When it comes to Olympics, just getting to participate is an honor. Those who succeed in winning the medal also bring pride to their countries. They are actually treated as heroes by their nation then. In addition, numerous awards are offered to the winner. In fact, some countries give handsome gold medal cash rewards that make the efforts seem worth it. It is the ultimate dream of every Olympic finalist. After all, what else can they wish for?
However, just winning is sometimes not enough. The rewards offered depend solely on which medal the finalists bring home. Although no one complains too much about the type of medal won, gold is for sure a keeper. And while all medals look shiny and expensive, one does wonder how much they actually cost. You may be thinking something amounting to thousands of dollars, That is not actually the case. Here are the price estimates of the medals and what they are actually made of.
Gold contains only one percent of gold and it is estimated at a price of $587. The rest of 92.5 percent is silver and 6.16 percent is copper. So, not too true to its name, the medal is not actually completely made of gold. Silver does contain a major portion of silver (92.5%) but also has 7.2% of copper. Its price is estimated at $325.Finally, bronze medal, that is least liked, is also the least expensive. It costs only $3. It is made up of copper (97%), zinc (2.5%) and tin (0.5%).
Based on the original prices, you won’t believe what some countries pay to their medalists. And to surprise you even more, here is a list of countries that pay huge amounts to their winners. It will surely encourage you to try out for the team.
The country that comes at top among all developed countries for giving high gold medal cash rewards is Italy. Italy gives a rounding figure of $180,000 for every gold medal. And the Italian athletes actually deserve this sum. Because they do not just take the Olympics for granted. In the 2016 Olympics, they actually won seven gold medals. A number that other countries will surely find hard to compete with in the long race.
It is the country which offers $384,000 per gold medal that is won. This makes Indonesia the third highest rewarding country with respect to Olympics. Silver and bronze medalists are also not left behind. Silver medals get its winner an amount of $152,000. The bronze winners have to settle down for a sum of $76,000. That is still more than we can even dream of.
The country, Thailand, comes fourth in giving the highest incentive to its medalists. The gold medal winners take home an amount of $287,000. Silver medalists do not need to be too jealous either. They are rewarded with a prize of $172,000. The government is not the only one supporting and rewarding its proud winners. Private sector of Thailand also contributes generously to the gold medal cash rewards.
If you are a gold medalist, you need to belong to Singapore. Because it will surely make money rain over you. Yes, this country provides a sum of $746,000 as part of gold medal cash rewards. Joseph Schooling was the first one to ever win this high-end reward. You may come to know it to be part of the “Multi-Million Dollar Awards Programme” of Singapore.
United States and China
You might think that you can take this guess at putting a number on the prize, but you can’t. United States offers a cash price of no less than $25,000 to its gold medal winners. China goes a step further and offers $31,400 per gold medal. While you may be shocked by this amount, you don’t have to be. Because after the taxes are paid, the amount becomes significantly less. The gold medalist, Michael Phelps, owed no less than $9,900 in taxes. And that too for every gold medal that he won.
In seventh place, Philippines give a satisfactory amount of $215,000 for its gold medal cash rewards. It is still a good place for silver and bronze medals. While silver medalists get $107,000, those who win bronze ones get a sum of $43,000. Thus, efforts actually get paid with incentives.
This country is believed by many to be not as prosperous. But you will be left beyond amazed to hear what it has to offer for gold medal cash rewards. Taiwan actually offers the second highest financial rewards at the Olympics. The silver winner is offered $223,000 and the bronze winner gets a sum of $160,000. Moreover, the gold winner of 2016 actually went home with $640,000. You can well imagine her rolling around in a pool of money.
If you win a gold medal, then you can expect a cash prize of $250,000 from this country. If you win a silver medal, you are not forgotten still. You will get to earn a reward of $124,000. As for your bronze medal, you can expect a cash prize of $62,000. It surely doesn’t seem like much to complain about, to tell the truth.
You might be expecting to see a lesser but still significantly higher cash prices for these countries. However, as it turns out, they pay nothing. Yes, that is right. They offer no gold medal cash rewards. When they were asked why this was so, the British Olympic association spokesman had something different to say. According to him, financial rewards didn’t much affect the motivation levels of athletes. It was dedication as well as commitment that were required for success. And that should always come from the honor of getting to represent their country. While British may believe this, not many others may follow this line of thought. Let’s hope that it works for them.
Athletes already work hard enough to bring glory to their countries. Sometimes, it doesn’t hurt to reward them for their efforts. And sometimes, what can work better than offering a handsome sum as a reward, right?