How much Olympians earn on each medal

Besides the love of the sport, the fame, and winning for their countries, Olympic athletes also have their eyes set on the monetary and non-monetary rewards that come with the medals.

The amounts of the cash prizes differ by countries because the International Olympic Committee does not pay athletes prize money, but encourage countries to do so. Many countries offer monetary and/or non-monetary rewards to athletes per the number of medals they win. For instance, a gold medalist for Team USA would receive $37,500, where as a gold medalist for Team Singapore will go home with a whooping $737,000, almost 20 times what their US counterpart receives.

Here's how much these 12 countries pay their athletes for making it to the top positions at the close of the Olympic Games:

Country                                    Gold                                Silver       

Singapore                                $737,000                       $369,000

Kazakhstan                             $250,000                        $150,000

Malaysia                                 $236,000                        $71,000.                         

Italy                                        $213,000                        $107,000

The Philippines                      $200,000                        $99,000                     

Hungary                                 $168,000                        $126,000

Brazil                                     $49,000                          $29,000

Japan                                      $45,000                          $18,000

USA                                       $37,500                          $22,500

South Africa                          $37,000                           $19,000

Canada                                  $16,000                           $12,000

Australia                               $15,000                            $11,000

Source: Data compiled by CNBC. All figures are converted to USD and rounded up to the nearest 100,000 and 10,000, respectively 

Athletes who win their games also position themselves for non-monetary rewards such as endorsement deals, and other revenue generating streams determined by their countries. 

According to reports, Team Philippines' first gold medalist weightlifter Hidilyn Diaz will receive 33 million Pesos (approx. $600,000) from the Philippines Sports Commission and the country's top business men. In addition, she has been offered two homes and free flights for life.

Team USA Olympic athletes that finish at the podium will each receive $37,500 (gold), $22,500 (silver) and $15,000 (bronze), from the U.S Olympic and Paralympic Committee. Most of the prize money isn't taxable unless athlete reports gross income that exceeds $1 million. The athletes also receive other non-monetary rewards such as health insurance, college tuition assistance, among others. Over 600 U.S athletes are competing at the Tokyo Games, and Team USA has so far won 11 gold, 11 silver and 9 bronze.

Unmish Parthasarathi, founder and executive director at consulting firm Picture Board Partners said the sporting economy in the United States allows athletes to monetize their talents, which is mostly backed by the private sector. He told CNBC that other places like Singapore, India and elsewhere, have their national sporting initiatives driven by the governments who use monetary rewards to encourage athletes.

In Singapore, Olympic gold medalists will be rewarded 1 million Singapore dollars (approx. $737,000), nearly 20 times what an American gold medalist will receive. However, the prize money is taxable and athletes are required to return part of the money to the country's national sports association for future training and development.

Athletes from more competitive countries receive stipends or training grants from their various national sports associations. However, top performers are better advantaged as other non-medal-winning athletes may have to return to their daily lives and earn a living off regular salary-earning jobs.