The medals themselves are worth roughly $500.
Depending on where the athlete is from, they can be worth much more once the government hands out the ‘incentives’. For example, in 2008 the Russian government awarded $100,000 for gold, $60,000 for silver and $40,000 for bronze. The U.S. paid $25,000 for gold, $15,000 for silver and $10,000 for bronze.
The Beijing Olympics marked the first time Canada’s athletes received cash for medals. A gold was worth $20,000, a silver $15,000 and a bronze $10,000.
Here’s a look at what other countries have handed out in the past:
Philippines: Harry Tanamor was the Philippines’ only boxing hope at the Beijing Games - and if he brought home the country’s first Olympic gold, he would have received a promotion from the rank of sergeant, and a cash bonus, according to the Philippine Armed Forces chief of staff General Alexander Yano.
The Philippine government was dangling more incentives to the athlete who brings home the country’s first-ever Olympic gold medal, with the pot now worth 15 million pesos ($313,000).
Belarus: Belarusian athletes who won gold at Beijing were to be provided with meat sausages for the rest of their lives.
Kenya: The President had said that each Kenyan athlete will receive a cash prize of 750,000 shillings for winning a gold medal, 500,000 shillings for silver and 250,000 shillings for a bronze medal.
Source: LeapComp
For more on the value of gold, silver and bronze and how Canadian athletes will benefit from their Olympic performances, you can view my interview on TFO's Panorama last night (in French).
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