For an athlete, an Olympic medal is usually the most important achievement of their career – without guaranteeing financial security.
And despite the fact that the International Olympic Committee does not give money to athletes who win medals, many countries compensate their athletes who take the podium. However, these amounts vary considerably.
For example, the US Olympic and Paralympic Committee give $37.500 for gold medals, $22.500 for silver and $15.000 for bronze. At the 2016 Olympics, the compensation was 25.000 for gold, 15.000 for silver and 10.000 for bronze.
For athletes like American Simone Biles, the gains are remarkable. She won three golds and a silver in Paris, which means her compensation will total $135.000.
The increase over eight years is significant and outpaces inflation, yet the money the US gives is much less than other countries.
According to CNBC information, among 14 countries, the USA is the 10th country in terms of medal compensation.
At the top are Hong Kong and Singapore, which give gold medalists $768.000 and $745.000, respectively.
While Indonesia, Israel, Kazakhstan, Malaysia and Spain give Olympic gold medalists at least $100.000 for each medal.
Among the 14 countries, Australia gives the least money, just $13.000 for gold, $10.000 for silver and $7.000 for bronze. While some countries, such as Great Britain and Norway, have not established any prize money for their Olympians.
Of course, medal payouts are a pittance for some athletes who cash in on their success with huge sponsorships.
Unfortunately, however, many others struggle to fund their sports careers. An athlete needs up to $100.000 a year to pay for travel, equipment, coaching and injury recovery treatments.
This is also the reason why many Olympians do other jobs.
Of course, there are countries that provide other benefits besides money. For example, Kazakhstan gives houses to athletes who win medals: a triple for gold, a double for silver and a studio for bronze.