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How Much Money do Latin American Athletes Receive for each Olympic Medal?

Athletes do not get monetary awards or salaries from the International Olympic Committee, the responsibility for the payment of each Olympic medal is in charge of the nation they represent.

Luis Mosquera, Richard Carapaz and Rayssa Leal

We tell you what are the prizes that each athlete will receive in their native country. Photos: IG-luisjavierhd16, IG-richardcarapaz, IG-rayssalealsk8

LatinAmerican Post | Alexey Zhúkov

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Leer en español: ¿Cuánto dinero ganan los deportistas latinoamericanos por cada medalla olímpica?

In Latin America, not all countries give financial prizes to their athletes , in addition, this varies for each of the winning athletes of each Olympic medal according to the statutes of the country they represent.

For example, Colombia stipulated a monetary award for its representatives who win medals at the Tokyo 2020 Olympic Games. The athlete who wins gold will receive as recognition 240 current legal minimum wages (smmlv) equals to COP $ 218,046,000 ; for those who win a silver medal, they will be awarded 140 smmlv, that is, COP $ 127,193,644 ; and for those who obtained a bronze medal, they will win 100 smmlv corresponding to COP $ 90,852,000 . This was stipulated in accordance with resolution 1105 of 2015 in force since the Rio Olympics in January 2016.

Also read: What Are The Favorite Soccer Teams to Win the Gold Medal in Tokyo?

To date, the Andean nation has achived a silver medal at the Olympic Games in Tokyo, won by weightlifter Luis Javier Mosquera , who got his second podium in Olympic jousting after winning bronze in Rio 2016.

Mexico, for its part, grants an economic scholarship to all those athletes who win one or more Olympic medals . According to the General Law of Physical Culture and Sports, athletes who manage to get on the Olympic podium will be rewarded with 13 thousand MXN pesos, 11 thousand MXN pesos and 10 thousand MXN pesos for the winners of gold, silver and bronze medals, respectively .

For Mexican athletes, the award will be cumulative, that is, if they win a gold medal and also obtained third place, in the same edition or in another, per month they would receive 23 thousand MXN pesos.

Ecuador set a monetary price of USD $ 100,000 for its Olympic medal winners for obtaining the highest award , for those who manage to climb the podium in second place will obtain a reward of USD $ 80,000 and for those who reach third place the incentive will be USD $ 60,000 .

The monetary prizes are awarded by the Ministry of Sports. So far, the Ecuadorian Olympic delegation has achieved 1 gold medal at the Tokyo 2020 Olympic Games, which Richard Carapaz obtained by being the leader of the podium in the 234-kilometer cycling event.

Brazil has been the South American nation that has achieved the most medals in these Tokyo 2020 Olympic Games so far . The Latin American giant awards its representatives who win the Olympic medal a prize of USD $ 20,000 for a bronze medal, USD $ 30,000 for a silver medal and USD $ 49,000 for those athletes who achieve a gold medal . So far, the Cariocas have won 2 silver medals and 1 bronze medal in the current edition of the Olympic Games.

Chile is the fourth country in South America that grants the most money to its athletes who win Olympic medals. The southern country rewards its representatives with USD $ 55,000 for a gold medal, USD $ 41,000 for a silver medal and USD $ 27,500 for a bronze medal . Chileans get more money than countries like the US, Germany and Australia. Despite this, the Chilean delegation has not won, so far, medals in the Tokyo 2020 Olympic jousts.

The Covid 19 pandemic prevented the Tokyo Olympic Games from being held in 2020, postponing its celebration to an atypical year, five years after the last Rio 2016 edition. The next edition of the Olympic Games will take place in Paris 2024 .