How much are Olympic medals worth?

LONDON Athletes competing in Olympics are not usually paid for their participation, but most competitors who come out on top are rewarded in cash by their national Olympic Committee. Most times, the real money is in promotional contracts: Some of the most stellar athletes bring in millions with marketing deals and endorsement.

After eight days of the summer Games we have seen athletes being distinguished the best of the best. Summer Olympians are breaking records and winning medals. You might think that the joy of winning a medal is enough, but a lot of athletes get an extra incentive: a lump sum of cash for their winning efforts.

One of the most outstanding endorsements so far is Qatar Telecommunication’s (Qtel) identification with Nasser Saleh al Attiyah’s bronze medal feat in the men’s skeet (rifle shooting) event. The company has promised to provide him with a special Shahry Line with unlimited SMS, mobile, internet, local and international calling for life.  

Though no confirmation of any financial reward from the Qatar Olympic Committee, one can be rest assured that for putting Qatar on the world map with its historic achievement, Qatar’s sporting excellence in rewarding its own will be monumental.

While we are still celebrating Nasser’s feat, not all countries participating in the Olympics offer cash reward. Athletes from the host nation, Great Britain, aren't getting any money for their efforts as the British Olympic Committee (BOC) believes that the medals and efforts are enough.

Gold medalist from Team GB at this year's home Olympics will be immortalised in the national memory.  According to Daily Mail, for Team GB stars the rewards are far less tangible. From the moment any take gold; the Royal Mail will begin designing a stamp bearing their image and deliver them to 500 post offices for sale the following day. The champions' stamps will be available in books of six for £3.60 or individually for 60p - to be immortalised forever among philatelists.

But for competitors from some other nations, prestige isn't the only thing driving them

For Americans a gold medal is worth $25,000. Silver and bronze are worth payouts of $15,000 and $10,000, respectively. The 29 medals won thus far have a total bonus value of $510,000. It’s a nice bonus for America’s unpaid athletes, though the payout values have not increased for a decade.

The United States is also far from the top of the payout list. The biggest medal bonus is offered by Italy, which will pay more than $182,000 for a gold medal. Russia’s medal rewards are also quite rich, and the nation’s gold medal winners will collect $135,000. The bronze medalists will take home $54, 400, more. Neighboring Ukraine has been considering an increase to its already rich payout scale: $100,000 for gold, $75,000 for silver and $50,000 for bronze.

African nation, Ghana has offered $20,000 for each gold medalist.

South Africa's Olympic body, Sascoc, will reward all medal winners competing in the London Olympic Games, having set aside R6-million ($721,542) for the stars of both the Olympics and Paralympics.

According to Sascoc, gold medallists will receive R400 000 ($48,000) and their coaches R100 000 ($12, 000. Olympic silver medallists will receive R200000 ($24,000) and their coaches R50000 ($6,000), whereas bronze medallists will be given R80000 ($9,600) and their coaches R20000 ($2,400).

In Armenia, its National Olympic Committee announced reward in cash for his/her medal hopefuls.

A gold medal will be worth $100,000; silver, $75,000; and bronze, $50,000.

National Olympic Committee president Gagik Tsarukyan has said he will personally pay $700,000 to any athlete who scores gold for Armenia.

Mexicans who wins a gold medal in individual event would receive 500,000 pesos (about $37,000); silver medal, 250,000 pesos ($18,000); and bronze medal, 125,000 pesos ($10,000).

Winning a gold medal in team sports would be awarded three million pesos (about $223,000); silver medal, two million pesos ($149,000); and bronze medal, one million pesos ($74,500).

In Malaysia, a gold medal could be worth more than $600,000. Andrew Kam, owner of a Kuala Lumpur gold mine, has offered a gold bar valued at two million Malaysian ringgit, or about $640,000, to any Malaysian badminton player able to win a gold medal. If multiple players take home gold, they will split the bar’s value.

Swimming Australia, which oversees the nation’s top swimmers, implemented a new funding deal this year that will pay more than $36,000 to gold medal winners in individual events; those involved with relays that win gold will share more than $63,000. Those payouts are in addition to the nation’s base medal bonuses, worth about $20,000 for gold, $13,000 for silver and $10,000 for bronze.

For Team Nigeria, its National Sports Commission promised to give N1.5 million ($100,000) to any athlete who wins a gold medal while silver and bronze medalists are to get N1,000,000 and N500,000 respectively.