The International Olympic Committee does not award Olympic athletes prize money for winning medals, but gold, silver and bronze medallists from different countries can receive various awards for their outstanding performances.
Governments and private sponsors often reward athletes with cash, property, or even exotic prizes like livestock. This year's Olympic track and field gold medalists, for example, will receive $50,000 from World Athletics, making them the first international federation to offer prize money at the Olympics, the world body announced in April.
World Athletics President Sebastian Coe said in a recent interview with CNBC that athletes are entitled to a share of the revenue they bring in for the organization.
“Athletes are essentially the drivers of our revenue,” he told CNBC. “Their performances at the Olympics and world championships generate broadcast revenue for world athletics at the International Olympic Committee and world championship level.”
The Paris Olympics will run from July 26 to August 11. How are some countries rewarding their athletes for their outstanding performances?
Indonesia
Indonesian badminton players Greysia Polii and Apriyani Rahayu have been promised five cows, a meatball restaurant and a new home after winning gold medals at the 2021 Tokyo Olympics, Reuters reported. The government also offered them a cash prize of about $350,000.
Additionally, according to reports, Rahayu, from Sulawesi, was given five cows and a house by the district chief.
Hong Kong
The Hong Kong Sport Institute also awards prize money to athletes based on their performance in competitions. At the 2024 Paris Olympics, Hong Kong's individual gold medallist will receive $768,000.
Malaysia
Malaysian Youth and Sports Minister Hannah Yeo said in February that local athletes who made it onto the podium at the Olympics would be rewarded with foreign-made cars sponsored by an undisclosed car manufacturer, Malaysian news agency Malay Mail reported.
The paper said the country's Road to Gold (RTG) committee had received offers from car companies to provide the players with their own vehicles.
“We want to give local brands a chance (to reward Olympic medallists) as well, as only foreign brands have made offers so far,” Yeo added, according to the report.
Japan-Kazakhstan Relations
If a Kazakhstan athlete wins a competition, the Republic's Ministry of Culture and Sports will provide him or her with an apartment, the size of which will depend on the winner's performance in the competition.
Gold medallists will be given three-room apartments, silver medallists will be given two-room apartments and bronze medallists will be given one-room apartments.
Singapore
The Singapore National Olympic Committee also has its own “incentive scheme” to reward Olympic medallists: Olympic gold medallists in individual sports are paid 1 million Singapore dollars (about US$744,000), silver medallists about US$372,000, and bronze medallists about US$186,000.
Governments including Italy, Morocco and Estonia have also pledged to pay prize money to medallists at the 2024 Paris Olympics.
