Tokyo Olympics 2020: How much are these star athletes earning?
Olympians’ striving for the glory of becoming gold medalists is what makes the Olympics so exciting. However, did you know that each athlete’s home country has its own cash prize? If you’re like us, you probably thought that athletes lived on brand deals and sponsorships. Well, the truth is some countries give a hefty cash payout to athletes that take home a gold, silver, or bronze medal.
The 2020 Tokyo Olympics had some delays, but the games have begun and athletes are competing for not only the glory but also the cold hard cash. Each country has a different cash prize amount which also varies at which type of medal is won. From Simon Biles to Hidilyn Diaz, here are the earnings for some of the countries participating in the 2020 Tokyo Olympics.
Countries with modest payouts
Surprisingly, most Western countries offer some of the most humble cash awards for their medal-winning Olympians. While some countries are gifting six-figure prizes, the United States awards their gold medal athletes $37,500. Meanwhile, those who win silver receive $22,500 and bronze medalists win $15,000.
As for Japan, the 2020 Olympic host country, they also share a modest prize but with a slight increase. Japanese gold medalists will take home $45,000, silver medalists will receive $18,000, while bronze medalists win $9,000. However, the Japanese baseball team can receive an extra $45,000 if they win the Olympic tournament.
Many countries also pay within a similar price range as the U.S. and Japan. For example, Australia, Brazil, Canada, Finland, Portugal, Serbia, and Switzerland all have cash prizes ranging from $15,000 to $70,000.
Countries with no cash prizes
It’s also common for countries to not provide any extra money for their medalists. Countries such as Great Britain, New Zealand, Norway, and Sweden don’t have any cash prizes for their athletes.
As for smaller countries, cash prizes aren’t exactly an option due to economic stress and financial limits. Minor countries like Saint Kitts and Nevis, Tonga, or the U.S. Virgin Islands don’t award their athletes any extra cash prizes.
Countries with the highest individual cash prizes
Singapore has the largest cash prize out of any other country. A solo gold medalist will receive a whopping 1 million Singapore dollars which comes out to $738,000 U.S. dollars.
Taiwan also has a luxurious cash prize of 20 million New Taiwan dollars for their gold medalists which equates to $716,000 U.S. dollars. Taiwanese weightlifter Kuo Hsing-Chun set Olympic records in the women’s under-59-kilogram division to win the gold medal and her hefty cash prize.
Weightlifter Hidilyn Diaz from the Philippines made history at the 2020 Tokyo Olympics as the first gold medalist to come from the Philippines. As a result, the country’s government and even local businesses worked to gift the athlete a house, a condo, and a cash prize of $660,000.
For Indonesian athletes, if they win gold at the 2020 Tokyo Olympics they can receive 5 billion Indonesian rupiahs. This comes out to $346,000 U.S. dollars for their gold medalists. Also, Bangladesh will pay their national athletes $300,000 U.S. dollars if they win the top medal.
The reason why these smaller countries are able to provide such grand sums of money is likely because they aren’t expecting to pay an extensive list of gold medalists, rather they will mostly be paying a select few athletes. Additionally, these counties are looking to become top countries in the Olympics so they create these prizes as incentives for their national athletes.
What do you think about these Olympic cash prizes? Are you shocked at America’s modest cash payouts for their gold medalists? Let us know all of your 2020 Tokyo Olympics opinions in the comments below!