Simone Biles wrapped up her Paris Olympics on Monday by adding a silver medal in the floor exercise final to give her four medals won, including three golds.
The United States will pay an athlete who wins a medal at the Olympics. How much do they pay per medal and how much did Biles earn? The U.S. pays $38,000 per gold, $23,000 per silver and $15,000 per bronze. That means Biles walked away with a $137,000 payday for her dominating performance. Biles leaves Paris as the most decorated U.S. gymnast of all time with the all-time record for most gold medals (7) and total medals (11).
How much would other countries have paid Biles?
Hello Tickets compiled a list of which countries pay the most per medal with Hong Kong leading the way with $768,000 for gold, $384,000 for silver and $192,000 for bronze. Hong Kong would’ve paid Biles a massive $2.688 million for her performance. How much do the other countries in the top ten pay their Olympians?
1. Hong Kong: $768,000 for gold, $384,000 for silver and $192,000 for bronze.
2. Singapore: $745,000 for gold, $373,000 for silver and $186,000 for bronze.
3. Indonesia: $300,000 for gold, $150,000 for silver and $60,000 for bronze.
4. Israel: $271,000 for gold, $216,000 for silver and $135,000 for bronze.
5. Republic of Kazakhstan: $250,000, $150,000 for silver and $75,000 for bronze.
6. Maylasia: $216,000 for gold, $65,000 for silver and $22,000 for bronze.
7. Italy: $196,000 for gold, $98,000 for silver and $65,000 for bronze.
8. Hungary: $154,000 for gold, $112,000 for silver and $88,000 for bronze.
9. China: $143,000 for gold, $71,500 for silver and $42,900 for bronze.
10. Ukraine: $125,000 for gold, $80,000 for silver and $55,000 for bronze.
Simone Biles has captivated the world with her extraordinary gymnastics performances, amassing an impressive collection of Olympic medals. While her athletic achievements are well-documented, many are curious about the financial rewards that accompany such success. Let’s delve into how much the U.S. paid Simone Biles for her four Olympic medals and explore the broader context of athlete compensation.
Understanding Olympic Medal Bonuses
U.S. Olympic Committee’s Reward System
In the United States, Olympic athletes receive financial bonuses for winning medals. These payments are structured as follows:
-
Gold Medal: $37,500
-
Silver Medal: $22,500
-
Bronze Medal: $15,000
These bonuses are designed to reward athletes for their dedication and success on the international stage.
Simone Biles’ Medal Haul and Earnings
2016 Rio Olympics
During the 2016 Rio Olympics, Simone Biles earned:
-
Four Gold Medals
-
One Bronze Medal
Calculating her earnings:
-
Gold Medals: 4 x $25,000 (the rate at that time) = $100,000
-
Bronze Medal: 1 x $10,000 = $10,000
-
Total: $110,000
2021 Tokyo Olympics
In the 2021 Tokyo Olympics, Biles added:
-
One Bronze Medal
Her earnings were:
-
Silver Medal: 1 x $22,500 = $22,500
-
Bronze Medal: 1 x $15,000 = $15,000
-
Total: $37,500
2024 Paris Olympics
At the 2024 Paris Olympics, Biles achieved:
-
Three Gold Medals
-
One Silver Medal
Earnings breakdown:
-
Gold Medals: 3 x $37,500 = $112,500
-
Silver Medal: 1 x $22,500 = $22,500
-
Total: $135,000
Cumulatively, from these three Olympic Games, Simone Biles has earned $282,500 in medal bonuses.
Comparing International Athlete Bonuses
It’s interesting to note that medal bonuses vary significantly across countries. For instance:
-
Singapore: Offers approximately $745,000 for a gold medal.
-
Indonesia: Provides around $300,000 for gold.
-
Kazakhstan: Rewards gold medalists with about $250,000.
In contrast, the U.S. bonuses are modest, reflecting differing national policies on athlete compensation.
Beyond Medal Bonuses: Endorsements and Net Worth
While Olympic bonuses contribute to an athlete’s income, endorsements often constitute a more substantial portion. In 2023, Simone Biles earned approximately $7.1 million, with only $100,000 from competition winnings; the remainder came from endorsements with brands like Athleta and UberEats.
By 2024, her earnings reached $11.1 million, underscoring the significant role endorsements play in an athlete’s financial portfolio.
Financial Challenges Faced by Olympians
Despite the glory, many Olympians face financial instability. A 2024 commission found that over one-third of high-performance American athletes earn less than $25,000 annually. To address this, philanthropist Ross Stevens donated $100 million to support U.S. Olympic and Paralympic athletes, establishing a fund that provides up to $200,000 per participant post-retirement.
Conclusion
Simone Biles’ Olympic success has not only solidified her legacy in gymnastics but also brought her substantial financial rewards through medal bonuses and endorsements. However, her journey also highlights the broader financial landscape faced by many Olympians, emphasizing the need for continued support and recognition of their dedication and achievements.
