The monetary values of the medals themselves range from about $3 for a bronze to just under $600 for a gold medal – which is actually mostly made of silver.
However, getting the gold can be very profitable for some athletes, with many countries handing out cash prizes to their winners.
And Italy's athletes are set to get the most prize money in Europe.
Italian gold medal winners receive €150,000 – a prize which has increased by €10,000 since the London 2012 Games – while a silver medal is worth €75,000 and a bronze will earn €50,000.
The only European country offering more is Azerbaijan, which has promised a prize of €460,000 for a gold, and Latvia is offering €140,000 for a gold medal, but so far neither country has won any.
That leaves Italy uniquely generous in Europe, according to the figures from Moneynation. France's prize is €50,000 for gold medal-winners, and Germany offers just €15,000.
Meanwhile, athletes from Sweden, Norway and Great Britain get nothing but personal satisfaction.
The top-paying countries are almost all in Asia, with Singapore being the most generous; its first ever gold medal winner, swimmer Joseph Schooling, will receive one million Singaporean dollars ($745,000 USD) thanks to the country’s Multi Million Dollar Award programme.
Italy is performing well in the games so several athletes are going to cash-in on the prize money; eight gold medals have been won so far, along with nine silvers and six bronze. Shooter Niccolò Campriani will receive a huge €300,000 after winning two golds.