How Much Do Olympic Gold Medalists in the United States Earn?
In addition to their medals, athletes who place on the podium in the Olympics frequently receive a large bonus. The US Olympic Committees (USOC) Operation Gold has given out cheques to athletes who do well since the 1994 Olympics. According to the Team USA website, gold medalists can expect to collect $37,500, silver $22,500, and bronze $15,000 as of 2017. According to Forbes, each participating athlete in team sports will earn the full bonus award, which means that each member of an Olympic team that wins gold will receive $37,500. According to the site, the figures are 50 percent greater than the amounts awarded to American Olympians in the 2016 Summer Olympics, which were $25,000, $15,000, and $10,000 for gold, silver, and bronze, respectively. Additionally, unlike 2016, prizes will not be taxed if the athletes gross income is less than $1 million, according to CNBC. Several countries reward its athletes who win medals in formal contests with a medal bonus. According to the publication, Singapore pays $1 million for each gold medal, $500,000 for silver, and $250,000 for bronze. In 2016, Singapores first Olympic gold medalist, Joseph Schooling, became a millionaire after defeating Michael Phelps in the 100-meter butterfly final. Olympic medalists also receive a tangible medal in addition to the bonus money. According to a Forbes estimate from 2018, the gold medal, weighing 586 grams, has a podium value of roughly $570, depending on gold and silver prices at the time. Sponsorships and endorsement arrangements are very lucrative for Olympic competitors. However, this is mainly reserved for well-known athletes, as the majority of athletes pursue part-time jobs or even full-time occupations to make ends meet. Figure skater Adam Rippon, who won bronze at the 2018 Winter Olympics, admitted on Twitter earlier that year that he was broke at one point and had to steal apples from his gym because he couldnt afford groceries. Athletes are supported by the government or special programs during their competitions and preparations. According to Indeed, the USOCs Olympic Job Opportunities Program, which is funded by American businesses, provides players with full-time compensation and benefits for working part-time if they attain certain ranks in various sports. Teams are also supported by private and corporate supporters who offer funding for travel expenses. Only a few Olympians have been able to construct enormous structures. Brief News from Washington Newsday.