How Much Money Do Olympic Athletes Make For Winning Gold, Silver, Bronze? US Trails Other Countries

The International Olympic Committee does not give out cash prizes to athletes, but countries can offer prize money to its medal winners.

CNBC and personal finance site Money Under 30 recently compiled data from various national Olympic committees, sport associations to provide a look at what a dozen countries pay their athletes.

Records have shown the range of prize money offered between countries is a wide one.

The United States, which came in ninth out of 12 on the list, pays $37,500 for gold, $22,500 for silver, and $15,000 for bronze.

Singapore offers the largest cash prize for its gold medal winner at about $737,000 for gold, $369,000 for silver and $184,000 for bronze.

Australia pays the lowest amount of prize money at $15,000 for gold, $11,000 for silver and $7,000 for bronze.

Kazakhstan paid the second-most, followed by Malaysia, Italy and the Philippines.

When comparing the U.S. to Singapore, the U.S. athlete's prize money is not taxable, unlike Singapore’s athletes who must give away a portion of their prize to support future Olympic training to the country’s national sports associations.

The prize money for Singapore is much higher as well because the country only sent 23 athletes compared to the 600 U.S. athletes.

Many American Olympians rely on sponsorship money. Legendary swimmer Michael Phelps' endorsements have included Speedo, Subway, Visa, PowerBar, AT&T and Under Armour.

Other U.S. Olympic sponsorships and endorsements can be valued in the millions. Gymnasts Simone Biles and McKayla Maroney have featured in television commercials for Uber Eats and Geico, respectively.

The U.S. also offers its athletes college tuition support and access to some of the countries best offered medical services.

Athletes from all countries can also earn their money from outside competitions and tournaments.