Team GB’s Medal Cash Prizes Compared To Other Countries Is Staggering
Medal-winning Olympians across the globe are known for taking home some impressive cash prizes, but that isn’t the case with all countries.
Most places will incentivise the prospect of bringing home a medal for the country, with the likes of Singapore, Kazakhstan and Malaysia offering the big bucks to their athletes.
Singapore appears to be one of the most generous countries and offers an impressive $737,000 for gold, $369,000 for silver, and $184,000 for bronze.
Hong Kong is also pretty charitable and gives out an estimated $644,000 for gold, $322,000 for silver and $161,000 for bronze.
Meanwhile, despite being the seventh richest country in the world, as per Global Finance, the US is undeniably much less generous with its athletes.
According to Buzzfeed News, American athletes are given $37,500 for gold, $22,500 for silver and just $15,000 for bronze.
It’s believed they offer much lower cash prizes than other countries because the US are known for winning a fair amount of medals, unlike places like Singapore and Kazakhstan.
It was weightlifter Hidilyn Diaz who brought home the momentous award for her country. She was later gifted by the government and Filipino businesspeople with $660,000, as well as a house and condo.
While you’d expect the UK, another place that ranks high in the list of world’s richest countries, to be just as generous – that doesn’t appear to be the case. In fact, Team GB doesn’t get cash prizes for medals at all, the Independent reports.
British athletes are given an annual salary, which partly comes from the £125 million of government and lottery funds provided by UK Sport. This amount also covers athlete’s training.
According to Wales Online, the average stipend an athlete receives is around £36,000.
This salary doesn’t include any corporate sponsorship deals the athletes have, however. Usain Bolt, for example, is thought to have made an eye-watering $30 million a year at the peak of his running career.
The British Olympic Association has previously defended its decision to not give athletes cash prizes. A spokesperson told the Daily Telegraph, as cited by Wales Online, ‘It is our view that financial rewards do not significantly impact the motivation of an athlete to reach the Olympic podium.
‘We believe that the drive, dedication and commitment required of Team GB athletes is motivated, first and foremost, by the desire to represent their country to the very best of their ability on the greatest sporting stage in the world, the Olympic Games; and their love of sport,’ they continued.
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