Singapore’s Gold Medal Payout: World’s Most Generous Prize

As the 2024 Paris Olympic Games unfold, the world’s top athletes are competing not only for individual glory but also for their countries’ pride. The medals themselves are a spectacle: gold medals consist of 523 grams of silver coated in 6 grams of gold, while silver medals weigh 525 grams and are made of pure silver. Bronze medals weigh 455 grams and are composed of copper, tin, and zinc. Adding a unique touch to their traditional design, this year’s medals also incorporate a piece of iron from the Eiffel Tower.

While nations like the U.S., China, and France currently lead the medal tally, another exciting race is taking place behind the scenes: which country offers the most generous reward for Olympic gold?

The answer is Singapore, as it stands out with its extraordinary prize offerings. Through its Major Games Award Programme (MAP), it awards an impressive S$1 million to gold medalists in individual events. Silver medalists receive S$500,000, while bronze medalists are given S$250,000. For team events—such as athletics relays or badminton doubles—the reward is even higher, with winners taking home S$1.5 million. In the case of team sports like basketball or football, the prize reaches S$2 million. Silver and bronze medalists in team events receive 50% and 25% of these amounts, respectively.

To date, the only athlete to have claimed this substantial prize is swimmer Joseph Schooling, who won gold in the 100m butterfly at the Rio 2016 Olympics.

In comparison, American athletes are awarded US$37,500 (approximately S$51,000) for each gold medal, US$22,500 (about S$30,600) for silver, and US$15,000 (around S$20,400) for bronze. And the neighboring country, Malaysia, offers one million ringgit (approximately S$341,000) for a gold medal.

Other notable countries include Hong Kong, which provides HK$6 million (approximately S$1.03 million) per gold medalist through its Athlete Incentive Awards Scheme, and Serbia, which awards US$218,000 (about S$295,000) for gold medalists.

Image Credits: facebook.com/Olympics

With its impressive prize structure, Singapore leads the world in Olympic gold medal payouts, highlighting its dedication to celebrating athletes’ extraordinary accomplishments. As the Paris 2024 Olympics continue until August 11, we look forward to seeing more Singaporean athletes make their mark in sports.

Sources: 1,2, & 3

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Four Ways To Cultivate The Winning Mindset

Known for its prestige and diversity, the 2020 Summer Olympics is an ongoing international multi-sport event. It is currently being held from 23 July to 8 August in Tokyo, Japan. The Olympic athletes that represent their countries are no strangers to pressure. These athletes spend almost their entire lives to train for their events. Can you imagine their overwhelming emotions moments before the competition with the world watching their every move?

Olympic athletes know that challenges and setbacks are natural parts of life. However, the way we handle stress sets us apart. Physical training and mental toughness are crucial to success. Fortunately for us, mental toughness can be developed over time.

On that note, here are some strategies that you can employ to cultivate the “winning mindset”.

#1: MANAGE YOUR MINDSET

Olympian and Sports Psychologist Nicole Forrester studied how some Olympic athletes achieve their aspirations while others fall short. She observed that differences appear through mental skills training. She describes mental skills as the key to help athletes elevate confidence, manage stress, and block distractions. In fact, mindset was listed as the reason why Canada’s swimmer Penny Oleksiak secured the Olympic gold medal in the 2016 Rio Olympics.

“If you dream and you allow yourself to dream, you can do anything.” – Clara Hughes, one of Canada’s most decorated Olympians

#2: GROW YOUR TALENT

Do not rely on talent alone. Steve Canal, author of The Mind of a Winner, once said: “We all are good at something, but a winning mindset understands that the difference between making it a hobby, or a business is the discipline and work you put behind it.” Growing your talents involve discipline and hard work. You need to pour your attention and efforts to improving and applying the talents that you have.

Consistent top performers do not rely on mere talents. They continuously work on their craft and investigate their weaknesses. Then, they find ways to target and improve these weaknesses.

#3: SEEK MOMENTUM

To become successful, you must be aware of the factors that involve your path. Moreover, you must be willing to pour all your resources to achieve it. You need to create a strong momentum to keep developing a winning mindset.

Image Credits: unsplash.com

This momentum can start by having a great purpose. For instance, a businessman can stay motivated by the idea that achieving a specific goal would help the business flourish.

“This moment is not about me, it’s really for my country, it’s about all my coaches, my friends, my family that believed that when I was a six-year-old kid that I could do it.” – Joseph Schooling, Singaporean swimmer & Olympic athlete

#4: TAKE ACTION

No matter how strongly you envision something, you cannot think your way to success. You must act! Many business leaders spend their time analyzing their next move that they become risk-adverse and stagnant. As a result, these people can miss out opportunities to learn from their mistakes. Innovation and upgrades are necessary to keep up with the contemporary world.

Pushing yourself beyond your perceived limitations will help you become a better (tougher) version of yourself. After all, most winners take risks and step out of their comfort zones.

Image Credits: unsplash.com

Remember that winning mindsets are not innate. They are developed!

Sources: 1, 2, & 3

 

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How Much Money Do Singaporean Olympic Athletes Make For Each Medal?

Olympics is the world’s biggest international multi-sport event that is conducted every four years. Officially known as the “Games of the XXXI Olympiad” and popularly known as “Rio 2016”, the 2016 Summer Olympics takes place in Rio de Janeiro (Brazil). More than 10,500 athletes will compete for the prestigious medals that are up for grabs from August 5 to 21.

The games features 28 sports including Archery, Fencing, Diving, Table Tennis, Golf, and Rugby Sevens. 33 venues across 4 regions of the city were allocated especially for these sporting events. The dedication of the Rio 2016 Organising Committee expands beyond venues allocation as they aim to “deliver excellent Games, with memorable celebrations that will promote the global image of Brazil, underpinned by social and urban sustainable transformation through sport, contributing to the growth of the Olympic and Paralympic Movements.”

Olympic athletes who are able to bring home the bacon can reap the sweetest rewards of their victory. By sweetest rewards, I pertain to the cash payouts. The money that Olympic athletes receive for each type of medal varies by country.

You may be surprised to know that most Southeast Asian countries including Singapore are pretty generous when it comes to winning this global distinction. For instance, Feng Tainwei’s Olympic bronze medal in 2012 (Women’s Single – Table Tennis) earned her a quarter of a million dollars.

This amount is in accordance with the Multi-Million Dollar Awards Programme (MAP). MAP is an incentive scheme set by Singapore National Olympic Council in 1990s. In the recent years, MAP provides monetary payout to the winning Singaporean athletes of the Olympic, Asian, Commonwealth, and Southeast Asian (SEA) Games.

According to the MAP 2012-2015, here were the payouts given to the successful Olympic athletes:

INDIVIDUAL MEDALS

GOLD: S$1,000,000

SILVER: S$500,000

BRONZE: S$250,000

TEAM EVENT MEDALS

GOLD: S$1,500,000

SILVER: S$750,000

BRONZE: S$375,000

TEAM SPORT MEDALS

GOLD: S$2,000,000

SILVER: S$1,000,000

BRONZE: S$500,000

Image Credits: pixabay.com

Image Credits: pixabay.com

These attractive awards were sponsored by the Tote Board and the Singapore Pools. Instead of having five rings as a symbol for the Olympics, perhaps five dollar signs are more suitable! 😉

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