From real gold coins to $641,000 in cash — here are 5 countries where it pays the most to win at the Winter Olympics

• Some countries offer big bucks to athletes who win at Winter Games.
• Hong Kong is offering more than half a million in prize money.

• Turkey is giving out rewards in real gold — but it has never medaled in the Winter Games.

Winning at the Beijing Olympics can mean big money for some athletes.

In addition to potential lucrative endorsement deals and sponsorships, 32 of the 91 countries competing at the Beijing Winter Olympics are also offering financial awards to Olympians who bring home a medal, according to Forbes,

While some big-name Olympians, like Shaun White and Eileen Gu, have parlayed their sports skills into huge payouts and lucrative endorsements, many Olympic athletes toil away for years without ever hitting a major financial payday.

A 2020 survey of about 500 elite athletes across 48 countries by advocacy group Global Athlete showed 60% of them did not consider themselves financially stable. For many of these athletes, the financial awards offered by these countries are a life-changing benefit to competing in the Games.

That was the case for Singaporean swimmer Joseph Schooling in 2016 when he was awarded S$1 million ($742,000) in prize money after beating out Michael Phelps in the 100-meter butterfly to score the country’s first gold medal in Olympic history. His father told Singapore’s My Paper the money would be used to pay off loans taken out to pay for the athlete’s training and education.

But while Singapore offers the largest payout for a gold medal, the Southeast Asian country doesn’t have any athletes competing in Beijing Winter Games. 

Here are the five other countries that pay the most to win at the Winter Olympics.

1. Hong Kong is offering $641,000 to athletes who win gold

Hong Kong is incentivizing the competition by awarding athletes that place among the top eight in any Olympic competition a monetary prize, starting at $40,000 (HK$312,500) for 8th place and going all the way up to $641,000 (HK $5 million) for athletes who snag gold. 

The cash gifts under the government’s Athlete Incentive Awards Scheme are sponsored by Henderson Land Group, which says it wants to “encourage Hong Kong athletes to achieve outstanding results.” 

Hong Kong has never medaled at a Winter Olympics, but this year may break the streak. The city-state sent three athletes to the Beijing Winter Games — two Alpine skiers and one short-track speed skater.

2. Turkey is doling out real, solid gold

Turkey is giving out 22-karat gold coins to athletes who win a gold medal, according to a 2010 Turkish government decree. Each coin is worth about $383,000, and athletes who set an Olympic record will pocket an additional $190,000.

That’s quite a lot more than the value of an actual Olympic gold medal, which is made of gold-plated silver. Based on spot gold and silver prices, gold medals are worth around $750 in current raw material cost.

Turkey sent seven athletes to Beijing. It has never medaled at any Winter Games, according to the International Olympic Committee. 

3. Malaysia is handing out $239,000 to each gold medalist 

Malaysia will give 1 million Malaysian Ringgit ($239,000) to athletes who win gold under its Sports Victory Prize Scheme Incentive, which was designed to “give appreciation to current athletes for making the country famous for its outstanding achievements in international games and tournaments.”  

That’s a staggering number, considering Malaysia’s average annual income is just RM 70,476 ($16,818), according to the country’s Department of Statistics. 

It sent two Alpine skiers to Beijing — Aruwin Salehhuddin and Jeffrey Webb. Salehhuddin has completed her competitions and failed to medal, and Webb will be competing on Wednesday.

The country has never medaled in the Winter Games, according to a medal tally by the Olympic Council of Malaysia.

4. Italy dishes out $206,000 for every gold medal won

Italy is giving out 180,000 euros ($206,000) for each gold medal won, according to the media outlet Eurosport.

The European nation has won two gold medals at the Beijing Games — for mixed doubles curling and 500-meter women’s short track speed skating.

Italy won 10 gold medals out of its total haul of 40 at the Tokyo Olympics last year and paid out over $9 million to winning athletes, according to Forbes.

5. Cyprus is offering $168,000 per gold but has never medaled in the Winter Games

The Cyprus Sports Organization awards about $168,000 for each gold medal its team brings in.

The Mediterranean nation sent just one athlete to the games this year: Alpine skier Yianno Kouyoumdjian.

It has never won a medal in the Winter Games, according to the IOC.