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Olympic Games organizers do not award prize money to medalists, but some governments and the national Olympic committees do provide rewards. Recently, some sports federations, including World Athletics and International Boxing, have joined the bandwagon and will be awarding the Paris Olympics medalists.
Their move is a timely boost for athletes competing in the ongoing Olympics. World Athletics has also announced plans to reward medalists from the next edition of the quadrennial event, which will be held in Los Angeles.
According to Fortune, different countries have different ways of honoring their Olympic medallists, with some offering cash prizes while others present gifts like apartments or cars.
#7. USA
The United States will offer cash prizes to the athletes who win medals at the ongoing Paris Olympics. The gold medallists will walk away with $38,000.
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The athletes who finish second will pocket $23,000, while those who finish third will be awarded $15,000.
#6. Hong Kong
Hong Kong will offer gold medalists a handsome cash prize of $768,000. The silver medalists will be awarded $380,000, while the athletes who complete the podium will walk away with $192,000.
In addition to these generous cash prizes, all medalists will be gifted free public transportation passes.
#5. Russia
The International Olympic Committee banned Russia and Belarus from the Paris Olympics, but some of the athletes from the countries got a chance to compete in the event. The Paris Olympics organizers required that the athletes compete individually and not represent their nation.
Russia has traditionally been generous in rewarding its Olympic champions. In addition to cash bonuses of around $45,300, past medalists have received lavish gifts such as luxury cars. For instance, the 2016 Rio Olympics gold medalists were presented with BMW X5s. Other extravagant rewards have included high-end apartments valued between $500,000 and $1 million, and even racehorses.
#4. Kazakhstan
The Olympic medalists from Kazakhstan are guaranteed apartments, with the sizes of the apartments differing according to the medal's color.
The winners of the gold medal will receive a three-bedroom home, while the winners of the silver medal will receive a two-bedroom apartment. A one-bedroom apartment will be given to the bronze medalists.
#3. Saudi Arabia
Saudi Arabian gold medalists at the Paris Olympics will be handsomely rewarded with a $1.33 million prize. So far, no athlete from Saudi Arabia has won a gold medal at the Olympics.
Karateka Tareg Hamedi's silver at the Tokyo 2020 Olympics is the closest the nation has come to a top podium finish.
#2. South Korea
South Korean Olympic medalists will benefit from various rewards, including cash prizes, pension plans, and exemptions from military service. Gold medalists will receive a cash prize of $43,288.
#1. Indonesia
Gold medallists from Indonesia will be awarded a cash prize of $349,000. Athletes who come from certain places will also be given houses or cows.
Apriyani Rahayu, the gold medalist from the delayed 2020 Tokyo Olympic Games, was awarded six cows and a house on top of the prize money. She hails from the the island of Sulawesi.
