How Much Do US Olympians Make After Winning A Gold Medal?

Athletes who make the podium at the Olympics usually get a hefty bonus, in addition to their medals. But how much do American Olympic gold medalists get for their victory?

Since the 1994 Olympics, the U.S. Olympic Committee's (USOC) "Operation Gold" has given out checks to athletes who perform well. Olympians can expect to receive $37,500 for each gold medal, $22,500 for silver and $15,000 for bronze as of 2017, according to the Team USA website.

For team sports, each participating athlete will receive the full bonus payout, meaning each member of an Olympic team that wins gold will get $37,500, Forbes noted.

The numbers are 50% higher than the amounts U.S. Olympians received at the 2016 Summer Olympics, which were $25,000, $15,000 and $10,000 for gold, silver and bronze, respectively, according to the outlet. Additionally, unlike in 2016, winnings won't be taxed if the athlete's gross income is $1 million or less, CNBC reported.

Several countries give out a “medal bonus” to their athletes who manage to win medals in official competitions. Singapore pays $1 million for each gold medal, $500,000 for silver and $250,000 for bronze, the outlet said. In 2016, Joseph Schooling became a millionaire after he beat Michael Phelps in the 100 meters butterfly final and took home Singapore's first Olympic gold medal.

In addition to the bonus money, Olympic medalists also get to take home the physical medal. A 2018 Forbes estimate said the gold medal, which weighs 586 grams, has a "podium value" of around $570, based on the price of gold and silver at the time.

Olympic athletes also earn money from sponsorships and endorsement deals. However, this is usually reserved for well-known sports personalities, and most athletes work part-time jobs or even maintain full-blown careers in order to make ends meet.

Figure skater Adam Rippon, who won bronze at the 2018 Winter Olympics, tweeted earlier that year that he was "broke" at one point and resorted to "stealing" apples from his gym because he wouldn't have enough money for groceries.

There are some government or special programs that fund athletes through their competition and preparations.

With help from American companies, the USOC's Olympic Job Opportunities Program gives athletes full-time pay and benefits for working part-time, provided they can achieve certain rankings in specific sports, according to Indeed. There are also private and corporate donors who support teams and provide funding for travel expenses.

A handful of Olympians have managed to build massive fortunes after winning medals.

Phelps, who won 28 Olympic medals and became the most decorated Olympic athlete in history before he retired, is worth an estimated $80 million as of 2020, according to Celebrity Net Worth. Meanwhile, Jamaican sprinter and eight-time Olympic gold medallist Usain Bolt has an estimated net worth of $90 million.