The victorious contestants in the Olympic Games are given an Olympic medal. There are three classes: gold for first place, silver for second place, and bronze for third place. In addition to supporting their Olympic competitors in general, several nations also award the medal winners with quantities of money and presents.

Medal designs fluctuated greatly from 1896 to the start of the 1928 Games, especially in terms of the size of the medal for the Summer Olympic Games, through a number of years until it was replaced at the Games 2004, due to criticism regarding the usage of the Greek roots in the Roman Coliseum.

For the Tokyo 2020 Olympic GamesJapan have manufactured 5000 Olympic medals, including digital cameras, computers, hand-held games, and 6,21 million mobile phones for 78985 tons of recycled electronics. Japan is not the first country to produce recycled Olympic medals, but it is the first time that host country people had voluntarily submitted their electronic medal materials as donations.

Here’s how much US Olympic medalists get paid

Women's 4 x 100m Medley Relay Final winners of the United States celebrate on the podium. (Getty)

Athletes make varying amounts of money based on the sport they participate in, their level of competitiveness, and their general skill set. However, if you are an Olympic contender, your income may come from a number of sources. Learning how the Olympians earn a living allows you to choose whether you want to continue in this sports profession.

The sportsmen that compete in the Tokyo Summer Games are not compensated for their participation. Although Olympians do not have a national average wage, they can get finance from a number of sources, including corporate sponsorship, sponsorship contracts, and medal bonuses. Many countries recompense extra money medalists.

Medalists are frequently rewarded with cash bonuses in several nations. This year's gold medalists from the United States, for example, will earn $37,500, $22,500 for silver, and $15,000 for bronze. In team sports, each member of the team divides the pot equally. This is 50% more than the US medallist received in the Summer Games in 2016, for example. And like in 2016, if their gross income is 1 million dollars or less, their profits will not be taxed.