Many countries award their Olympic medalists with money, with the US giving $37,500 for gold, $22,500 for silver, and $15,000 for bronze. Singapore gives $1 million for gold, $500,000 for silver, and $250,000 for bronze. Michael Phelps has won 23 gold medals, and the first gold medals were awarded in 1904.
Competing and winning at the Olympic Games might seem like reward enough, but some of those spectacular athletes take home more riches than just gold, silver, or bronze medals. While participants are never paid to participate in the Games, many countries crown their athletes’ glories with money. For example, after the 2018 Winter Olympics in Pyeongchang, South Korea, the United States awarded each individual gold medalist $37,500 USD, while silver and bronze winners received $22,500 USD and $22,500, respectively. $15,000. Players on medal-winning teams split the money equally. Sure, the Olympics are supposed to be about more than money, but if you’re really looking to cash in on being the best of the best, try playing for Singapore. The tiny Southeast Asian republic shows its appreciation to its Olympic medal winners by distributing the equivalent of $1 million USD to each gold medal winner, $500,000 USD to silver medal winners and $250,000 USD to those who take home the bronze.
Going for Gold:
92.5% of an Olympic gold medal is silver.
As of 2019, American swimmer Michael Phelps has won 23 gold medals, 14 more than subsequent gold medal winners.
The first gold medals ever awarded in the Olympics were awarded at the 1904 Summer Games in St. Louis.
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