From its literal value to rewards given by an athlete’s home country, see what’s behind the Games’ most coveted prize.
While the 2024 Paris Olympics are well underway, several athletes have already claimed their medals.
The recognition and prestige that comes with this feat is immeasurable, especially for the athletes who dedicate their lives to their sport.
But what are the medals’ actual value? And what do winning athletes receive when they return to their respective countries?
READ ALSO: Collecting Gold: Carlos Yulo Bags Another Olympic Medal For The Philippines
Material Value
This Olympics’ medals were designed by Chaumet, a luxury jewelry and watch house based in Paris.
According to Oxford Economics, the gold medals actually consist mostly of silver (523 grams). The medal is then coated with six grams of gold. They place its estimated value at $1,027.
Meanwhile, second place medals are made of pure silver, making it worth around $535. Bronze medals, which are made of copper, tin, and zinc, are around $4.6 each.
What makes the Paris Olympics medals special is found at its center. Each medal is set with a piece of original iron from the Eiffel Tower, a priceless token for every winning athlete.
Over the course of several renovations, pieces of the French landmark have been permanently removed and conserved.
“For the Paris 2024 Games, the Eiffel Tower Operating Company is allowing these genuine pieces of Parisian and French history to find glory again,” the Olympics official website states.
Heroes’ Homecoming
The International Olympic Committee itself doesn’t award Olympians prize money for earning medals.
However, in some countries, athletes are given cash prizes and other rewards if they win a medal at major competitions.
For example, in the Philippines, Olympic gold medalists are entitled to P10 million (around $173,400). Silver and bronze medalists get P5 million and P2 million respectively.
Carlos Yulo, the country’s two-time gold medalist, has also received incentives from other government agencies and private sectors.
The impressive array of gifts include more cash, a fully furnished three-bedroom unit worth P32 million ($555,000), and free meals from numerous local establishments.
When Hidilyn Diaz won the Philippines’ first Olympic gold medal, she received over P50 million in incentives including several houses, condo units, and a lifetime of free flights, gasoline, and other products.
So far, Hong Kong and Singapore offer the highest monetary prize for their Olympic victors. For gold medalists, the cash incentives are at around the $750,000 mark.
In some countries like Kazakhstan and Malaysia, winning athletes also receive apartments. All podium finishing athletes from Malaysia will get a foreign-made car as well.
Meanwhile, South Korean gold medalists can choose between a lifelong monthly pension of a million won or a lump sum of 67.2 million won. This is in addition to a 63 million Korean won ($43,288) windfall.
As for this year’s Olympic host, France is awarding its gold medalists with around $85,000 each. Silver medalists get $43,000 and bronze medalists take home $22,000.
Banner image via Instagram @LVMH.
