The most prestigious competition of 2024 continues in Paris. Athletes are preparing in various ways for this significant event.
The International Olympic Committee does not award individual cash prizes to the winners. However, various sports organizations and countries have sought to incentivize their athletes with substantial rewards.
For instance, the International Boxing Association has promised cash rewards to Olympic medalists. Gold medalists in boxing will receive $100,000, silver medalists $50,000, and bronze medalists $25,000. World Athletics will award $50,000 to each athlete who wins a gold medal in athletics.
Additionally, many countries offer their athletes generous cash prizes. Hong Kong leads in this regard, promising $768,000 to each gold medalist. Hong Kong athletes have already secured two gold medals in this year's Olympics within three days of competition. Fencer Cheung Ka-long, who also won gold at the Tokyo Olympics, continues to shine. Hong Kong’s Olympic medal tally includes 4 gold, 3 silver, and 5 bronze medals.
For a gold medal, Singaporean athletes will receive 1mn Singapore dollars (approximately $737,000). This reward was notably earned by swimmer Joseph Schooling, who won Singapore’s only gold medal at the 2016 Rio Olympics. To date, Singapore’s Olympic record stands at 1 gold, 2 silver, and 2 bronze medals.
Taiwan has pledged $720,000 to its gold medalists. Historically, Taiwan has achieved 7 gold, 11 silver, and 18 bronze medals across all Olympic Games.
Central Asian countries also offer significant rewards to their Olympic medalists. Kazakhstan ranks among the top 10 countries globally for monetary rewards to athletes. Kazakhstani gold medalists will receive $250,000, silver medalists $150,000, and bronze medalists $75,000. Additionally, Kazakhstani athletes often receive apartment buildings. Kazakhstan’s Olympic record includes 15 gold, 21 silver, and 38 bronze medals, with three medals won at the Paris Olympics.
Uzbekistan also offers substantial rewards. According to a presidential decree, gold medalists from the Paris Olympics will receive $200,000, silver medalists $100,000, and bronze medalists $50,000. In addition to cash prizes, Uzbek athletes have received cars, such as Tahoe and Trailblazer models, for their achievements. Uzbekistan’s Olympic record boasts 12 gold, 6 silver, and 20 bronze medals, including a gold in judo by Diyora Keldiyorova.
Kyrgyz athletes are promised $117,000 for a gold medal, $82,000 for a silver, and $58,600 for a bronze. Although Kyrgyzstan has not yet won a gold medal, its athletes have secured 3 silver and 4 bronze medals.
There is no publicly available information on the rewards promised by Turkmenistan.
Some countries, such as Saudi Arabia, offer substantial rewards without prior announcement. For instance, a Saudi karate master who won silver in 2020 received about $1.3mn.
Conversely, some countries, including the United Kingdom, Norway, and Sweden, do not provide separate cash prizes to their medalists.
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