Bag a medal, win a cow and other rewards for Olympic champions

The Olympics, a global sporting phenomenon, is held every four years, bringing together athletes from around the world to compete at the global spectacle.

These athletes often spend 4 to 8 years in intense training, dedicating themselves to perfecting their skills for this prestigious event.

The competition is fierce, and success is highly rewarding.

The Paris Olympics 2024 is underway, with dozens of medals already awarded to athletes.

Beyond the honour of winning a medal, competitors also receive a stuffed toy of the Olympic mascot and a “mysterious” box containing the official event poster. However, the recognition for their hard work does not stop there for many athletes.

While the International Olympic Committee (IOC) does not offer prize money for winning medals, various countries provide financial rewards to their athletes. These bonuses are often given by National Olympic Committees (NOC), sports associations, or local governments to celebrate and incentivize their athletes' achievements.

According to information compiled by CNBC from national Olympic committees, sports associations, and local reports, the payouts for Olympic medals can vary significantly from one country to another.

Hefty Payouts

1. Hong Kong

They have significantly increased their incentives for its 2024 Paris Olympic winners.

Gold medalists will earn 6 million Hong Kong dollars (approximately $768,000), a 20% rise from the Tokyo Olympics.

Silver and bronze medalists in Hong Kong will receive HK$3 million and HK$1.5 million, respectively.

This year's early successes in swimming and fencing have set the stage for substantial payouts, with stunning victories by Vivian Kong, Cheung Ka-long, and Siobhan Bernadette Haughey.

Hong Kong also offers a lifetime of free public transit to its medalists, courtesy of the MTR Corporation.

2. Singapore

Gold medalists receive 1 million Singapore dollars (around $745,300), silver medalists 500,000 Singapore dollars, and bronze medalists 250,000 Singapore dollars.

The top reward has been given to Joseph Schooling, who is Singapore's only gold-winning athlete in the 100-metre butterfly at the 2016 Rio Olympics.

3. Israel

Israel increased their reward for gold medallist to 1 million Israeli shekels (about $270,537), a whopping 50% increase from the Tokyo Games.

4. Malaysia

Malaysia offer a significant reward of 1 million ringgit ($215,563) for individual gold medalists.

Silver and bronze medalists receive 300,000 and 100,000 ringgit, respectively.

Beyond cash, private companies offer luxury-serviced apartments and additional incentives, while all medalists are given a “foreign-made car.”

In a nod to past Olympic participants, some Malaysians receive lifetime free food and teh tarik, a popular milk tea.

5. Kazakhstan

Kazakhstan provide substantial monetary awards: $250,000 for a gold medal, $150,000 for silver, and $75,000 for bronze.

Additionally, the country award apartments to its medalists.

6. France

The host nation for the 2024 Paris Olympics also raised their rewards, with gold medallists set to receive 80,000 euros (around $86,528), an increase of 15,000 euros from the Tokyo Games.

7. Germany

They extend their rewards beyond the podium, offering cash prizes up to eighth place. Gold medallists in Germany will receive 20,000 euros (approximately $22,000).

8. India

Indian Olympic athletes benefit from a combination of government and national sports body rewards.

The Indian government awards gold medalists 7.5 million rupees (about $90,000). The Indian Olympic Association give them an additional 10 million rupees (around $120,000), making it one of the more generous reward systems for their athletes.

The other rewards: Cows, restaurant, house

1. Indonesia

Indonesian badminton gold medallists Apriyani Rahayu and Greysia Polii received an unusual reward of five cows, a meatball restaurant, and a new house following their top-of-the-podium finish at the Tokyo Olympics.

2. South Korea

Their rewards include not only significant cash prizes but also pension options.

Gold medallists receive 63 million Korean won (approximately $43,288) and can choose between a lifelong monthly pension of 1 million won or a lump sum of 67.2 million won.

Silver and bronze medalists earn 35 million and 25 million won, respectively.

South Korean medalists might also enjoy free drinks and transportation.

3. Poland

Silver medalist Klaudia Zwolińska is set to receive 200,000 Polish zloty (around $50,374), apart from painting, a holiday voucher, a scholarship, and a diamond.

4. Japan

Silver medalist Kasumi Ishikawa was gifted 100 bags of rice, reflecting a traditional form of appreciation.

Meanwhile, countries like Great Britain and Norway do not offer direct cash bonuses for podium finishes at the Olympics.

Highest to lowest Olympic medal bonuses

Hong Kong

• Gold: $768,000
• Silver: $384,000
• Bronze: $192,000

Singapore

• Gold: $745,000
• Silver: $373,000
• Bronze: $186,000

Indonesia

• Gold: $300,000
• Silver: $150,000
• Bronze: $60,000

Israel

• Gold: $271,000
• Silver: $216,000
• Bronze: $135,000

Republic of Kazakhstan

• Gold: $250,000
• Silver: $150,000
• Bronze: $75,000

Malaysia

• Gold: $216,000
• Silver: $65,000
• Bronze: $22,000

Spain

• Gold: $102,000
• Silver: $52,000
• Bronze: $33,000

France

• Gold: $87,000
• Silver: $43,000
• Bronze: $22,000

South Korea

• Gold: $45,000
• Silver: $25,000
• Bronze: $18,000

United States

• Gold: $38,000
• Silver: $23,000
• Bronze: $15,000

Japan

• Gold: $32,000
• Silver: $13,000
• Bronze: $6,000

Poland

• Gold: $25,000
• Silver: $19,000
• Bronze: $14,000

Germany

• Gold: $22,000
• Silver: $16,000
• Bronze: $11,000

Australia

• Gold: $13,000
• Silver: $10,000
• Bronze: $7,000

Note: All figures are converted to USD and rounded up to the nearest 100,000 and 10,000 where appropriate. Data obtained via CNBC report