Saudi Arabia has never won Olympic gold, but wants it so bad that it’s willing to pay $1.3 million to get there
Many people were surprised to find that most Olympians end up needing to keep their day jobs. Naturally, there’s another, vastly different side to the story of prize money: In countries like Saudi Arabia that have never won a gold medal, the prize winnings could be enough to set the athletes up for life—or certainly until the next Olympic Games.
At the Tokyo Games in 2021, karate master Tareg Hamedi won the second-ever silver medal for Saudi Arabia, which made him a national hero—and millionaire. He neared the end of the match in plum position to win gold, but was disqualified for an illegal and dangerous move in which he kicked his Iranian opponent in the head, knocking the karateka unconscious. Ultimately, the opponent won gold and Hamedi claimed silver, which caused a stir in the karate community, but Hamedi conceded with respect and without objection.
Mohammed bin Salman, the Saudi Crown Prince, told Hamedi that he “was a gold medallist in his country’s eyes,” Reuters reported this week—and gave him the gold medal prize, worth $1.33 million.
Middle East countries have brought home far fewer medals across the board than other nations, which makes any bronze, silver, or gold cause for enormous excitement—and even bigger payouts.
The same holds for other countries where medaling is rare; Carlos Yulo, a gymnast from the Philippines, nabbed two gold medals in Paris. Filipino President Ferdinand Marcos rewarded him with 10 million pesos—just shy of $180,000—plus an extra 20 million pesos due to Yulo’s double gold. Yulo also received a lifetime supply of free ramen, free access to regular colonoscopies, and a free fully furnished apartment, Fortune reported.
While Saudi Arabian athletes have some of the best winnings to aspire to, Hong Kong is close behind. It paid two of its gold-medalist fencers about $770,000—and a lifetime supply of free tickets to Hong Kong’s public rail service, MTR. Hong Kong pays $380,000 for a silver medal and $192,000 for bronze.
As for the U.S., it brought home the most medals of any country competing, with 126. (China, which came in second place, had just 91.) That makes the stakes a bit lower for reward money. The U.S. Olympic and Paralympic Committee pays gold medalists in any sport $37,500, silver medalists $22,500, and bronze medalists $15,000.
Then there’s Pakistan, whose first medalist in 30 years received almost $1 million, a Honda Civic, and a buffalo from his father-in-law. In an appearance on Pakistani TV after his win, the athlete, javelin thrower Arshad Nadeem joked that he wished he got a few acres of land instead of a new animal to care for. “But then I said ‘Okay, fine, he gave me a buffalo, that is also nice,” he added.
