Every four years, millions of people gather in front of their televisions or in stadiums to cheer on their favourite athletes during the Olympic Games. This year, athletes moved into the Olympic village in Paris, which has led to some wholesome videos shared on social media. The Games have often brought their share of scandal as well, but today we will focus on the money earned by the medal winners. Find out more below!
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This is how much Olympians earn when they win
First of all, the International Olympics Committee (IOC) does not offer a bonus to athletes who win gold medals. Instead, the IOC makes regular donations to national Olympics committees and international federations. However, several countries offer money to those who win any medal.
For example, Hong Kong and Singapore have promised their athletes around £600k if they win gold, £300k if they win silver, and £150k if they win bronze. The United States of America are further down the list but still pay their winners £30,000 for gold, £18,000 for silver, and £12,000 for bronze.
While some countries are rather generous with their winners, others chose to reward them with something other than money, such as livestock or housing.
Indonesian athletes Greysia Polii and Apriyani Rahayu, who won gold medals in the 2020 Tokyo Olympics, were offered five cows and a new house as their reward. If they win gold at the 2024 Olympics, Malaysian athletes could get a shiny new car from an undisclosed brand. Athletes from the Republic of Kazakhstan are even offered a flat if they win. The size of the flat depends on which medal they've won, with gold medallists earning a three-bedroom home.
British athletes do not get paid more if they win
So far, Great Britain has won sixteen medals in total, including six gold medals, five silver and five bronze medals.
According to the Mirror, British athletes do not get a reward from the government if they win a medal, no matter which one. However, they get a grant prior to the Games to help with their training and accommodations. Depending on their speciality, athletes can get a bonus from their federation. For example, World Athletics reportedly pay their athletes £38,700 if they win a gold medal across track and field events, for the first time in history. The International Boxing Association has announced a £2.4m payment to all medallists this summer.
Great Britain is not the only country that does not offer a reward to their winning athletes. Indeed, Norway, Sweden and New Zealand seem to follow the same path. That being said, bonuses are not the only way for athletes to make money off the Olympics. Indeed, sponsorships and endorsements allow some of them to live off their sporting career. However, others need a full-time job to survive.
For example, Team GB runner Georgia Bell works in cybersecurity when she's not competing in the Olympics. New Zealand Olympic canoeist Kurtis Imrie works an electrician, and American boxer Morelle McCane is said to have worked as a birthday party clown.
Read more:
Olympics commentator Bob Ballard apologises after being axed over sexist remark
Sources used:
Mirror: How much Olympians get paid for competing at 2024 Paris Games after significant rule change
CNBC: Here’s how much athletes at the Paris Olympics earn for winning medals
Sky News: The prizes Olympic athletes can win if they bring home medals
CBS News: Here's what some Olympic athletes get instead of cash prizes
Buzzfeed: Here's How Much Money Olympic Medalists Get When They Win Gold, Silver, Or Bronze
