How much money will gold medal winners in Rio take home?

By Sally French, MarketWatch

gold medal winners in Rio(Media Release) First-ever gold medal winner from Singapore should earn $753,000 cash bonus.

Winning a gold medal at the Olympics is a life-changing experience. You can’t put a price on it. But, depending on where you’re from, you might expect a financial windfall.

When swimmer Joseph Schooling edged out Michael Phelps and a tight field in the 100-meter butterfly event on Friday night, he became the first athlete from Singapore to win a gold medal — and he will be the first to earn the country’s $753,000 gold-medal bonus. That’s nearly 30 times more money than Michael Phelps or any other U.S. athlete would take home for winning gold.

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With its population of 5.5 million (versus, for example, New York City’s 8.17 million), the island city-state Singapore has now won a grand total of five Olympic medals: Schooling’s gold, a pair of bronzes in table tennis in 2012, a silver in 1960 in weight lifting, and a silver in table tennis in 2008.

In contrast, the U.S. has won 1,071 gold medals and 2,698 total medals since the 1896 games in Athens — the kickoff of the Olympics’ modern era — not including the medals won in Rio, where the likes of Goldman Sachs and PricewaterhouseCoopers have forecastthe U.S. will garner more than 100 medals. Already, the U.S. has racked up 50 medals in Rio, 20 of which are gold.

Other countries, including the U.K., don’t offer cash bonuses to medalists.

As competition (Free-Pr-Online.com) continues in Rio, executives with the International Olympic Committee and at national sports federations have come under scrutiny over how little of the money generated by the Games trickles down to the athletes.

Of course, top athletes in the most popular sports can rack up millions through endorsements, sponsorships and paid appearances. Gymnast Gabby Douglas has a reported net worth of $3 million, while swimmer Michael Phelps boasts a reported net worth of $55 million.

Statista rounded up the prize money being given out by 12 countries to their winning athletes at the Olympic Games in Rio. The values are converted to U.S. dollars. A closer look at countries’ gold-medal bonuses follows …

Medal counts are current as of Friday, Aug. 12.

Singapore

Gold medal bonus at the Olympic Games in Rio: $753,000

Delegation size in Rio: 25 athletes

Gold medals won in Rio: 1

Total medals won in Rio: 1

Population: 5.5 million

Indonesia

Gold medal bonus in Rio: $383,000

Delegation in Rio: 28 athletes

Gold medals won in Rio: 0

Total medals won in Rio: 2

Population: 255.46 million

Azerbaijan

Gold medal bonus in Rio: $255,000

Delegation in Rio: 56 athletes

Gold medals won in Rio: 0

Total medals won in Rio: 2

Population: 9.75 million

Kazakhstan

Gold medal bonus in Rio: $230,000

Delegation in Rio: 105 athletes

Gold medals in Rio: 2

Total medals won in Rio: 7

Population: 17.69 million

Italy

Gold medal bonus in Rio: $185,000

Delegation in Rio: 310 athletes

Gold medals won in Rio: 4

Total medals in Rio: 15

Population: 60.67 million

France

Gold medal bonus in Rio: $66,000

Delegation in Rio: 407 athletes

Gold medals won in Rio: 5

Total medals won in Rio: 17

Population: 66.73 million

Russian Federation

Gold medal bonus in Rio: $61,000

Delegation in Rio: 284 athletes

Gold medals won in Rio: 5

Total medals won in Rio: 22

Population: 144.19 million

South Africa

Gold medal bonus in Rio: $36,000

Delegation in Rio: 145 athletes

Gold medals won in Rio: 0

Total medals won in Rio: 5

Population: 54.95 million

United States

Gold medal bonus in Rio: $25,000

Delegation in Rio: 566 athletes

Gold medals won in Rio: 20

Total medals won in Rio: 50

Population: 324.09 million

Germany

Gold medal bonus in Rio: $20,000

Delegation in Rio: 438 athletes

Gold medals won in Rio: 6

Total medals won in Rio: 11

Population: 81.77 million

Canada

Gold medal bonus in Rio: $15,000

Delegation in Rio: 320 athletes

Gold medals won in Rio: 2

Total medals won in Rio: 10

Population: 36.15 million

Australia

Gold medal bonus in Rio: $15,000

Delegation in Rio: 433 athletes

Gold medals won in Rio: 5

Total medals won in Rio: 18

Population: 24.15 million

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