportedly named the highest paid female athlete of all time.

But making profitable deals is rare and hardly the norm.

The majority of Team USA athletes are not represented by sports agents, and some have no sponsors or support at all. according to Forbes report.

Disclosure: NBCUniversal, the parent company of CNBC, owns NBC Sports and NBC Olympics. NBC Olympics holds the rights to broadcast all Summer and Winter Games through 2032 in the United States.

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