Amanda

By Amanda

LifeBuzz Staff

Here’s How Different Countries Reward Their Athletes For Winning A Gold Medal.

Years -- no, really, lifetimes -- of training later, Olympic athletes finally get a chance to show off their stuff and compete in the biggest athletic games in the world. If they are somehow able to outshine their equally talented opponents, they may even go home with a little bit of bronze, silver, and gold to show off. Those medals are symbolic of all their hard work and dedication -- but what is their actual, tangible value?

It turns out, each medal is worth a monetary prize awarded to the athletes, given to them at the same time. You may be surprised to learn that despite the years of hard work it takes to earn one of them, the financial side of things isn't as plentiful as you'd suspect. Find out which countries award financial prizes to their Olympians, and which let them simply go home with the glory of knowing they've won.

Top achieving athletes get either a gold, silver, or bronze medal.

Here is the actual value of the medals:

Gold - The medal is worth $600. The gold medal actually has just 1% of actual gold. It's 92.5 % silver and 6.16% copper.

Silver - The medal is worth $325. It consists of 92.5% silver and 7.2% copper.

Bronze - The medal is worth a mere $3. It is 97% copper, 2.5% zinc and 0.5% tin.

Top achieving athletes get either a gold, silver, or bronze medal.

What most people don't know is that those medals are taxable.

Yep, that's right: When it comes time to fill out your taxes, you've got to include those medals as earnings.

What most people don't know is that those medals are taxable.

Singapore gives the highest rewards to its athletes.

The country awards $734,000 to gold medal winners, $367,000 to silver medal winners and $183,500 to bronze winners. That's a whole lot of cash, no matter which way you cut it.

Singapore gives the highest rewards to its athletes.

Getty

On the other side of things, the UK offers no cash prize at all.

In fact, it's the only country that lets its athletes go home empty-handed -- well, besides the medal, that is.

On the other side of things, the UK offers no cash prize at all.

Some countries offer cash prizes in installments.

Thailand gives its Olympians a sum of $314,000 over a period of 20 years. The Philippines does the same, only the amount is $237,000 dollars.

Some countries offer cash prizes in installments.

Malaysia does something really wild.

In this country, champions are given an actual bar of gold, and a huge one at that. In fact, the bar is worth over $600,000.

Malaysia does something really wild.

Reuters

Interestingly enough, bigger countries give their athletes smaller winnings.

France, China, U.S.A and Germany, for example, offer a very less amount to the medal winners. Small countries such as Azerbaijan and Kazakhstan actually pay more.

Interestingly enough, bigger countries give their athletes smaller winnings.

WGN

But no matter what the payday, winning at the Olympics is still a pretty big deal.

Big or small money, you can't help but notice that for most of these players, winning is what they've been waiting for their entire lives.

But no matter what the payday, winning at the Olympics is still a pretty big deal.

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