The victorious contestants inthe Olympics are given a medal. There are three classes: gold for first place, silver for second place,and bronzeforthird place.In addition to supporting their Olympic competitors in general, several nations also award the medal winners with quantities of money and gifts .
Medal designs fluctuated greatly from 1896 to the start of the 1928 Games, especially in terms of the size of the medal for the Summer Olympic Games, through a number of years until it was replaced at the Games 2004, due to criticism regarding the usage of the Greek roots in the Roman Coliseum.
The medals continue to be the most coveted prize athletes seek at Paris 2024, in the first Summer Games played with spectators since Rio 2016 as Tokyo 2020 was played behind closed doors due to Covid-19.
Here’s how much US Olympic medalists get paid
Athletes make varying amounts of money based on the sport they participate in, their level of competitiveness, and their general skill set. However, if you are an Olympic contender, your income may come from a number of sources.
Silver medalists Elisa Iorio and Giorgia Villa of Team Italy and Gold medalists Simone Biles and Jade Carey of Team United States pose with their medals on the podium during the medal ceremony for the Artistic Gymnastics Women’s Team Final on day four of the Olympic Games Paris 2024 at Bercy Arena on July 30, 2024 in Paris, France. (Photo by Naomi Baker/Getty Images)
The sportsmen that compete in theSummer Games are not compensated for their participationby the International Olympic Committee (IOC) .Although Olympians do not have a national average wage, they can get finance from a number of sources, including corporate sponsorship, sponsorship contracts, and medal bonuses . Many countries recompense extra money medalists.
However, medalists are frequently rewarded with cash bonuses in several nations. How much the Olympic medalists make may depend on how much money their nation decides to distribute.
The USOlympic & Paralympic Committee (USOPC), for instance, pays$37,500 for gold, $22,500 for silver, and $15,000 for bronze. In team sports, each member of the team divides the pot equally.And if their gross income is 1 million dollars or less, their profits will not be taxed.
