It is the ultimate achievement for athletes performing at the top of their sporting ability. But for many gold medal-winning Olympians , the gong around their necks is not the only reward- with the vast majority of countries paying their athletes for their victory. As well as one-off financial incentives provided by the majority of nations, some countries reward their athletes with other benefits - such as free apartments, pensions and monthly stipends for life - while one is to present its winners with art works and valuable gem stones.
Only a small number of countries, including Great Britain, Norway and Sweden, do not pay their athletes for winning an Olympic medal. Hong Kong is the most generous when it comes to paying its athletes - forking out almost $770,000 (£597,300) for each gold medal. In Serbia, athletes who claim gold, silver, or bronze are eligible for a national pension which they can begin to claim from the age of 40.
Meanwhile, Malaysia and Bulgaria offer monthly allowances of almost £700 to gold medallists for the rest of their lives. China has historically offered its athletes rewards such as luxury sea front apartments after the Games, as well as a one-off payment. Poland, however, arguably has the most quirky offerings, paying gold medallists £63,000, alongside a painting from "talented and respected" Polish artists, an investment-grade diamond, and a holiday voucher for two from a travel agency.
This year, those who win individual gold medals will be granted an extra award to mark 100 years of Poland’s participation in the Games, in the form of a two-bedroom flat in Warsaw. Athletes who triumph in a team sport will be handed a one-bedroom flat. Even athletes who are not paid directly by their countries often make money out of their achievements through sponsorship and advertising, with gold medallists and high-profile names in sports such as athletics set to make millions a year from endorsement deals.
However, this can only happen after the Games are over. Rule 40 of the Olympic Charter establishes the principle that Olympic athletes are not permitted to allow their name, image or sporting performance to be used in advertising during the period of the competition. Afterwards, however, offers are likely to flood in for some athletes - however, the level of sponsorship deals could depend hugely on the profile of the sport or the athlete themselves.
Others will be paid for appearances on reality TV shows such as Strictly Come Dancing, Masterchef or Dancing on Ice. This is a stark contrast to the first modern Olympic Games in 1896, when winners received an olive branch and a silver medal - and few made any more financial gain out of their achievements in an era before celebrity advertising and endorsements. Track and field winners are also set to benefit financially after the most recent Olympics due to an announcement in April from World Athletics, which became the first international sports governing body to offer prize money to competitors.
Those who win gold in each of the 48 track and field events in Paris will receive $50,000 from a prize fund of $2.4m, and relay teams will receive the same amount to share amongst the athletes. The decision has not bee universally popular, with the Association of Summer Olympic International Federations (ASOIF) warning the introduction of prize money “undermines the values of Olympism and the uniqueness of the Games”.
“One cannot and should not put a price on an Olympic gold medal and, in many cases, Olympic medallists indirectly benefit from commercial endorsements,” it said in a statement. “This disregards the less privileged athletes lower down the final standings.” The International Boxing Association also announced in May that it will hand out financial rewards totalling more than $3.
1 million in the boxing competitions - from $100,000 for a gold medal, shared between the athlete, who receives half and the competitor’s National Olympic Committee and coach taking a quarter each. The silver and bronze medal awards of $50,000 and $25,000 respectively, will also be shared in the same way. Other unofficial rewards have been commonplace for Olympians.
In 2012, after the London Olympic Games, South African entrepreneur Jan Skannel gifted a cow to six of his country's athletes who won Gold Medals at the London Games. Mr Skannel, gave the beasts - valued at around €700 each - to four South African rowers and two swimmers..
