American
athletes who finish in one of the podium places at the Olympics are usually in
for a substantial financial reward, in addition to the priceless laurels they
bring upon themselves and their country.

Since the 1994
Winter Olympics in Norway’s Lillehammer, the US Olympics Committee (USOC) has
been rewarding athletes for standout performances at the Olympics under its ‘Operation
Gold’ programme.

Also Read | ‘Strange atmosphere’: Disappointed athletes brace for crowd-free Tokyo Games

How much do athletes get for each medal?

As of 2017,
American athletes are given $37,500 for each gold medal, $22,500 for silver and
$15,000 for a bronze medal, according to the Team USA website. For the Paralympics
Games, athletes receive $7,500 for gold, $5,250 for silver and $3,750 for
bronze medals.

Each
athlete part of a team sport gets the full amount, meaning every member of a
team that wins an Olympic gold will receive $37,500, according to Forbes.

Also Read | Olympic flame arrives in Tokyo for no-spectator relay

These
figures are 50% more than what athletes received for their performances at the 2016
Rio Olympics, where they were given $25,000, $15,000 and $10,000 for gold,
silver and bronze respectively.

Unlike
2016, the winnings will not be taxed if the gross earnings of an athlete is
less than $1 million, according to CNBC.

However, several
other countries pay a significantly higher ‘medal bonus’ for athletes. Singapore
pays $1 million for each gold, $500,000 for each silver and $250,000 for each
bronze medal.

In the 2016 Rio Olympics, swimmer Joseph Schooling became an
instant millionaire after beating Michael Phelps in the 100 meters butterfly
final to become Singapore’s first-ever Olympic gold medallist.

Also Read | No spectators, No Nick Kyrgios: Aussie Tennis star pulls out of Olympics

An Olympic
medal can also attract lucrative sponsorship deals, although they are more
restricted to the more well-known athletes, while most have to manage a part-time
or even a full-tie job to sustain themselves.

2018 Winter
Olympics bronze medal winning figure skater Adam Rippon had earlier tweeted he
had to steal apples from his gym as he was “broke” at one point and didn’t have
money for groceries.