This year's summer Olympics will recognize athletes accomplishments in *** new way. *** way that's almost hard to believe didn't exist prior to now. Gold medal, track and field winners will receive equal prize money regardless of their home country. The announcement serves as *** reminder of the physical and financial burden athletes carry just to attend, not to mention win gold at the Olympics from sponsorships on Wheaties boxes to gold medals being an Olympic athlete is big business, but the majority of athletes don't achieve well from their talents. The financial cost associated with being an Olympic athlete can be high and the payoff extremely varied. In April 2024 world athletics, the umbrella organization for global track and field events made *** pivotal announcement, track and field, gold medalists regardless of their country will receive equal pay about $50,000 for individual athletes. Relay teams will split the winnings since Olympians and niche events only get the spotlight briefly during the week's long games. It can cast *** heavy financial burden in the off season. Not to mention winnings vary wildly depending on the country at the 2020 Summer Olympics in Tokyo US gold medalists received 37,500 silver, received 22,500 bronze. 15,000 plus health care. By comparison, Singapore offered its gold medalists *** staggering 1 million Singapore dollars, which is equivalent to $734,890. Indonesia reportedly gave its winning athletes six figure payouts too. During the 2016 Rio Olympics, gold medalist from Indonesia won $346,000 plus *** lifetime annual stipend. These monetary changes reflect an uphill battle for athletes to financially support themselves while competing for their country. The issue of Olympic athlete pay has evolved over the recent decades. The ethos of the Olympics previously centered around amateurism rather than playing for money, giving an advantage to upper class athletes who typically had the time and resources to train and participate in the games. It wouldn't be until the 19 eighties when the US was losing badly in basketball that pro US athletes could finally participate, resulting in the iconic dream team of 1992 and redeemed team of 2008. Removing the amateurism requirement was *** landmark decision that literally altered history. In 1982 the IOC reinstated the late Jim Thorpe as *** co winner for the 1912 Olympic Decathlon and Pentathlon after disqualifying him for playing professional sports prior to the games, the IOC just in 2022 further declared him the sole champion of those events The reins station also meant that Thorpe became the first indigenous Olympic gold medalist for the United States. Although the World athletics prize money only extends to gold medal winners. The world athletics is hopeful that it will soon be expanded to silver and bronze too.
How much do Olympic athletes get paid for earning a gold medal? The answer is complicated. While the International Olympic Committee doesn't offer direct prize money for medals, other entities compensate Olympic athletes — National Olympic Committees, governmental bodies and sponsors. There's a wide range of compensation offered to gold medalists by country.Here's a look at the pay for 2024 Paris Olympics gold medalists by country, according to multiple reports, citing data from National Olympic Committees and local reporting.The figures have been converted into U.S. dollars and rounded up to the nearest dollar: Hong Kong, China: $768,000; Singapore: $745,000; Indonesia: $300,000; Israel: $271,000; Republic of Kazakhstan: $250,000; Malaysia: $216,000; Spain: $102,000 ;France: $87,000; South Korea: $45,000; United States: $38,000; Japan: $32,000; Poland: $25,000; Germany: $22,000; and Australia: $13,000.Silver medal cash prizes range from $384,000 for athletes from Hong Kong, China, to $10,000 in Australia. Bronze medal cash prizes range from $192,000 for Hong Kong athletes to $7,000 for Australian athletes.Not all countries just offer cash for gold medal-winning athletes. For example, Kazakhstan offers apartments for its medalists, and South Korea offers its medalists pensions in addition to prize money.In Malaysia, the country's National Sports Council also disclosed that Paris medalists would receive a “foreign-made car."According to CNBC, Great Britain, Norway and a handful of other countries do not pay direct cash prizes to Olympic medalists. Sport-specific prizes Some athletes may be paid for medaling in a specific sport. For example, the governing body of track and field – World Athletics – announced in April that gold medalists at the 2024 Paris Olympics would receive prize money from a $2.4 million prize pot set aside by World Athletics from the IOC's revenue share allocation it receives every four years to reward athletes.Athletes who win gold in each of the 48 track and field events in Paris will receive $50,000, and relay teams will receive the same amount to share amongst the athletes.While the prize money was only for gold medalists, WA said that it is committed to extending the bonus initiative to Olympic silver and bronze medalists at the Los Angeles 2028 Olympic Games. The International Boxing Association (IBA) also announced in May that it would hand out financial rewards totaling more than $3.1 million in the boxing competitions.The IBA was to award gold medalists $100,000, with the athlete receiving half and the NOC and the athlete’s coach receiving $25,000 apiece. Silver medalists will receive $50,000, with the athlete receiving $25,000, and the rest will be split evenly between the coach and the NOC. For a bronze medal, the IBA said it would award $25,000, including $12,500 to the athlete. What about sponsorships?Athletes can also earn prize money through other means.At a press conference in May, IOC president Thomas Bach explained that it is "common practice" for athletes to receive prize money from National Olympic Committees, governmental bodies or through sponsors for their achievements at the Olympic Games. At the 2022 Winter Olympic Games in Beijing, U.S. athletes received a total of $5.6 million in payments for medal performances through "Operation Gold."However, some say the process of receiving money through sponsorships is weighted heavily in favor of the superstar athletes, with many of the lesser-known Olympic participants forced to spend their own money to fund their way.Mark Conrad, a professor of law and ethics at Fordham University Gabelli School of Business, told CNN that "getting those endorsem*nts is not easy. I mean, you really have to be Simone Biles level or Sha’Carri Richardson level to get significant endorsem*nt money."For example, Biles earns $7 million from endorsem*nts, according to Forbes."What sometimes companies will do, and it really depends on the level one is in, their endorsem*nt deal will be free equipment and a few promotional events, but not a lot of money," Conrad said. "And chances are it’s going to be the Olympic champions who will then get an endorsem*nt for a lot of money."CNN contributed to this report.
How much do Olympic athletes get paid for earning a gold medal?
The answer is complicated.
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While the International Olympic Committee doesn't offer direct prize money for medals, other entities compensate Olympic athletes — National Olympic Committees, governmental bodies and sponsors.
There's a wide range of compensation offered to gold medalists by country.
Here's a look at the pay for 2024 Paris Olympics gold medalists by country, according to multiple reports, citing data from National Olympic Committees and local reporting.
The figures have been converted into U.S. dollars and rounded up to the nearest dollar: Hong Kong, China: $768,000; Singapore: $745,000; Indonesia: $300,000; Israel: $271,000; Republic of Kazakhstan: $250,000; Malaysia: $216,000; Spain: $102,000 ;France: $87,000; South Korea: $45,000; United States: $38,000; Japan: $32,000; Poland: $25,000; Germany: $22,000; and Australia: $13,000.
Silver medal cash prizes range from $384,000 for athletes from Hong Kong, China, to $10,000 in Australia.
Bronze medal cash prizes range from $192,000 for Hong Kong athletes to $7,000 for Australian athletes.
Not all countries just offer cash for gold medal-winning athletes. For example, Kazakhstan offers apartments for its medalists, and South Korea offers its medalists pensions in addition to prize money.
In Malaysia, the country's National Sports Council also disclosed that Paris medalists would receive a “foreign-made car."
According to CNBC, Great Britain, Norway and a handful of other countries do not pay direct cash prizes to Olympic medalists.
Sport-specific prizes
Some athletes may be paid for medaling in a specific sport. For example, the governing body of track and field – World Athletics – announced in April that gold medalists at the 2024 Paris Olympics would receive prize money from a $2.4 million prize pot set aside by World Athletics from the IOC's revenue share allocation it receives every four years to reward athletes.
Athletes who win gold in each of the 48 track and field events in Paris will receive $50,000, and relay teams will receive the same amount to share amongst the athletes.
While the prize money was only for gold medalists, WA said that it is committed to extending the bonus initiative to Olympic silver and bronze medalists at the Los Angeles 2028 Olympic Games.
The International Boxing Association (IBA) also announced in May that it would hand out financial rewards totaling more than $3.1 million in the boxing competitions.
The IBA was to award gold medalists $100,000, with the athlete receiving half and the NOC and the athlete’s coach receiving $25,000 apiece. Silver medalists will receive $50,000, with the athlete receiving $25,000, and the rest will be split evenly between the coach and the NOC. For a bronze medal, the IBA said it would award $25,000, including $12,500 to the athlete.
What about sponsorships?
Athletes can also earn prize money through other means.
At a press conference in May, IOC president Thomas Bach explained that it is "common practice" for athletes to receive prize money from National Olympic Committees, governmental bodies or through sponsors for their achievements at the Olympic Games.
At the 2022 Winter Olympic Games in Beijing, U.S. athletes received a total of $5.6 million in payments for medal performances through "Operation Gold."
However, some say the process of receiving money through sponsorships is weighted heavily in favor of the superstar athletes, with many of the lesser-known Olympic participants forced to spend their own money to fund their way.
Mark Conrad, a professor of law and ethics at Fordham University Gabelli School of Business, told CNN that "getting those endorsem*nts is not easy. I mean, you really have to be Simone Biles level or Sha’Carri Richardson level to get significant endorsem*nt money."
For example, Biles earns $7 million from endorsem*nts, according to Forbes.
"What sometimes companies will do, and it really depends on the level one is in, their endorsem*nt deal will be free equipment and a few promotional events, but not a lot of money," Conrad said. "And chances are it’s going to be the Olympic champions who will then get an endorsem*nt for a lot of money."
CNN contributed to this report.
How much should Olympic athletes be paid?
