Exactly How Much Olympic Athletes Actually Make For Competing
Every country issues its own prizes for each medalist, in the form of cash, housing, cars, or nothing at all.
A.RICARDO | Shutterstock Most people might expect Olympic athletes to make a fortune just for competing in the prestigious international competition. Despite their global impact, other than the revered medals, the International Olympic Committee (IOC) actually does not issue prize money to winning athletes.
Instead, payouts to athletes are up to the discretion of their country’s government, and these prizes differ vastly from country to country.
Here is exactly how much Olympic athletes are earning for competing and winning.
The 2024 Paris Summer Olympics began on July 26, and many athletes have already won medals for their countries.
Observing the varying ranks of medalists’ rewards per country, Hong Kong, Singapore, and Taiwan rank the highest for Olympics prize money, respectively, offering at least $720,000 for gold medalists. Meanwhile, Great Britain, New Zealand, Norway, and Sweden ranked the lowest, offering $0 to their winning medalists.
These varying prizes represent the disparities between each country and how much they believe Olympic medals are worth. Other countries have offered diverse forms of prizes, such as apartments, cars, and even cows, as every country has its own interpretation of what is considered valuable.
Meanwhile, countries that have obtained the most medals so far, like China and the U.S., don’t seem to be offering nearly as much prize money. The U.S. hands out $38,000 to gold medalists, and China has remained private in disclosing what prizes they issue their medalists, but chances are they’re more than we expect.
Contrary to belief, most Olympic athletes are not as wealthy as you’d expect. Unless they have sponsors or endorsements, they have to self-fund their rigorous training. This reality highlights how passionate and determined these athletes are to compete, regardless of their chances of winning and making a hefty paycheck.
Many individuals have asked why the IOC does not compensate participating athletes.
People have taken to social media platforms to question the seemingly unjust system. It’s no secret that the Olympics centers around some of the best-performing athletes around the world. The international television program features a two-week-long competition consisting of over 30 sports categories, from swimming to skateboarding.
The IOC profits from its participating athletes, likely accruing billions of dollars from streaming partners around the world, advertisements, and sponsorships. So why aren’t they issuing any compensation to the athletes, particularly the medalists?
Well, this is because the origin of the Olympic sports movement was to highlight amateur athletes rather than paid professionals. While the IOC does not compensate its medalists, it does redistribute 90% of its earnings to the National Olympic Committees (NOCs) and International Federations (IFs) with the intention of helping athletes and sports organizations further their development. Additionally, the winning athletes still have the chance to make sufficient earnings, not only from their NOC but from their stipends, sponsorships, and endorsements as well.
It’s important to note that this year’s Olympics features over 10,000 athletes from 206 NOCs around the world. With that being said, what seems like an insufficient prize actually totals an astronomical amount in the case of multiple medalists from different categories.
For instance, the U.S. has achieved 41 medals so far, meaning they already have to pay out a sum of over $600,000 to their medalists.
The Olympic Games are not just about the money.
While a prize is certainly well-deserved for these hard-working athletes, it is not the point of the competition. Rather, their passion and talents take center stage throughout the competition. Every athlete may not earn the same amount of money, but they all have the opportunity to gain exposure for their craft, celebrate their efforts and achievements, get to know their international peers and their unique cultures, and, of course, do what they love.
In essence, it’s safe to say that Olympic athletes have much more urgent priorities besides how much money they earn. While compensation is certainly a significant element that every country should consider, these athletes likely relish the opportunity to compete against some of the best athletes in the world.
That experience is worth more than any amount of money.
Francesca Duarte is a writer on YourTango's news and entertainment team based in Orlando, FL. She covers lifestyle, human-interest, adventure, and spirituality topics.