How much is a 2014 Winter Olympics gold medal won by athletes competing in Sochi, Russia actually worth? Here are a number of ways to quantify how much winning a gold medal at the 2014 Winter Olympics in Sochi is worth.
How much is a 2014 Winter Olympics Sochi gold medal worth?
Actual value of the metals in a gold medal
A gold medal at the 2014 Winter Olympics in Sochi has a weight of 14.533 ounces, but only 1.34% of the gold medal is actually comprised of gold. The rest of the gold medal is 93% silver, and 5.66% copper.
So a gold medal is .212 ounces of gold, 13.52 ounces of silver and .801 ounces of copper. Based upon precious metals prices today, that works out to $269 of gold, $270 of silver, and less than a dollar of copper, for a total value of about $540.
As you will see below, the $540 that a gold medal is worth based upon its precious metals content is an absolute rock bottom worth for athletes at the 2014 Winter Games in Sochi.
Bonus award money paid out by countries
Most countries in the world pay out bonus money to their athletes for winning a gold medal at the Olympics. Here are a few examples (most of the money listed is what countries actually paid out to gold medal winners in 2012).
- United States - $25,000 (also $15,000 for silver and $10,000 for bronze)
- Singapore - $800,000
- Kazakhstan - $250,000
- Italy - $182,000
- Russia - $135,000 (also $81,600 for silver and $54,400 for bronze)
- France - $65,000
- China - $55,000 (plus extras like cars, apartments and maybe even a house)
- South Africa - $55,000
- Mexico - $37,000
- Canada - $20,000
Endorsement money athletes can get for winning a gold medal
The biggest money athletes can get for winning a gold medal at the 2014 Winter Olympics in Sochi, Russia will be from endorsements. Companies love to have gold medal winners in their ads, as everybody loves a winner.
Michael Phelps got $1 million from Speedo alone when he broke the record for most medals at one Olympics, and Phelps is reportedly worth $55 million as other companies like Hilton Hotels, Nike, and AT&T also did endorsement deals with him. Teammate Ryan Lochte is believed to have gotten around $2 million in endorsement money.
Most Olympic gold medal winners will not get anywhere near the amount of endorsement money Michael Phelps did, but winning a gold medal at the 2014 Winter Olympics in Sochi will be worth big bucks for most Team USA athletes in endorsement money.