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How much an Olympic gold medal actually costs

Michael Phelps earned $140,000 at the 2016 Summer Olympics in Rio just on medals he won – five gold and on silver.

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The post came just hours after Xinhua shared an image of the medal table, with the caption: “You kidding me?”

Chinese sports fans turned on the country’s athletes and administrators on Wednesday (Aug 17) as the Asian giant languished behind Britain – once dismissed as an “old declining Empire” – in third place on the Olympic medal table in Rio. The lucky few who go on to win a gold, silver, or bronze return home as heroes.

China, usually a major player in the sport, claimed only two medals in gymnastics in Rio: bronze for its men’s and women’s teams.

Not only that, they have also surpassed the medal target they set themselves before the Olympic Games, which was 48, one more than what they won in Beijing.

Four years ago in London, China claimed four titles.

The likes of; Nicola Adams (boxing), Mo Farah (5,000m), Tom Daley (10m diving), Alistair Brownlee, Non Stanford, Helen Jenkins and Vicky Holland (triathlon), Jade Jones and Bianca Walkden (taekwondo), the women’s hockey team, men’s 4x100m men’s relay team, Liam Phillips (BMX), Holly Bradshaw (pole vault), Jamie Cooke (modern pentathlon), and Charley Hull (golf), will all be hopeful they can bring home a medal for Great Britain. The tweet has since been deleted.

While Team GB might be celebrating being second on the medals table, China’s media is decidedly unhappy with its country’s Olympic performance.

The United States are still a long way out in front on 28 gold medals with the exact same number of silver and bronzes to give them a total of 84.

The country’s top sports officials had warned before the Olympics that the team faced difficulties from a myriad of factors, including unfamiliarity with South America, rule changes in some sports and the “diminishing dividend” of the 2008 Olympics.

“The plan continues but is not as vigorous as then”. In 2003, Phelps broke five world records at the world championship in Barcelona to won four gold medals and two silver medals.

This seems to be the final medal count for one of the most decorated Olympian of all time.

After her team failed to get a medal in the women’s 4x100m medley, a journalist asked her if she was OK.

Australia isn’t the only country struggling to fulfil its gold medal ambitions in Rio with China potentially having its worst haul in 20 years.

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“What we chase now is the gold standard Fu Yuanhui reflects in her humor and innocence”.

US Olympic athletes who win gold have to pay hefty tax bill