Prize money for a gold medal?

Question

I was just wondering how much money a person gets when they win a gold medal in the olympics...they do get money right?

Answer 1

Depends on the Country....

There's no pay from the IOC (International Olympic Committee) when they win a medal.. But many many countries Olympic committees pay their athletes for winning medals. Among them, The U.S., Russia, Canada, China & Italy and many more countries.

$20K-$50K per gold medal is typical in bigger countries.. Silver & bronze obviously get less. The smaller countries actually tend to pay more, $50K-$100K, since a single gold is more important to their country. Some athletes receive cars, houses and promise of jobs when they retire.

Higher profile athletes will also get bonuses from their sponsors.

Starting with the 1988 Olympics in South Korea, Olympic athletes were no longer barred from taking payments and bonuses. It was a rule that was not followed anyway, so they just scrapped it. 1984 was the last "amateur" Olympics.

Answer 2

Yes they do. Some of their sponsors give them tons of $$$ and million dollar contracts if they won a gold medal. In our country , one famous boxer offered 1 million for those who can win a gold.  

Answer 3

They dont get any money just the honor of the title for four years. If an athlete who competes at the olympics  is popular and successful they may get endorsments. Michael Phelps will get a one million dollar bonus from his speedo endorsment if he gets eight gold medals.

Answer 4

They get endorsements from companies that sponsor them. Michael Phelps for example, makes $5 million a year easy, and will probably make even more now that he is the greatest olympian of all time.

Answer 5

The country gets money

Answer 6

Hm... interesting. I didn't think they did. I just thought it was an honor to win for your country... or something like that.