Forbes: Top 10 countries with biggest prizes for Olympic gold medal winners. Taiwan ranks second!

The 2020 Tokyo Olympics enters its 11th day and Taiwan has accumulated 2 golds, 4 silvers, and 4 bronzes, setting the best Olympic results in Taiwan’s history. American business magazine "Forbes" recently announced the ten countries with the most lucrative Olympic gold medal prizes. Taiwan will award NT$20 million (approximately US$716,000) in gold medal prizes, ranking second in the world, second only to Singapore’s 1 million Singapore dollars. (Approximately US$738,000, NT$20.98 million), which is much higher than the US$45,000 (approximately NT$1.27 million) Gold Medal Award of the host country Japan.

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Taiwan's gold medal prize rank second in the world. Photo/Retrieved from Shopping Design

According to a report by Forbes, among the gold medal bonuses offered by various countries, Singapore has the highest. Aside from the individual gold medal events, which can get 1 million Singapore dollars, silver medals can get SGD500,000, and bronze medals SGD250,000. If they win gold in group events, the prize of SGD1.5 million will be divided equally among the group members; but as of now, Singapore has not won a medal yet. Taiwan, on the other hand, is closely following Singapore, with a gold medal award of NT$20 million (approximately US$716,000), which is even higher than the US$45,000 (approximately NT$1.27 million) gold medal prize of the host country Japan.

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Singapore, Taiwan and Indonesia are in the top three spots in gold medal  prizes,  respectively. Photo/Retrieved from Shopping Design

In addition, Indonesia has the third highest prize money. Gold medalists will receive 5 billion rupees (about 346,000 U.S. dollars), and Olympic champions can also receive a monthly allowance of about 1,400 U.S. dollars for life. The 4^th to 10th countries and their bonus prizes are as follows: US$300,000 in Bangladesh, US$250,000 in Kazakhstan, US$237,000 in Malaysia, US$214,000 in Italy, US$200,000 in the Philippines, US$166,000 in Hungary, and US$119,000 in Kosovo.