Congratulations Michael Phelps for becoming the Olympian with the most medals (21) and winning gold 17 times! So how much does Michael Phelps make from his victories? According to WikiAnswers, the USA gives $25,000 for gold, $15,000 for silver and $10,000 for bronze. That’s not bad, $425,000 from the gold medals alone!
But according to some recent reports, Michael Phelps is going to have to pay $9,000 per gold medal. That’s crazy, especially since it’s not a fraction of the cost gold finalists from Singapore receive.
Reward for Olympic medals by countries in dollars:
**The numbers below have not been independently verified and are a combination of rewards for the 2008 and 2012 Olympics.**
- Singapore: Gold medal, $708,800
- Philippines: – Gold medal, $340,900
- President Gloria Macapagal-Arroyo on Friday raised the Olympic incentive to 15 million pesos (340,909 U.S. dollars) for any Filipino athlete who gets a gold medal in Beijing.
- Malaysia: Gold medal, $307,000
- Malaysia, which has never won an Olympic gold medal, is offering a bonus of one million ringgit (307,000 dollars) to any athlete who can bring home the top prize from this year’s Beijing Games.
- Thailand: Gold medal, $300,000
- Thai gold medallist at the Beijing Olympics will be rewarded of 10 million baht (about 300,000 U.S. dollars), runner-up will get a six million baht bonus and bronze medallist four million baht.
- United Arab Emirates: Gold medal, $272,000
- Also silver medal winners would be paid just over $200,000 while those winning bronze would get $136,000.
- Russia: Gold medal, $100,000
- Russian gold medallists at the upcoming Beijing Olympics are to get a bonus of 100,000 dollars (63,700 euros), Russian Olympic supremo Leonid Tiagachov said.
- Japan: Gold medal, $100,000
- Bulgaria: Gold medal, $76,620
- Every Bulgarian athlete who wins a gold medal at the Beijing 2008 Olympic Games will receive a 100 000 leva bonus from the Bulgarian state.
- China: Gold medal, $51,000
- Central sports officials in China have not said how high the bonuses they give will be, but the Chinese-language Sports Weekly reported they are likely to hand gold medal winners 350,000 yuan ($51,000) each, plus big payments shared out from sponsors.
- Dominican Republic: Gold medal, $30,000
- Winners could also get a car. It is the first time the Dominican government has made such an offer.
- USA: Gold medal, $25,000
- The USOC gives $25,000 for gold, $15,000 for silver and $10,000 for bronze.
- Australia: Gold medal, $20,000
- Australian Olympians are expected to get a $20,000 government bonus for gold medals at Beijing – less than winners from the USA, Japan, Germany, Israel, Thailand, Malaysia, Greece and Russia.