Yes, but not by the International Olympic Committee. It's the various national sports organizations (including the local Olympic Committees) that give the athlethes prize money for medals won.
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ajitpal singh
Michael Phelps of the US has the most olympic gold medals (14 total in 2004 and 2008) and the most medals by a male athlete (16 including his 2 bronze medals).
Canada won 14 gold medals at Vancouver in 2010.
38 Gold Medals
It was the American swimmer Mark Spitz in the 1972 Munich olympic games with 7 gold medals.