Monday, February 17, 2014

Olympic Payout

With the Olympics underway in Sochi, Russia there is a lot of buzz about anything and everything having to do with the Olympics. I saw an article that I found interesting, it was about how much each country pays their athletes if they win. Many countries offer cash rewards if a member of the Olympic team brings home a medal. Below are a few:

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Estonia: A gold medal is worth $138,500, a silver medal will earn an Olympian $96,400 and a bronze totals to $60,000.

Italy: A gold medal is worth $189,800.

Russia: Not only will a gold medal earn an athlete $113,200, but also regional and private bonuses triple that value, according to Russian Olympic Committee head Alexander Zhukov.

Switzerland: Pays athletes who bring home the gold $88,600.

Canada: A gold medal in Canada is worth $17,900.

The United States of America: Gold medal athletes will receive $25,000, silver medalists get $15,000, and bronze medalists $10,000. That number hasn’t changed in a decade and with inflation that bonus value has actually dropped by more than $5,000. And when they get home they'll be expected to pay a portion of that to Uncle Sam. According to ATR, those in the top tax bracket (39.6%) like Shaun White or any Team USA hockey player will pay $9,900 on a gold medal, while those in the bottom tax bracket (10%) will pay $2,500 for a gold.

Great Britain: They don't pay Olympians. “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 British team told Bloomberg.

Latvia: A gold medal will get you $192,800.

Malaysia: Although they are not competing in Sochi, awards the largest prize to top ranking athletes: a solid gold bar from a gold mine owner in Kuala Lumpur worth $600,000. Unfortunately, no Malaysian has won a gold medal since 1956.

You can see more about Olympic medal payout here and here.

Has anybody ever been to an Olympic games? Which one? 

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