How Much Do Athletes at the Paris Olympics Earn For Winning Medals?

As the highly anticipated Paris Olympics 2024 comes to a close, it’s a moment to reflect on the extraordinary performances and the rewards that come with them. The Paris Olympics have captivated the global audience, sparking curiosity about the financial rewards for the athletes’ exceptional performances.

Of course, Olympians are the best of the best, and their earnings are not always representative of what other athletes can count on. Yet, it is interesting to know that even if you are looking for online fitness coach jobs. We teamed up with Jooble job aggregator to learn more about Olympic prizes and reimbursements.

The International Olympic Committee

The Olympic Committee has never paid athletes for winning medals. It might sound surprising, but no money prizes were established for winning the Olympics. The medal itself was considered the ultimate prize.

Olympic victory has always been much more than just an opportunity to win money. It is a lifetime achievement that enhances an athlete’s reputation and opens doors for other opportunities like contracts and sponsorships, cementing their place in the history of sports.

However, the issue of athletes’ earnings has sparked a debate. Some argue that athletes, who are undoubtedly the main attraction of the event itself, should receive a share of the revenue. After all, without their talent and dedication, there would be no Games or substantial revenue generated from various companies, brands, and individuals.

In his April interview with CNBC, Sebastian Coe made an announcement. This year, for the first time, the Olympic Committee paid athletes. The gold medal prize was $50,000.

According to the IOC, the plan is to extend the practice to silver and bronze medalists during the 2028 Olympics. During these Games in Paris, only gold winners got money for their achievements.

At the same time, this decision was not unanimous. Those who are against monetary prizes feel that it takes away from the spirit of the Games. Originally, they were created for amateurs in the spirit of competition and love for sports.

Government Awards

It has been common practice for governments, National Committees, and private institutions to pay athletes for their performance. Such reimbursements remain the most lucrative in many cases.

As an example, this year, the Filipino government gave its gymnast Carlos Yulo $350,000 for winning two gold medals in Paris.

The U.S. athletes received $38,000 in 2024 for winning gold from the “Project Gold”, a program run by the U.S. Olympic and Paralympic Committee that aims to financially support and recognize the achievements of its athletes. Silver medalists received $23,000, and bronze brought one $15,000. The Committee also offers grants and funding to athletes in various disciplines.

Overall, government payments to athletes fluctuate from country to country. There is no one standard, meaning medalists from other parts of the world can get drastically different prizes.

Olympic Bonuses by Country, Paris 2024

Here are the sums athletes got this year from their governments, according to CNBC:

• Hong Kong offered the highest rewards this year with $768,000 for gold, $384,000 for silver, and $192,000 for bronze.
• Singapore gave $745,000, 373,000, and 186,000, respectively.
• In third place is Indonesia, with $300,000, $150,000, and $60,000.
• The next one is Israel, with $271,000, $216,000, and $135,000.
• The Republic of Kazakhstan paid athletes $250,000, $150,000, and $75,000.
• Malaysia gave $216,000, $65,000, and $22,000.
• For Spain, the prizes were $102,000, $52,000, and $33,000.
• The Games host France awarded athletes $87,000, $43,000, and $22,000.
• South Korea paid $45,000, $25,000, and $18,000.
• USA awarded $38,000, $23,000, $15,000.
• Japan gave its athletes $32,000, $13,000, and $6,000.
• Poland paid $25,000, $19,000, and $14,000.
• Germany set awards at $22,000, $16,000, and $11,000.
• Australia’s payments this year were at $13,000, $10,000, and $7,000.

However, money is only one of the things one can get from the government to bring victory to their country. Some authorities give their athletes cars or even real estate for medals.

For example, the Republic of Kazakhstan is known for giving apartments to Olympic gold medalists. Winners from South Korea receive pensions in addition to the one-time prize.

Malaysia offered foreign-produced cars to its medalists this year. On the other side of the globe, Poland gave cash prizes, vacation travel vouchers, a painting, and diamond investments. Moreover, gold medalists were promised two-bedroom apartments in Warsaw. So, there is a full package with real estate, money, and other perks.

Sponsorships and Private Institutions

Athletes receive praise and money not only from their governments. A lot of freebies and offers come from companies and individuals as well. It is often the source of news because there are always some unexpected perks.

For instance, Hong Kong medalists received the highest payments this year, including free lifetime tickets from the public transport company MTR Corp.

Private vendors offered Carlos Yulo gifts such as free wedding photography, haircuts, and free food for life. Another rather surprising offer was a free colonoscopy from a gastroenterologist in Manila. Often, such freebies serve as a promotion tactic for different businesses or individuals whether they are useful for athletes or not.

Such gifts are quite common in the Olympic World. Because of their unexpected nature, they always attract publicity. Another example comes from the Tokyo Games when Kasumi Ishikawa (Japan) won a silver medal in tennis and was offered 100 bags of rice.

As for sponsorships, the numbers and offers are all over the place. Here, athletes can receive the most of their earnings, especially if they partner with global brands.

In Summary

2024 is the first year when gold medalists received a monetary prize from the IOC during the Olympic Games. Before that, there was no such practice. Usually, the winners get money from governments that want to support talent. And those payments differ quite a bit from almost a million dollars to thirteen thousand.

At the same time, an excellent performance in the Olympics secures one plenty of opportunities for a lifetime. And, potentially, some surprising freebies.