12 countries which give the highest cash rewards to Olympic medalists
Olympians such as Mirabai Chanu have received well deserved rewards from their countries. Here are the 12 countries with the highest rewards
The road to Olympic glory has various obstacles and is a costly affair for athletes apart from the likes of well-paid ones such as Simone Biles, Naomi Osaka, Kevin Durant, Damian Lillard and Novak Djokovic. The Olympians put in their blood, sweat, and tears, risking it all to compete and stand at the podium, representing their country with pride. Unfortunately, most of them do not make it, but a select few do make it and are rewarded for their efforts and achievements. It has long been a tradition since the Roman days to reward competitors like gladiators and other forms of athletes, which is now being passed on to the next generations as elite athletes finally see the financial fruit of their labors. Putting in the work with dedication and persistence does come with its rewards, and the sacrifices made, staying away from family, especially in a pandemic, is no mean feat. Our superhuman athletes deserve all the adoration they get and more.
Here are the top 12 countries raining gold on their stars to return the favor
Being one of the leading tech giants in the world does come with its perks and financial stability, as Singapore leads the charge in athlete payouts. The country awards an individual gold medalist a sum of one million Singapore dollars, with rewards of 500,000 for silver and 250,000 to bronze medalists. Team events have a higher sum to divide amongst themselves.
Taiwan set precedence when it not only rewarded its athletes for podium finishes but also top 10 finishes which is equal to what gold medal winners earn in other countries. Olympic gold medalists get a whopping 20 million new Taiwan dollars which comes up to 716,000 USD.
Bangladesh lands in the group of countries that have never won an Olympic medal and has set a very high reward for the historic achievement. Gold medalists are to go home with a reward of $300,000, with silver getting richer by $150,000 and bronze with $100,000.
Indonesia stunned the world when it paid a mammoth 5 Billion Indonesian Rupiah to its 2016 gold medal winners. An official informed Forbes that the payout would be as big if not more for the Tokyo Olympics. Olympic champions are also allowed a monthly allowance of $1,400 throughout their life.
The Indian Olympic Association announced a cash prize of $100,834 for gold, $53,778 for silver, and $33,611 for a bronze medal. Other governmental organizations such as the Indian Railways have offered other cash prizes to stars such as Mirabai Chanu.
Kazakhstan decided to reward their gold medal winners with an astonishing $250,000, silver with $150,000 and bronze with $75,000. Kazakh athletes scored big in Judo and Weightlifting as the nation currently has a tally of three bronze medals.
The European giant offered a 20% raise from their payouts in the 2016 Olympics with 180,000 Euros plus 90,000 for silver and 60,000 to bronze medal winners. The Italians have been a constant fixture in the medal tallies, landing up in 7th currently in Tokyo.
8) The Philippines
The Philippines ended their 97-year-old drought when weightlifter Hidilyn Diaz bagged the country's first gold. The historic achievement was rewarded with an official cash prize of $200,000 with other contributions, which brought the total up to $970,000. Diaz was also offered other perks such as a house and unlimited flights on two airlines among others, reports Forbes.
Hungary offered its gold medal winners a cash prize of $166,000, along with $118,000 for silver and $94,000 for bronze medalists. The nation surprised the world by offering each member of the medal-winning team the same cash prize as an individual winner.
Kosovo made history by dominating Judo with two of their own claiming gold after historic performances. The 13-year-old country, still at its nascent stages, has decided to offer its winners a cash prize of 100,000 Euros to gold medalists, 60,000 to silver medalists and 40,000 to bronze medalists.
The Malaysian government decided to offer an astonishing cash prize of $237,000 for gold, $71,000 for silver and $24,000 to bronze medalists, along with monthly payments of $1,200, $700 and $470.
Estonia forged its path in rewarding its athletes by offering a lifetime payment of 4,600 Euros per year along with additional support as they approach their retirement age.