With the Paris 2024 Olympic Games coming to an end, there has been a lot of speculation of prizes the United States awarded to athletes.
In addition to the medals received by the host country, athletes around the world are awarded by their respective country, monetary compensation. Athletes winning a gold medal from Singapore receive the most amount comparatively world-wide, 1 million SGD - approximately equivalent to 738,000 USD. On the other hand, athletes representing the United States are awarded 37,000 USD for each gold medal. But why is this?
The United States, predominantly known for their marketing adventures near olympic seasons, host advertisements to promote the games. With this, athletes have the opportunity to partner endorsements or scholarships and receive compensation, oftentimes regardless of how they perform, from these brands. Additionally, the United States Olympic and the Paralympic Committee receive funding/donations from various sponsors that are distributed among the athletes.
Culturally, there are some differences as well. Some countries, such as China, have a heavy centralized system during the Olympics. This means that they often train athletes from young ages in hopes to achieve professional success. This can vary among countries, but the United States practices the opposite: a decentralized system where athletes are incentivized from both professionally and personal means.
Want to learn more about the Olympics? Check out future blogs to learn more!
Sources:
Blankenship, Amanda . “What Different Countries Pay Athletes for Olympic Gold Medals.” Savingadvice.com, 31 July 2024, www.savingadvice.com/articles/2024/07/31/1020981_what-olympic-gold-medal-is-worth.html#:~:text=Top%205%20Bonuses%20By%20Country%201%20Singapore%20Singapore. Accessed 13 Aug. 2024.
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