Want to Get Rich? Win an Olympic Medal for Azerbaijan | Smart News | Smithsonian
Current Issue
October 2014 magazine cover
Subscribe

Save 81% off the newsstand price!

Keeping you current

Want to Get Rich? Win an Olympic Medal for Azerbaijan

How does the United States stand up against other countries in rewarding our Olympic athletes? Not well

smithsonian.com

Most Olympic athletes aren’t in it for the cash prizes. According to the Chicago Sun-Times, if you take into account the actual medal weights, each Olympic gold medal (1 percent gold and 99 percent silver, actually) is worth about $655. Silver medals are valued at $335, and bronze medals are a measly $5.

The real payout for Olympic medalists (aside from lucrative advertising deals available only to a select few) comes in the form of cash bonuses from their government, Olympic committee or private foundations. The U.S. Olympic Committee, for instance, awards gold medalists with $25,000, silver with $15,000, and bronze with $10,000. But making things work, financially, as an Olympic athlete is hard. Recently, U.S. Senator Marco Rubio, of Florida, and U.S. Representative Aaron Schock, of Illinois introduced a bill, the Olympic Tax Elimination Act, to make it so these cash prizes are no longer taxable by the IRS.

So, how do medalists’ bonuses in the United States stack up to those of other countries? Check out this infographic from Visual.ly.
Olympic Medalists Set to Cash in on London 2012

 

Tags

Comment on this Story

comments powered by Disqus