Paris 2024 Olympics prize money: How much do gold medallists get?

AS athletes compete for a spot on the podium in Paris this summer some who win will return home with more than just a gold medal.

While the Olympics rewards its winners with immense glory and a place in sporting history it traditionally lacks the flashy giant checks that other competitions offer.

But this does not mean those who win an Olympic medal will not make any money.

While the International Olympic Committee does not monetarily award its winners this does not stop national governments or sports federations from doing so.

And Paris 2024 is a groundbreaking year as some federations have decided to do just that.

World Athletics will award $50,000 (£40,000) to individual Olympic champions during this summer’s Paris Games.

The same amount will be handed out to relay champions and then shared out among the winning team members.

The International Boxing Association will also rewards its gold medal winners with $100,000 (£77,000).

There are no financial rewards for silver or bronze medallists in the French capital but the governing body plans to change that in time for the LA 2028 Olympics.

Athletes must undergo and clear usual anti-doping procedures before being eligible for the money.

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Does the Olympic Committee Pay Athletes?

The IOC does NOT give out money for winning gold, silver, or bronze medals.

However, there is something called “Olympic medal bonuses,” which are monetary prizes awarded to medal winners by the countries they represent.

So in short if you win gold your country could give you a lump sum of money.

How much will Team GB gold medal winners earn?

Athletics and boxing gold medal winners who are competing for Team GB will earn $50,000 (£40,000) and $100,000 (£77,000).

But for athletes in other sports, the UK and countries like Norway and Sweden do not offer any cash reward to their Olympic medallists.

While some athletes have advocated to be paid others think that it is unnecessary.

British Olympic champion rower Sir Steve Redgrave told BBC: “All those gold medallists in athletics are capable of earning significant money before and certainly after Paris so you’re giving money to people who already have it.

“It becomes an us and them situation. I did OK – although I made more money from retirement than I ever did in rowing – but I’m against it.”

How much will Team USA athletes earn?

The US will pay $37,500 (£29,000) to their gold winners, while silver and bronze medalists receive $22,500 (£17,000) and $15,000 (£11,500) respectively.

And their sports organisations also have their own programs to reward athletes.

USA Wrestling’s Living The Dream Medal Fund offering $250,000 (£192,000) for Olympic gold medals and USA Swimming offering $75,000 (£57,000) for the same.

Singapore is the most generous to its athletes and gives gold medal winners 1 million Singaporean dollars (£573,000).