Total 14.6 Billion KRW, Italy Ranks 1st Worldwide
Hong Kong Tops Gold Medal Prize Money with 1.056 Billion KRW
As the 2024 Paris Olympics have concluded, attention is focused on the scale of the rewards given by the host country France and other governments to their national medalists.
American gymnast Simone Biles wearing the medals she won at the 2024 Paris Olympics around her neck. [Image source=AP Yonhap News]
According to a survey conducted by the US business magazine Forbes on the 12th (local time) regarding the actual payment amounts of Olympic medal bonuses by country, Italy was confirmed to be the country that spent the most money.
Before the Olympics began, Italy promised $196,000 for gold medalists, $98,000 for silver medalists, and $65,000 for bronze medalists. In this competition, Italy swept 12 gold medals, 13 silver medals, and 15 bronze medals, ranking 9th overall behind South Korea. This is their best performance since winning 13 gold medals at the 2000 Sydney Olympics. Italy plans to pay a total of $10.7 million (approximately 14.61 billion KRW) in medal rewards to its athletes.
The host country France offered $87,000 for gold medals, $43,000 for silver medals, and $22,000 for bronze medals. In this competition, France ranked 5th overall with 16 gold medals, 26 silver medals, and 22 bronze medals. France is expected to pay a total of $9.4 million (approximately 12.8 billion KRW) in medal rewards to its athletes.
The United States, which ranked 1st overall at the Paris Olympics, set medal rewards at $37,500 for gold, $22,500 for silver, and $15,000 for bronze, which is much smaller compared to Italy and France per medal. In this competition, the US won 40 gold medals, 44 silver medals, and 42 bronze medals, with the total estimated reward payment amounting to about $8.3 million (approximately 11.323 billion KRW).
Hungary followed with $3.8 million (approximately 5.185 billion KRW), and Hong Kong with $1.92 million (approximately 2.6 billion KRW).
Ukraine, which is at war due to the Russian invasion, and Israel, which is engaged in conflict with the Palestinian armed faction Hamas, each plan to pay $1.5 million (approximately 2.05 billion KRW) in medal rewards to their athletes. Ukraine ranked 22nd overall with 3 gold medals, 5 silver medals, and 4 bronze medals, while Israel ranked 41st with 1 gold medal, 5 silver medals, and 1 bronze medal.
In addition, a total of 10 countries including the Netherlands, Poland, and New Zealand are known to pay medal rewards exceeding $1 million to their teams.
Saudi Arabia, which paid a reward of 5 million riyals (approximately 1.8 billion KRW) to only one silver medalist at the 2020 Tokyo Olympics, was excluded from the list of countries paying rewards this time as it won no medals. Dunya Abutaleb advanced through the repechage to the bronze medal match in the women's 49kg Taekwondo category but unfortunately failed to win a medal.
Vivian Kong, representing Hong Kong, won the gold medal by defeating Oriane Malo (France) 13-12 in the women's individual ?p?e final at the Paris Olympic Games held at the Grand Palais in Paris, France, on the 27th. [Image source=AFP Yonhap News]
So, which country offers the highest gold medal reward? Vivian Kong (30), the gold medalist in the women's individual ?p?e fencing event at the Paris Olympics, will receive 6 million Hong Kong dollars (approximately 1.056 billion KRW) as a reward when she returns home. According to recent reports from CNBC and Time, Hong Kong set medal rewards at $768,000 for gold, $384,000 for silver, and $192,000 for bronze for this Olympics.
Following Hong Kong, the second highest medal rewards are offered by Singapore. Singapore promised $745,000 for gold, $373,000 for silver, and $186,000 for bronze before the Olympics, but ranked 84th overall with only one bronze medal in sailing at this competition.
Alexandra Mirosław of sports climbing is the only member of the Polish national team to win a gold medal and is expected to receive various benefits including prize money. Mirosław celebrating on the podium after the competition. [Photo by AP]
Indonesia pays $300,000 for gold medals, Israel $271,000, and Kazakhstan $250,000. In addition to cash rewards, some countries provide various other prizes. Poland, commemorating the 100th anniversary of its Olympic participation, offers a luxury diamond worth about 34 million KRW, a travel voucher for two, and a two-bedroom apartment in the Warsaw metropolitan area in addition to the cash rewards. Poland ranked 42nd overall with 1 gold medal, 4 silver medals, and 5 bronze medals. Alexandra Miroslaw, who won the only gold medal in sport climbing, is expected to be the recipient of all these benefits.
Kazakhstan also provides medalists with rewards exceeding 130 million KRW along with an apartment. Malaysia gives gold medalists a reward of 2.16 billion KRW and a car. However, Malaysia ranked 80th overall with two bronze medals in this competition.
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