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Published 12:51 22 Aug 2016 BST
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Time to get back to the Quorn adverts, Mo (Photo by David Rogers/Getty Images)[/caption]
According to Statista, countries including Sweden, Norway and Croatia also do not reward their gold medallists with money.
In terms of gold medal payouts, it really pays to be Singaporean athlete (literally).
Singapore - €669,739.05 (£578,000)
Indonesia - €340,663.12 (£294,000)
Azerbaijan - €227,108.74 (£196,000)
Kazakhstan - €203934.38 (£176,000)
Italy - €164,537.97 (£142,000)
France - €59,094.62 (£51,000)
Russia - €54,459.75 (£47,000)
South Africa - €32,444.11 (£28,000)
USA - €22,015.64 (£19,000)
Germany - €17,380.77 (£15,000)
Australia - €13,904.62 (£12,000)
Great Britain - £0
Not a great time to be British is it?
And there's mixed news if you are an American athlete. Good news: you get a nice little £19k bonus.
Bad news: you will have to pay tax on that. Most countries exempt their athletes from tax on Olympic prize money - but not the good ol' U S of A.
A group called Americans for Tax Reform reckon Michael Phelps and co will have to give 39.6% of their winnings back to the government - reasoning that the top earners will be in the top tax bracket.
And it gets worse: not only do the Americans get taxed on their prize money - they also get taxed on the value of the medals themselves.
[caption id="attachment_81075" align="alignnone" width="1024"]
He won't be laughing when he gets his tax bill... (Photo by Adam Pretty/Getty Images)[/caption]
The BBC says gold medals are worth almost $600, silver medals $300, and poor old Bronze just $4, the BBC reports.
All that means that multiple medal winner Phelps will be facing a tax bill of something like $55,000.
Little tip, Michael: next time relocate to Singapore before you go to the Olympics.
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