The value of the medals at the Tokyo Olympics has been revised upwards compared to previous games, with the gold medal fetching US$200,000, the silver US$125,000, and the bronze US$70,000.
Additionally, some countries have set financial rewards for their champions, such as grants or in-kind prizes to recognize their achievements.
Singapore most generous
Singapore tops the list of most generous countries with a reward of US$750,000 to the gold medalist.
Medalists from the next highest two countries, Kazakhstan and Malaysia, earn about US$250,000 for gold medals. Japan, the host country of the Tokyo Olympics, awards US$45,000 for gold, US$18,000 for silver, and US$9,000 for bronze to the athletes who finish on the podium.
The United States gives its gold medalist’s US$37,500.
Russia pays US$55,000 for the gold medal, US$34,000 for silver, and US$23,000 for bronze. The Russian Fund will also give gifts to Russian Olympians crowned in Tokyo, which are most likely to be cars.
Egypt… salary for life
For the Arab countries, the Egyptian Olympic Committee has allocated a financial reward of US$64,000 for the gold medal and US$48,000 for the silver medal and US$32,000 for bronze.
A monthly stipend will be given to the gold medalist (US$222), silver medalist (US$159), and bronze medalist (US$127).
The Moroccan National Olympic Committee and the Ministry of Culture have allocated a reward of US$200,000 for the gold medalist, US$125,000 for the silver medalist and US$70,000 for the bronze medalist.
Gold medal value
The gold medal at the Tokyo Olympics is made of silver and gold, according to CNBC.
Surprisingly, the percentage of silver in the gold medal is about 92.5percent, while the weight of the gold used is about 6 gm. It weighs nearly half a kg, and the gold must not be less than 6 gm.
This medal is worth $820 based on the price of the minerals that make it up.
It is higher than the value of the gold medal at Pyeongchang, South Korea, which was valued at US$577, according to coinapps.com.
Gold plating
Beginning with the 1912 Olympics in Stockholm, Sweden, only Olympic gold medals were plated with gold. In public auctions, the price of gold medals ranges between US$20,000 and US$50,000 according to the “Time” website, as the cost of the award depends on the winning athlete and the popularity of the sport.
Usually, summer Olympics medals are valued more than their winter counterparts, according to Deutsche Welle.
Olympics kick-off
Emperor Naruhito of Japan opened the Tokyo Games on Friday, July 23, 2021, a year after it was postponed due to the spread of the COVID-19 pandemic.
Around 11,600 athletes from 206 countries and teams took part as Japanese tennis player Naomi Osaka lit the Olympic torch in her first public appearance since withdrawing from the French Open last May.
The Tokyo Olympics concluded on August 8, amid restrictions with less than 1,000 people attending the opening ceremony, which is usually a show full of sports stars and crowded with celebrities.
Postponement cost
In February last, Japan confirmed its commitment to organizing the Tokyo Olympics this year and categorically denied that the games would be deferred in view of local concerns due to the third wave of Coronavirus in the country.
Tokyo 2020 organizers estimated the cost of this year’s postponement at US$2.83bn. At the same time, the Japanese media estimated the country’s losses due to the delay of the Olympic Games at US$1.93bn only for one year.
According to Reuters, Tokyo Games organizers estimate the cost of COVID-19 countermeasures during the re-arranged Olympics this year at US$960m.