Friday, September 2, 2016
Winning an Olympic gold medal is a priceless opportunity, but based on where you are from, you can expect a financial windfall. For example, Joseph Schooling beat Michael Phelps in the 100-meter butterfly swimming event, becoming the first Singapore athlete to win a gold medal. Consequently, he will win the country’s $753,000 gold-medal bonus, grossing nearly 30 times more money than any American athlete would ever take home for winning the gold. The International Olympic Committee has come under fire over the years for how little of the generated money actually trickles down to the athletes. Oftentimes, however, superstar athletes can expect to rake in millions through endorsements, sponsorships, and paid appearances. Review the Article for a breakdown of various countries’ gold-medal bonuses.
See Sally French, How Much Money Will Gold Medal Winners in Rio Take Home?, Market Watch, August 21, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.