Cover Governments and sponsors offer a variety of attractive incentives to motivate athletes to strive for Olympic glory (Photo: Getty Images)
Governments and sponsors offer a variety of attractive incentives to motivate athletes to strive for Olympic glory (Photo: Getty Images)
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Winning big at the prestigious Olympic Games has its perks for athletes, as the incentives can be as generous as a lifetime pension
Winning an Olympic medal is undoubtedly the greatest recognition for athletes. Beyond the immense honour and prestige, this accomplishment often comes with significant financial rewards as well. From high cash prizes to lifetime pensions and luxury apartments, governments and sponsors offer a variety of attractive incentives to motivate athletes to strive for Olympic glory.
Here Tatler shortlists 7 territories that give the highest bonuses to Olympic winners. Hong Kong gives out the highest amount of prize money to athletes, followed by Singapore. Serbia and Malaysia not only offer substantial one-time bonuses to medal winners but also guarantee lifelong pensions starting at the age of 40 to protect athletes’ well-being after their competitive careers have ended.
1. Hong Kong: HK$6 million
Above Cheung Ka-long of team Hong Kong celebrates after winning at the Olympic Games Paris 2024 (Photo: Getty Images)
Cheung Ka-long of team Hong Kong celebrates after winning at the Olympic Games Paris 2024 (Photo: Getty Images)
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According to the Jockey Club Athlete Incentive Awards Scheme offered by The Hong Kong Jockey Club, individual gold medallists will receive HK$6 million, while HK$3 million and HK$1.5 million will be awarded to silver and bronze medallists respectively. In addition, the team winning the gold medal will receive HK$12 million, while HK$6 million and HK$3 million will be given out to silver and bronze team medallists respectively.
This year, fencer Vivian Kong topped the podium in the individual épée while Edgar Cheung Ka-long clinched the gold in the men’s individual foil event. Swimmer Siobhan Haughey bagged two bronze medals in women’s 200m freestyle and 100m freestyle.
News sources also reported that Cheung, who is an alumnus of Lam Tai Fai College, will earn an additional HK$3 million distributed by the school’s Outstanding Athletes Incentive Awards Scheme. In other words, Cheung, who won the Olympic gold medal for the second time this year, is expected to receive a total bonus of HK$9 million.
2. Singapore: HK$5.8 million
Above Ching Hwee Gan of team Singapore competes at the Olympic Games 2024 (Photo: Getty Images)
Ching Hwee Gan of team Singapore competes at the Olympic Games 2024 (Photo: Getty Images)
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According to data recently released by the Singapore National Olympic Council (SNOC), athletes who win gold medals on behalf of Singapore in Olympic events will receive SG$1 million (approximately HK$5.8 million) through the Multi-Million Dollar Awards Programme (MAP). Silver medal and bronze medal winners will also receive SG$500,000 (approximately HK$2.9 million) and SG$250,000 (approximately HK$1.45 million) respectively.
Read more: 5 things about Loh Kean Yew, Singapore’s badminton singles star
3. Kazakhstan: HK$1.95 million
Above Gold medallist Yeldos Smetov of team Kazakhstan celebrates on the at the Olympic Games 2024 (Photo: Getty Images)
Gold medallist Yeldos Smetov of team Kazakhstan celebrates on the at the Olympic Games 2024 (Photo: Getty Images)
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According to CNBC, Kazakh Olympians will receive a bonus of US$250,000 (approximately HK$1.95 million) from the government after winning gold medals, US$150,000 (approximately HK$1.17 million) for silver and US$75,000 (approximately HK$580,000) for bronze. In addition, the government will provide apartments for winning athletes. Kazakhstan has already won one gold medal and two bronze medals at the Paris Olympics and ranks 20th in the Olympics medal list (at the time of writing this).
4. Serbia: HK$1.7 million + lifetime pension
Above Gold medallists Zorana Arunovic and Damir Mikec of team Serbia celebrate on the podium during the shooting 10m air pistol mixed team medal ceremony (Photo: Getty Images)
Gold medallists Zorana Arunovic and Damir Mikec of team Serbia celebrate on the podium during the shooting 10m air pistol mixed team medal ceremony (Photo: Getty Images)
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Multiple media reported that the Serbian Olympic gold medallist will receive a bonus of US$218,000 (approximately HK$1.7 million) and enjoy a monthly national pension starting at the age of 40. Silver and bronze medallists will also receive the same pension benefits.
Serbia has won its first gold medal at the Paris Olympics a few days ago. Zorana Arunović and Damir Mikec topped the podium together in the 10m air pistol mixed team event.
5. Malaysia: HK$1.67 million + lifetime pension
Above Tang Jie Chen and Ee Wei Toh of team Malaysia compete during the mixed doubles group play stage at the Olympic Games Paris 2024 (Photo: Getty Images)
Tang Jie Chen and Ee Wei Toh of team Malaysia compete during the mixed doubles group play stage at the Olympic Games Paris 2024 (Photo: Getty Images)
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According to Forbes, Malaysia will pay US$214,000 (approximately HK$1.67 million) in bonuses to athletes who win gold medals at the Paris Olympics. In addition to providing bonuses to medal winners, all Olympic athletes can receive a lifetime pension starting from the age of 40, ranging from approximately HK$3,100 to HK$8,600 per month. On top of this, all gold medallists will also receive a car as a reward.
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6. Italy: HK$ 1.53 million
Above Gold medallists of team Italy celebrate on the podium of Olympic Games Paris 2024 at Grand Palais (Photo: Getty Images)
Gold medallists of team Italy celebrate on the podium of Olympic Games Paris 2024 at Grand Palais (Photo: Getty Images)
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According to Forbes, Italy adopts the same bonus system for individual and group events. Whether it is an individual or team event, each medal-winning athlete can receive the same amount of reward: a gold medal of approximately US$196,000 (approximately HK$1.53 million), a silver medal of US$98,000 (approximately HK$760,000), and a bronze medal of US$65,000 (approximately HK$510,000).
7. Philippines: HK$1.33 million
Above Emma Malabuyo of team Philippines competes on the balance beam during the artistic gymnastics women’s qualification round at the Olympic Games Paris 2024 (Photo: Getty Images)
Emma Malabuyo of team Philippines competes on the balance beam during the artistic gymnastics women’s qualification round at the Olympic Games Paris 2024 (Photo: Getty Images)
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Philippine weightlifter Hidilyn Diaz won the 53kg category at the Tokyo Olympics, earning the country’s first Olympic gold medal. Bloomberg reported that she received a total of 35.5 million pesos (approximately HK$4.74 million) in bonuses from the government and business circles. In addition, she also received a house in Tagaytay City (given by Abraham Tolentino, president of the Philippine Olympic Committee) and a luxury apartment worth 14 million pesos (approximately HK$1.87 million) (gifted by Chinese Filipino tycoon Andrew Lim Tan).
The latest documents from the Philippine Sports Commission show that all national athletes who win medals in international events can receive bonuses. An Olympic gold medallist is entitled to up to 10 million pesos (approximately HK$1.33 million).
This article was originally published in Chinese by Cathy Huang.
