From Cash to Real Estate: What Athletes Are Receiving for Winning Medals at the 2024 Paris Olympics
With only a few days to go at the Paris Olympics, Malaysia's hopes of winning its first gold seem dim. However, we are cheering on our remaining athletes as they strive for sporting glory for the country.
Whether in Malaysia or other nations, the one who walks away with the elusive gold medal will also win lucrative prizes. Read on to find out the rewards for various countries:
Malaysia
According to The Star, Malaysia ranks fourth worldwide for the highest official incentives for gold medalists. Total prizes of around RM6 million await, including:
- RM1 million by Yinson Holdings Bhd
- RM500,000 by Matrix Concepts Holdings Bhd
- RM500,000 by MJ Health Screening Centre
- RM1 million for gold by RedONE Mobile will be paid in monthly instalments over 10 years to ensure long-term support for the athlete.
- A luxury apartment in Top Residency, Setia Alam, worth RM1mil, donated by Top Glove founder and executive chairman Tan Sri Dr Lim Wee Chai.
- Chinese car manufacturer Chery Malaysia is also presenting a sports utility vehicle (SUV) to any athlete who wins a medal at the Games.
Official Prize:
- Gold: RM986,251
- Silver: RM300,000
- Bronze: RM100,000
The Philippines
According to BBC, Filipino gymnast Carlos Yulo won his second Olympic gold medal in two days, becoming only the second athlete to take home the Games' top prize for his country and being the first to bag two golds. He will obtain:
- 10 million Philippine pesos (RM778K from the government)
- A fully furnished three-bedroom unit in Manila from a real estate firm
- An additional 6 million pesos (RM468K) in cash incentives from The House of Representatives
- Free consultations and colonoscopies for life by a gastroenterologist
- Free university credits from the University of Mindanao
- A lifetime supply of ramen, mac and cheese, and grilled chicken offered by various restaurant chains.
Thailand
Our northern neighbour rewards their athletes with the following:
- Gold: THB 12 million (RM1.5 million), paid over four years, or THB 10 million (RM1.25 million) in a lump sum.
- Silver: THB 7.2 million (RM906k), paid over four years, or THB 6 million (RM655k) in a lump sum.
- Bronze: THB 4.8 million (RM604k), paid over four years, or THB 4 million (RM504k) in a lump sum
However, Badminton star Kunvalut Vitidsarn (who we think is a total cutie) won Thailand’s first Olympic silver medal in badminton. He will win more than 11 million baht in rewards from sports agencies, including the prize money above and the following:
- A salary of 10,000 baht a month for 20 years from the National Olympic Committee of Thailand, totalling 2.4 million baht
- Badminton Association of Thailand president Khunying Patama Leeswadtrakul will give him a personal reward of 1.5 million baht
Singapore
Our southern neighbour is one of the most generous countries globally with their prize money:
- Gold: SGD 995,223 (RM3.37 million)
- Silver: SGD 498,280 (RM1.67 million)
- Bronze: SGD 248,472 (RM841K)
Republic of Kazakhstan
Kazakhstan’s Ministry of Culture and Sports will reward athletes who podium in Paris with a new apartment. Gold medalists will receive a three-room apartment, silver medalists a two-room apartment, and bronze medallists a one-room apartment each. Rewards between $75,000 (RM367K) and $250,000 (RM1.2 million) are also given.
Hong Kong
They take the No. 1 spot for the largest prize money worldwide. Besides prize money, medallists will also get:
- Unlimited business-class flights for one year or one million miles from Cathay Pacific Airways,
- Lifetime tickets free of charge from the rail operator MTR Corporation.
Edgar Cheung Ka-long, who clinched the gold in the men’s fencing individual foil event, will earn an additional HK$3 million distributed by the Lam Tai Fai College’s Outstanding Athletes Incentive Awards Scheme as he is an alumnus.
Official Prize:
- Gold: HKD 6 million (RM3.45 million)
- Silver: HKD 3 million (RM1.7 million)
- Bronze: HKD 1.5 million (RM863k)
Italy
The nation of pasta and pizza offers one of the highest incentives:
- Gold: $196,000 (RM880K)
- Silver: $98,000 (RM440K)
- Bronze: $65,000 (RM291K)
Serbia
The prize money for the gold medal in this country is $218,000 (RM978K). Athletes who win gold, silver, or bronze medals are also eligible for a national pension that begins at age 40 and is distributed monthly.
No Prizes
Interestingly, not all countries reward medallists. The United Kingdom, Norway, and Sweden, for example, do not pay Olympic medallists.
Is it too late for us to start training for the next Olympics? Win a medal, and you could retire for life.
Featured Image Credit: BERNAMA, Paris2024 | Instagram