Do Olympians Get Money for Winning a Gold Medal? (It Depends)

How much are gold medals worth?

Fun fact: Olympic gold medals are, in fact, not made of pure gold. For the Paris 2024 Olympics, the gold medals will be 523 grams of silver coated in six grams of gold. They will also feature an iron piece of the Eiffel Tower which, arguably, is priceless.

Luckily, I have a friend who works in the niche field of selling precious medals. According to him, the spot price (current marketplace value) for silver is $28.65/ounce, and gold is $2,425/ounce. That makes a gold medal currently worth about $949.38 USD. But again, there’s that piece of the Iron Lady in there, too, which jacks up the price.

So, if any winners from the Paris 2024 Games find themselves in a tight financial position later in life – for now, they’re good; brands will be hounding them, and plenty of endorsements will come their way – they’ll have their medals to hock on eBay.

But what about earnings from their home countries for winning medals? Turns out, it varies wildly from nation to nation as to what they pay their athletes.

Do you get money for winning a gold medal?

It depends on what country you represent. Some of these figures are alleged and not publicly disclosed by the countries, but still, here are some of the nations with the highest payout for Olympic medalists:

• Hong Kong: gold, $769,558; silver, $384,279; bronze, $192,139
• Singapore: gold, $737,000; silver, $369,000; bronze, $184,000
• Taiwan: gold, $720,000; silver, $251,000; bronze, $178,000

As for other countries, and major players in the Olympics, here’s a look at the (supposed) figures:

• United States: gold, $37,500; silver, $22,500; bronze, $15,000
• Brazil: gold, $37,500; silver, $29,000; bronze, $20,000
• Australia: gold, $20,000; silver, $15,000; bronze, $10,000
• France: gold, $86,670; silver, $43,335; bronze, $21,667
• Spain: gold, $111,562; silver, $56,968; bronze, $35,605
• Mexico: gold, $169,212; silver, $112,808; bronze, $56,404
• Japan: gold, $45,000; silver, $18,000; bronze, $9,000
• Germany: gold, $22,000; silver, $17,000; bronze, $11,000

As surfing in the Paris 2024 Olympics already saw perhaps one of the best (half) days of competition in history at Teahupo’o, Tahiti, one might argue that the competitors (and the fans watching) already scored something money can’t buy. But, when it’s all said and done and the winners are crowned, a little cash money bonus couldn’t hurt.

Stay tuned.

Do Olympians pay taxes on their medals?

Again, it depends. According to Thomson Reuters, Californians who win a medal are required to report those earnings for state tax purposes, whereas Coloradans are exempt from reporting the earnings for a gold medal. (They don't mention what happens to those who bring home silver or bronze...) Athletes may also need to pay taxes on their medals in France. Ouch.