Money For Gold Medal Olympics

Silver awarded to the runner up.

Money for gold medal olympics.

Getty rio 2016 olympics in pictures. Singapore s joseph schooling won his nation s first gold medal with victory in the 100m butterfly as michael phelps was denied a 23rd olympic title. The government then comes in and taxes those bonuses. There is a way out however.

Gold medal winners from there only receive 15 000. Famously pitcher chan ho park won a gold in 1998 in the asian games allowing him to continue a career that saw him sign a five year contract for 65 million in 2002 which is slightly more than the. And bronze awarded to the third place the granting of awards is laid out in detail in the olympic protocols. An olympic medal is awarded to successful competitors at one of the olympic games there are three classes of medal.

Gold awarded to the winner. The endorsements however only come to the cream of the olympic crop with athletes like phenom michael phelps scoring the most medals ever and the most endorsement deal riches. Olympic medal money varies by country but in the u s. In general you ll get more money if you choose to sell an olympic medal at auction rather than melting it down.

Medal designs have varied considerably since the first olympic games in 1896 particularly in size and weight. The international olympic committee doesn t give prize money but many countries reward their medalists with a bonus. Olympians 25 000 for gold 15 000 for silver and 10 000 for bronze medals in 2016 according to forbes. Athletes make 25k for gold 15k for silver and 10k for bronze plus millions in endorsements.

Today a gold medal tends to sell at auction for between 20 000 and 50 000 says jonathan scheier the consignment director of sports memorabilia at heritage auctions the world s largest auctioneer of sports collectables. The committee will reportedly pay u s. Olympians for example earned 37 500 for each gold medal won this year. Gold medal winners from the southeast asia nation receive 1 million usd silver 500 000 and bronze 250 000.

South koreans who win a gold medal at the olympics or other international games earn a military service exemption. At the bottom of the list canada.