However, in an age where celebrities like Kim Kardashian can turn a leaked sex tape into a multi-million dollar career, fame is money. The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most medals ever and the most endorsement deal riches. Some countries like Azerbaijan will pay $510,000 for a gold … That said, those at the Phelps level have to send a good chunk of their payouts right back to Uncle Sam. Many countries, including the U.S., do supply winners with cash prizes for victories, but the amount can vary. What is the Most Expensive Fish You Can Eat? Please keep in mind that the dollar amounts may fluctuate based on exchange rates. Olympic medal money varies by country but in the U.S. athletes make $25K for gold, $15K for silver and $10K for bronze, plus millions in endorsements. A Singaporean athlete can get a whopping 1 million Singapore dollars, or $746,000, for winning gold under its Multi-Million Dollar Awards Program. Famously, pitcher Chan Ho Park won a gold in 1998 in the Asian Games, allowing him to continue a career that saw him sign a five-year contract for $65 million in 2002, which is slightly more than the $2,520 total he would have received for his military service. That’s the most medals of any Olympian in history. If that doesn’t make a man want to win, what will? A silver medalist gets 200,000 AZN ($124,000), while bronze fetches 100,000 AZN ($62,000). He has earned $500,000 in Olympic money since 2004. Chilean artist Jorge Selarón's tribute to the people of Brazil. The five top-earning Olympians since 2000 are shown in the table below. But Should You? The Indonesian government announced a cash prize of 5 billion Indonesian rupiah, or almost $384,000, for gold medalists. Asia Travel His famous pot-smoking scandal only helped his popularity. What you may find interesting is that some of the lesser-publicized winners still get a payout from their country’s Olympic committee. Phelps has done a great job turning that notoriety into ready cash. © NextShark INC. 2018. The International Olympic Committee doesn’t give prize money, but many countries reward their medalists with a bonus. It's free. Many countries reward medalists with bonus money. The medal money comes from the U.S. Olympic Committee. With $25,000 for each gold, plus money for the silvers and bronzes, Phelps has over half a million in Olympic medal money. That’s not strictly true, because it seems to say that all Olympic athletes make that money. For countries who have been struggling to clinch at least a gold or two, governments offer a much higher incentive. How much does an Olympic gold medal cost? Pony Pie Is the Bourbon-Soaked Dessert Your Thanksgiving Table Needs, Steely Dan’s Cynical, Moody Masterpiece Hits Harder 40 Years Later, Wyatt Tee Walker Remembers the Last Secrets of Martin Luther King. Phelps has taken 28 medals in all. For the top countries participating in this year’s Rio Summer Olympics, a gold medal can fetch a handsome reward. China, for its part, rewards their top players with $31,400 per gold medal, while the United States gives out $25,000 for each gold medalist. The unknowns will make far less. Start typing to see results or hit ESC to close, A Singapore Billionaire’s Son Now Owns 49% of Rolling Stone, Meet EASTERN PEOPLE, a New Clothing Collective for Asian Cultures. That can be anywhere from $510,000 per gold medal in Azerbaijan, $180,000 for an Italian gold medal champion, $135,000 for a Russian who takes home the gold or $19,500 for a gold medal winning German. Get InsideHook in your inbox. First, let it be said that the real Olympic windfalls come from being a gold medalist who scores some serious endorsements. Copyright © 2020 InsideHook. It’s not onl…, — Ryan Lochte (@RyanLochte) July 27, 2016. While no one has won the prize yet, a few athletes have been rewarded for getting silver ($378,000) and bronze ($188,000). Jamaica’s Usain Bolt has made over $8 million each year for his deal with Puma. The U.S. Olympic Committee currently gives winners $37,500 for winning a gold, $22,500 for a silver and $15,000 for a bronze medal; Azerbaijan offered $510,000 to each gold medalist during the 2012 London Olympics.