It was resold through an auction house in 2010 for $310,700. Another member of the same gold-medal winning team sold his medal for $262,900 in 2014, saying that he wanted to be able to fund his daughter’s future.
It’s possible to buy older Olympic medals for as little as $1,283, which is what one silver medal in shooting from the 1900 Paris Olympics fetched at auction in 2021.
How much do athletes win for a gold?
While some countries richly reward their athletes for winning gold, many Olympic champions can expect to receive almost nothing for their win.
The United States pays $37,500 to athletes who make it to the top of the podium – the equivalent of less than £30,000.
Some 15 countries offer six-figure bonuses for those claiming gold, including Hong Kong, which pays athletes $768,000 for a first-place finish. The territory even pays athletes nearly $100,000 for a fourth-place finish, and $50,000 for anything else above eighth.
Israel will pay $275,000 for gold, $192,000 for silver and $137,000 for bronze. All the prizes are tax-free, but will be split among those competing in team events – with those competing in a pair each receiving 75pc of the full total.
Other countries offering large payouts for golds including:
- Serbia ($218,000, £170,000)
- Malaysia ($214,000)
- Italy ($196,000)
- Lithuania ($182,000)
- Moldova ($171,000)
- Latvia ($155,000)
- Hungary ($154,000)
- Bulgaria ($139,000)
- Ukraine ($125,000)
- Kosovo ($120,000)
- Estonia ($109,000)
- Czech Republic ($103,000)
- Spain ($102,000).
How else can Olympic athletes become millionaires?
Of the 10,000 athletes currently in the Olympic village, just a handful are millionaires.
They sell out stadiums across the globe, playing some of the most popular sports, including basketball, tennis, golf, and football.
From sponsorship deals and million-dollar salaries, to eye-opening prize pots, there is cash to be made – mainly outside the Games themselves.
