Through a USOC program called Operation Gold, Team USA athletes at the Olympics, Paralympic Games and world championships are financially compensated for earning medals. “These programs are designed to reduce the financial burdens of our athletes and their families and allow them to stay in their chosen sport as long as they wish to compete, rather than to drop by the wayside because of the costs of training,” said USOC President LeRoy Walker in a statement back in 1993 when Operation Gold was expanded to compensate athletes for world championships won the year before. The earnings definitely help defray the cost of training, travel and related expenses but the compensation is a small drop in the bucket.
How much do Team USA athletes earn for winning medals at Winter Olympics?
In 2017, the amount athletes earn for medals at the Olympics games was raised from $25,000 for gold, $15,000 for silver and $10,000 for bronze. The same year, the amount for Paralympic Games was set at $7,500 for gold, $5,250 for silver and $3,750 for bronze medals. Medal-winning athletes at the Beijing 2022 Winter Olympics will earn the following for their wins:
Gold - $37,500Silver - $22,500Bonze - $15,000
How much do Paralympians earn for winning medals?
By 2018, the USOC correctly adjusted the pay disparity between Olympians and Paralympians and announced that it would award both groups equal payouts for medal performances and that increased payments would be made retroactively for all medals won in 2018. “Paralympians are an integral part of our athlete community and we need to ensure we’re appropriately rewarding their accomplishments,” said USOC CEO Sarah Hirshland. These are the amounts Paralympics athletes will earn for winning medals at the 2022 Beijing Paralympics.
Gold - $37,500Silver - $22,500Bonze - $15,000
How much do athletes from other countries earn for winning medals?
The amount athletes earn for winning medals is set by each country, which means some athletes earn medal bonuses as high as around $750,000 (Singapore) or no money at all (Britain, Sweden, Iceland and Norway).
How much are Olympic medals worth?
While priceless to the athletes, the medals themselves are worth considerably less. Gold Olympic medals are actually gold-plated and not solid gold. Containing about 1% of pure gold, they are mostly silver. With the gold market shifting daily, the value of a gold medal, if melted down, would be in the $800 range. Meanwhile, silver is worth around $445 and bronze is between $4 and $5. The USOC sees these payments as an optional bonus for medalists and does not view them as them being paid outright as compensation for competing. Essentially, medalists receive a performance bonus and non-medalists do not.
Do Olympic athletes pay taxes on their earnings?
Plus, these athletes do not get taxed on these payouts. In October 2016, President Barack Obama signed a bill into law exempting these athletes from what was called the “victory tax.” The IRS is prohibited from considering the payments as earned income. This means athletes can keep more of their prize money. That’s also helpful for the athletes. Team USA reported a recent study about the impact that COVID-19 had on Olympians. 59% of athletes reported that during the year of the Olympic games, their income fell below $25,000. Next, The 14 Best Olympics Movies of All Time
