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The 2014 Winter Olympics in Sochi, Russia has millions rooting for athletes contending in various occasions for their nation. The objective of every competitor is to take house the gold. While there’s much glory connected with winning an Olympic gold medal, what’s it actually worth?
You ‘d think that bringing house the gold would bring house the riches also. That isn’t mainly the case with lots of U.S. gold medalist winners. Top place winners are awarded a total amount of $25,000, but a section of that money is taxed.
Prizes awarded to winners
The U.S. ranks 17th around the world when compared with other nations for payment granted as part of the Olympic games, according to data gathered from the AIPS (Association International De La Presse Sportive). The breakdown medal winners make from the U.S. is as follows:
- Gold medal – $25,000
- Silver medal – $15,000
- Bronze medal -$10,000
The country that pays its winners the most is Kazakhstan. Gold medalists who originate from that country earn around $250,000. There’s just one thing, out of the top five greatest paying nations today, just two gold medals have actually been granted to rivals from the high paying nations, which was in pair skating. The top three paying countries (Kazakhstan, Latvia, and Italy) have yet to win any gold in the 2014 games.
Not all countries offer rewards to their winners, competitors from the UK, Sweden, Croatia, and Norway don’t get money for winning a medal in the Olympics.
Medal winners are most likely going to earn even more than the prize money granted from their respective country. The majority of gold medalists receive endorsement deals soon after they arrive home. So it’s safe to say that a lot of contestants who win medals will still make an excellent quantity of money somewhere else.
The cash awarded to gamers in countries like the U.S. is considered money earned abroad and undergoes being taxed. Therefore, gamers who take home gold, silver, or bronze will have to pay taxes.
Good information for the rivals, political leaders are doing something about it to change present tax laws. Republicans Pete Sessions, Walter Jones, and Black Farenthold recommended a new expense called the Tax Exemptions for American Medalists Act, which wouldn’t tax Olympic medal winners. If passed, the bill might exempt this year’s Olympic winners from needing to pay taxes.
The actual value of medals
What about the gold medal itself? The amount of is a gold medal worth? A gold medal weighs 531 grams, however just 6 grams of that’s actual gold. The remaining amount is made from silver. Considering the existing rate of gold – $41.47 a gram, a gold medal is worth $248.82. Let us not count out the silver, which is valued at about $0.65 a gram, or a total of $341.25 inside each gold medal. For that reason, each gold medal is worth approximately $590.07.
Where do silver and bronze medals stack up compared with a gold? Silver medals are mostly composed of silver, and estimated to be worth a little more than $340. Bronze has hardly any value, because it’s comprised of primarily copper. Bronze medals are valued at a bit less than $5.
10 Fun truths about the Sochi 2014 Winter season Olympic Games
- Russia supposedly invested $51 billion to host the 2014 Winter Olympics.
- NBC paid $775 million for unique U.S. television rights.
- Sponsors will pay NBC $800 million for ads during the games.
- A little less than 3,000 athletes are pregnanted to take part in the 2014 Winter Olympics.
- 3 billion individuals are pregnanted to tune in and watch the games in Sochi.
- 98 occasions will take place, awarding 294 medals in total (that number is now 295 since two ladies tied for gold).
- Participants from 89 nations will compete in the 2014 Winter Olympics.
- Currently, America ranks number two (behind Norway) in total medal counts for total Winter season Olympic games.
- 230 U.S. rivals will participate in the occasions.
- The Sochi Olympic torch took a trip over 65,000 kilometers for a total of 123 days.