The Philippines clinched its first ever gold medal in Tokyo this week,
making Filipino weightlifter Hidilyn Diaz the country’s first Olympic gold medallist.
As a reward for her historic achievement, Diaz will reportedly receive at least 33 million Philippine pesos (around $600,000) from the Philippine Sports Commission as well as the country’s top businessmen.
She has also been offered two homes and free flights for life, according to reports.
While the International Olympic Committee does not pay prize money to medallists, many countries offer monetary rewards to their athletes for the number of medals they win at the Olympics.
Why some athletes
earn more
More than 600 U.S. athletes are competing at the Tokyo Olympics, and the United States has so far won 22 gold, 25 silver and 17 bronze.
The U.S. Olympic and Paralympic Committee rewards athletes $37,500 for every gold medal won, $22,500 for silver and $15,000 for bronze. Most of that prize money is not taxable unless athletes report gross income that exceeds $1 million.
U.S. athletes also receive other forms of support including health insurance, access to top-tier medical facilities and college tuition assistance.
In comparison, Singapore rewards its gold medallists nearly 20 times more than the U.S.
Players who clinch their first individual gold medal for the city-state stand to receive 1 million Singapore dollars ($737,000).
The prize money is taxable and awardees are required to return a portion of it to their national sports associations for future training and development. The country sent only 23 athletes to Tokyo.
The sporting economy in the U.S. allows athletes to better monetize their talents as most of it is driven by the private sector, according to Unmish Parthasarathi, founder and executive director at consulting firm Picture Board Partners.
In places like Singapore, India and elsewhere, many of the national sporting initiatives are driven by governments that sometimes use higher monetary rewards to encourage a growing sporting culture, he told CNBC.
Athletes who win gold receive 1 million ringgit ($236,149), while silver winners are awarded 300,000 ringgit, and 100,000 ringgit is given to athletes who win bronze.
In dollar terms, a Malaysian Olympic bronze winner will receive a higher performance reward than a gold winner from Australia or Canada.
Australian athletes are promised $20,000 for a gold, $15,000 for silver and $10,000 for bronze, Singapore athletes can earn $1,005,000AUD for winning gold, even though swimmer Joseph Schooling is their only podium topper.
Other nations such as Russia ($82,000AUD) and the USA ($50,000AUD) are more in Australia’s range.
Australia has so far won 14 gold medals, 4 silver and 15 bronze in the Tokyo Olympics.
