For many athletes, winning a gold medal at the Olympic Games represents the pinnacle of their aspirations, with countless individuals dedicating their entire lives to rigorous training aimed at fulfilling this ambition.
The vast majority of top athletes around the globe would agree that securing a gold medal for their nation at the Olympics is one of the greatest accomplishments in sports.
However, a gold medal is not the sole reward for successful athletes at the Games.
National Olympic committees and government sports departments from various countries often provide additional incentives to those who take home gold.
A US business magazine reached out to all 206 participating countries and territories, with 33 confirming they will provide cash bonuses to their athletes who win gold.
For many athletes, winning a medal at the Olympics represents a lifelong ambition
Medal-winning athletes often receive additional rewards beyond just their gold medal
Hong Kong is notable for offering its victorious athletes the highest cash reward, providing an impressive $768,000 (£597,300) to those who secure gold, along with $380,000 (£295,500) for silver medalists.
Israel comes in second place with significantly lower amounts, awarding $275,000 (£213,900) for gold, $192,000 (£149,000) for silver, and $137,000 (£106,000) for bronze.
Other nations that offer more than $100,000 in bonuses for gold medals include:
Serbia – $218,000 (£169,900)
Malaysia – $214,000 (£166,800)
Italy – $196,000 (£152,800)
Lithuania – $182,000 (£141,900)
Moldova – $171,000 (£133,300)
Latvia – $155,000 (£120,800)
Hungary – $154,000 (£120,000)
Bulgaria – $139,000 (£108,400)
Ukraine – $125,000 (£97,500)
Kosovo – $120,000 (£93,550)
Estonia – $109,000 (£85,000)
Czech Republic – $103,000 (£80,300)
Spain – $102,000 (£79,500)
Hong Kong offers its athletes the highest cash prize for gold medal winners
Some countries offer unique rewards such as flats and pensions to medal winners
Not every nation dispenses cash prizes; several prefer alternative rewards like paintings and vacation vouchers.
Poland stands out for providing both a cash reward and personal gifts to their gold medallists. They award their champions $82,000 (£63,000) along with a unique painting made by a ‘talented and respected’ Polish artist, an investment-grade diamond, and a holiday voucher for two.
To celebrate its centenary in the Olympics, Poland also presents individual gold winners with a two-bedroom apartment in Warsaw, while team gold medalists receive a one-bedroom apartment.
In Serbia, athletes winning any medal become eligible for a national pension, which begins upon reaching 40 years of age.
Both Malaysia and Bulgaria provide monthly allowances over $1,000 (£778) to gold medalists for life.
Bulgaria offers monthly allowances to gold medalists for their lifetime
Serbian athletes receive a national pension after winning any medal
Meanwhile, New Zealand rewards its medal winners with an annual bonus that extends until the following games.
Gold medalists receive $40,000 (£31,100) each year.
Every Team USA athlete taking gold in Paris will receive a bonus of $37,500 (£29,300) for their efforts.
According to Forbes, Team GB does not offer any bonuses to their athletes for Olympic medals.
Instead, they provide grants to athletes in preparation for the games to enhance their chances of success.
However, it is reported that British Athletics does provide bonuses to its athletes.
World Athletics, the international governing body for athletics, announced in April that gold medalists at the 2024 Paris games will receive $50,000 (approximately £39,400).
The athletics governing body has allocated $2.4 million (£1.89 million) to reward gold medalists across 48 events during the track and field programme in Paris.
