How much money earned for gold medal

How much money earned for gold medal

Posted: GEREM Date: 20.07.2017

You are using an outdated browser. Upgrade your browser today or install Google Chrome Frame to better experience this site. Nine of those are gold so far, with high expectations over the next several days.

Katie Ledecky , a phenom in the meter freestyle, beat her own world record by more than a body length and was a full five seconds ahead of her nearest competitor to claim her first gold medal of the Rio games. And Michael Phelps has added a few more gold medals to his Olympic war chest, most notably reclaiming his throne in the meter butterfly after faltering in London four years ago.

But just how much do the Olympians receive for winning gold? We dug into the numbers to find out. They do receive a medal bonus, however.

This is how much money Olympians make for each gold medal - Business Insider

During the games, Florida Republican Senator and former presidential candidate Marco Rubio proposed a bill that would make the Olympic winnings tax free. The bill never became law, though other proposals are currently in discussion. When it comes to medal bonuses, the U. Some carrots on sticks are bigger than others, apparently. If athletes wanted to sell their medals, it could bring some extra money their way — but probably not much.

Gold medals today are only made with 6 grams of pure gold — the other grams are silver. Of course, value is in the eye of the buyer. Other medalists have also sold their medals for several thousand dollars, either for personal use or for charity. Much of that money is made through ads before and after their primetime Olympic performances.

The price of gold: Taking first place in Olympics could cost US stars as much as $10G in taxes | Fox News

Athletes like Phelps and Simone Biles have a unique opportunity for financial windfalls, since they compete in high-profile events and are revered for their talents. Biles, in her first Olympic games, already has deals with Nike and Special K, along with other contracts with laundry detergent and gymnastics equipment companies. Other former Olympians have used their fame to score endorsement deals, acting gigs, or sportscaster positions.

Olympic Wins Earn a Surprising Amount Money - How Much Money Do Olympic Athletes Get

This year, Visa is launching a global financial education program at the Rio Olympics that intends to inform athletes about budgeting, saving, and money management best practices. The company will offer a preview of the program while the athletes are still in Rio, and will follow up with additional training sessions in the fall.

how much money earned for gold medal

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