The Financial Rewards of Being an Olympic Athlete

Athletes visiting Beijing will have a hard time following the example of greatest all-time gold medallist Michael Phelps, who is already being dubbed the "greatest Olympian of all time". But most of them will be financially rewarded very well in their own countries, as will Phelps, no doubt. The Toronto Globe and Mail is reporting the following:

The Beijing Olympics marks the first time Canada's athletes will receive cash for medals. A gold will be worth $20,000, a silver $15,000 and a bronze $10,000.....

Brambell says one objective of the program is to keep athletes in the system longer.

“We want to retain those particular athletes as long as we can,” said Brambell. “Not only to hopefully win more medals but, more importantly, to have younger athletes learn from them.”.......

An athlete from the Philippines who wins gold in Beijing, for example, will head home with 15 million pesos (C$360,000), while a Russian gold medalist will collect C$50,000 for gold from the government, plus lucrative bonuses from various private sources that could add up to as much as C$500,000 in housing, cars and cash.....

The Globe and Mail, August 13, 2008

Vancouver will likely find that the Beijing Olympics will in very many ways be a tough act to follow on Canadian turf in the Winter Olympics of 2010. How can London in 2012 top this year's Opening Ceremony in Beijing? Good luck!!!!