The Winter Olympics in Beijing are underway and the athletes will compete for a total of 327 medals in 15 different sports. Ahead of the Olympics, Forbes has approached the various national Olympic codes for the 91 participating countries to find out who pays out prizes for medals.
The survey shows that at least 32 nations will pay premiums for medals, while only four of the countries that responded will not pay any bonuses in the form of kroner and re.
Among the most generous nations is Turkey, which is willing to pay around $ 380,000 for a gold medal. Hong Kong, which competes in the Olympics independently of China, also promises 642,000 dollars, approximately 5.6 million kroner, in bonus for a gold medal. The bonuses are most likely of the theoretical kind for the two nations, since neither of them has ever won a medal in the Winter Olympics.
One country with far greater medal opportunities is the United States, which will pay out a bonus of $ 37,500 for each gold medal, $ 22,500 for silver and $ 15,000 for bronze.
It places the United States about in the middle of Forbes’ list and the superpower pays more than twice as much for gold as countries like Australia and Canada, and about half as much as nations like France and Romania.
Some countries also consider the medal bonuses as taxable income, while some have made the prizes tax-free. Some nations, such as South Korea, also pay bonuses to coaches and support staff if there is a medal catch.
The countries that do not pay any financial compensation include the United Kingdom and Iceland, but they provide other types of subsidies to the athletes. Norway, which took the most medals at the 2018 PyeongChang Olympics with a total of 39, does not pay bonuses either.
12 countries with the biggest bonus for gold medal
“Amateur analyst. Zombie geek. Hardcore troublemaker. Internet expert. Incurable twitter fanatic.”