Olympics: 5 countries paying 6-figure cash prizes to Olympic medal winners; How much does India pay?
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Olympics 2024
Olympics 2024 have started in paris, with individuals and teams starting to win already. India has claimed its first medal, a bronze, through shooter Manu Bhaker. But medals are not the only things Olympians receive. Back in their home countries, they are awared with fat checks. Here is a list of the highest-paying countries, as per Forbes.
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Hong Kong
Prize money for gold medal: $768,000
Even if one does not finish on the top of the podium, Hong Kong offers nearly $100,000 for a fourth-place finish, or almost $50,000 for fifth to eighth place.
Even if one does not finish on the top of the podium, Hong Kong offers nearly $100,000 for a fourth-place finish, or almost $50,000 for fifth to eighth place.
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Israel
Prize money for gold medal: $275,000
Israel offers approximately $192,000 for a silver medal and $137,000 for a bronze medal. For athletes competing in pairs, each receives 75% of the bonus, while team members in groups of three or four receive 50%, and groups of five or more get 40% each. In "ball games" like football, a gold medal is accompanied by around $275,000, which is divided among 18 players and seven staff members. All these rewards are tax-free.
Israel offers approximately $192,000 for a silver medal and $137,000 for a bronze medal. For athletes competing in pairs, each receives 75% of the bonus, while team members in groups of three or four receive 50%, and groups of five or more get 40% each. In "ball games" like football, a gold medal is accompanied by around $275,000, which is divided among 18 players and seven staff members. All these rewards are tax-free.
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Serbia
Prize money for gold medal: $218,000
Athletes who win gold, silver, or bronze medals are eligible for a national pension that begins at age 40 and is distributed monthly.
Athletes who win gold, silver, or bronze medals are eligible for a national pension that begins at age 40 and is distributed monthly.
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Malaysia
Prize money for gold medal: $214,000
Malaysian athletes, regardless of their podium position, are entitled to a lifelong pension, which ranges from approximately $400 to $1,100 per month.
Malaysian athletes, regardless of their podium position, are entitled to a lifelong pension, which ranges from approximately $400 to $1,100 per month.
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Italy
Prize money for gold medal: $196,000
Italy does not divide its medal bonuses for team sports, meaning each athlete receives approximately $196,000 for a gold medal, $98,000 for a silver, and $65,000 for a bronze, identical to the rewards for individual sports.
Italy does not divide its medal bonuses for team sports, meaning each athlete receives approximately $196,000 for a gold medal, $98,000 for a silver, and $65,000 for a bronze, identical to the rewards for individual sports.
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India's prize money for Olympic medalists
According to a 2019 press release by the Ministry of Youth Affairs and Sports, Olympics gold medalists receive Rs cash prize, while silver medalists get Rs 50 lakh. Bronze medalists get an amount of Rs 30 lakh for individual sports.