Like many, you might have found yourself searching online for answers to questions about the Olympics, especially with the 2024 Summer Games approaching. While the Olympics are widely recognized, the financial aspects, particularly for the athletes, are less clear. If you’ve been wondering, How Much Do Olympic Athletes Make?, do they get paid, or do they compete for free, this article will delve into the financial realities for Olympic athletes.
As the 2024 Summer Olympics in Paris, France get closer, let’s explore the financial aspects of being an Olympic athlete.
Are Olympic Athletes Paid?
The simple answer is no, Olympic athletes are not traditionally paid a salary by the International Olympic Committee (IOC). However, there are several other ways Olympic athletes can earn money, making their Olympic careers potentially lucrative.
The International Olympic Committee (IOC) emphasizes ethical values and has intentionally avoided a for-profit business model. The IOC provided a hypothetical statement to NBC Insider:
“Imagine if the IOC were to organize the Olympic Games on a for-profit business model,” they explained. “The event would be limited to those sports that generate the most significant revenues, and it would not involve athletes representing teams from 206 NOCs. It would not be Olympic Games as we know them. Yet, it is precisely the tremendous range of sports and the global provenance of the athletes that distinguish the Olympic Games from other events and make them so successful. The Olympic Games are the only event that brings the entire world together in peaceful competition.”
Profiting directly from the athletes who compete in the Olympic Games would undermine the spirit of competition, which has been a long-standing tradition.
However, Olympic athletes receive compensation from their respective country’s Olympic committees. According to a 2021 report by CNBC, Singapore awards a substantial $737,000 to gold medalists. In comparison, United States athletes receive over $37,000 for each gold medal won.
Furthermore, U.S. Olympians often receive additional benefits like tax relief, educational grants, healthcare plans, and brand-building resources from the United States Olympic and Paralympic Committee (USOPC).
The Monetary Value of an Olympic Medal
The actual worth of the materials in an Olympic medal might surprise you. According to the New York Times, the medals at the 2022 Olympics contained over $700 worth of silver and gold.
Interestingly, gold medals are primarily made of silver, as the IOC mandates that they must be at least 92.5 percent silver. They are then plated with six grams of pure gold.
Adding to the uniqueness, the medals for the 2024 Summer Games include a piece of the Eiffel Tower. These pieces of iron were taken from renovations and preserved.
After receiving their medals, Olympic athletes can sell them. Authentic Olympic gold medals can be found on auction sites for tens of thousands of dollars, particularly if the medal belonged to a famous athlete. For example, Olympic diver Greg Louganis auctioned off three medals to support the Damien Center, a large AIDS medical services center in Indiana.
Sponsorships, Endorsements, and More Ways Olympic Athletes Make Money
While money might not be the primary motivation for competing in the Olympics, it is possible to earn a substantial income while performing at the highest level.
Many athletes make money through sponsorships, endorsements, and the monetary rewards they receive for winning medals. Iconic American Olympians like Mary Lou Retton and Shaun White have famously appeared on Wheaties cereal boxes, illustrating the financial potential of a successful Olympic career.
Although athletes primarily compete for the love of the sport, the endorsements and sponsorships that come with Olympic success are certainly welcome.
In conclusion, while Olympic athletes don’t receive a direct salary from the IOC, they can earn money through prize money from their home countries, endorsements, and sponsorships. The financial rewards can be substantial for those who achieve Olympic glory.
