**Olympics in Full Swing: How Much Prize Money Do Athletes Receive and How Is It Paid? A Look at the Joy of Olympic Champions**

Following up from the previous discussion, does VISA monopolize the payment of Olympic prize money? The answer is no. In Olympic history, the management and disbursement of bonuses mostly involve the following aspects: The International Olympic Committee (IOC) does not directly distribute prize money; instead, each country's National Olympic Committee (NOC) sets up its own prize money plans, some of which may involve contracts requiring payment through VISA. Additionally, governments and sports associations often provide grants and awards to winning athletes, and commercial sponsors might offer extra bonuses and gifts. Different countries have significant disparities in the amount, form, and taxation policies of the prize money, reflecting their economic capabilities, sports policies, and incentive mechanisms for athletes. These aspects are not constrained by the IOC. Payments can be made in cash, goods, or other means.

Here are some specific cases to illustrate the different situations and impacts of Olympic prize money and awards in various countries and regions.

**1. United States (Michael Phelps)**

The U.S. Olympic Committee offers bonuses to Olympic medalists, but the money usually comes from private donations and commercial sponsorships rather than government funding.

- During the 2020 Tokyo Olympics, the U.S. awarded $37,500 for each gold medal, $22,500 for silver, and $15,000 for bronze.

- Olympic prize money in the U.S. is subject to federal income tax, although some states offer tax exemptions for high-earning athletes.

**Case Background: Michael Phelps**

Michael Phelps, historically the most decorated swimmer with Olympic gold medals, won 23 gold medals in the 2004 Athens, 2008 Beijing, 2012 London, and 2016 Rio Olympics.

**Bonuses:**

In the 2016 Rio Olympics, Phelps won 5 gold medals and 1 silver medal, earning about $200,000 from the U.S Olympic Committee ($37,500 for each gold and $22,500 for silver).

**Taxes:**

His prize money is subject to federal income tax, reducing the net amount received. However, states like Maryland offer tax exemptions, allowing Phelps to retain more of his earnings.

**2. China (Guo Jingjing)**

China usually offers high amounts of prize money for Olympic medalists, along with other forms of rewards.

- For the 2008 Beijing Olympics, China provided about RMB 250,000 (approx. $36,000) for each gold medal, with reduced amounts for silver and bronze medalists.

- Beyond cash bonuses, Chinese Olympic champions may receive additional rewards like housing, educational grants, and government positions.

**Case Background: Guo Jingjing**

Guo Jingjing is a famous Chinese diver who won 4 gold medals and 2 silver medals across the 2000 Sydney, 2004 Athens, and 2008 Beijing Olympics.

**Bonuses:**

In the 2008 Beijing Olympics, Guo Jingjing won 2 gold medals, earning approximately RMB 500,000 (about $72,000).

**Additional Rewards:**

Apart from cash prizes, she also received multiple forms of rewards from local governments and associated bodies, including housing and government positions.

**3. Russia (Alina Zagitova)**

Russia offers substantial prize money for Olympic medalists.

- During the 2016 Rio Olympics, Russia awarded about RUB 4 million (approx. $60,000) for each gold medal, with $25,000 and $15,000 for silver and bronze medals, respectively.

- Besides cash awards, Russia often provides housing and other material rewards for top athletes.

**Case Background: Alina Zagitova**

Alina Zagitova is a celebrated Russian figure skater who won the gold medal in the women's singles at the 2018 Pyeongchang Winter Olympics.

**Bonuses:**

Zagitova received about RUB 4 million (approx. $60,000) for her gold medal.

**Additional Rewards:**

She also received awards like cars and other prizes offered by private enterprises.

**4. United Kingdom (Mo Farah)**

The UK takes a more conservative approach to Olympic prize money.

- The UK does not provide direct cash prizes to Olympic medalists. Instead, extensive government funding and national training programs support athletes.

- This system allows athletes to focus on training without financial worries.

**Case Background: Mo Farah**

Mo Farah, a renowned British long-distance runner, won two gold medals each in the 2012 London and 2016 Rio Olympics.

**Bonuses:**

Farah did not receive direct cash prizes from the UK Olympic Committee.

**Additional Support:**

However, he received substantial financial support through national sports funding and sponsorship activities, enabling him to focus solely on training and competing.

**5. Singapore (Joseph Schooling)**

Singapore offers some of the highest prize money for Olympic medalists.

- During the 2016 Rio Olympics, Singapore awarded about SGD 1 million (approx. $740,000) for each gold medal, with SGD 500,000 and SGD 250,000 for silver and bronze medals, respectively.

**Case Background: Joseph Schooling**

Joseph Schooling is a notable Singaporean swimmer who won the gold medal in the 100m butterfly at the 2016 Rio Olympics, marking Singapore's first-ever Olympic gold medal.

**Bonuses:**

Schooling received about SGD 1 million (approx. $740,000) for his gold medal.

**Taxes:**

The bonus is tax-free in Singapore, allowing Schooling to receive the entire amount.

**6. India (PV Sindhu)**

India has recently increased its rewards for Olympic medalists.

- During the 2016 Rio Olympics, India awarded approximately $75,000, $50,000, and $30,000 for gold, silver, and bronze medals, respectively.

- State governments and private enterprises also offer additional cash awards and material rewards such as houses and land.

**Case Background: PV Sindhu**

PV Sindhu is a prominent Indian badminton player who won the silver medal in women's singles at the 2016 Rio Olympics.

**Bonuses:**

Sindhu received about $50,000 from the Indian government for her silver medal.

**Additional Rewards:**

She also received extra cash awards, houses, and land from state governments and private enterprises, cumulatively worth over $1 million.

These specific cases provide a clear view of the varied policies and implementations regarding Olympic medalist rewards in different countries and regions. The rewards include not just cash but also housing, educational support, government positions, reflecting the diverse levels of emphasis on athletic achievements and cultural backgrounds.