How much money do Olympic medalists win?

The 2024 Olympics are set for Paris and we'll see several countries complete over several competitions this Summer. There will be boxing, track and field, Gymnastics, swimming and other competions and hundreds of athletes trying to win the highly coveted gold medal. But have you ever wondered how much these athletes are paid if they win? Well... it's complicated.

According to CNN, "While the medals are highly sought-after accolades, receiving one doesn’t come with any financial bonuses directly from the International Olympic Committee (IOC), the organizers of the Games." Wait ... what?! They don't win any money? Well ... not exactly.

The IOC will distribute funds to National Olympic Committees (NOCs) and International Federations (IFs) in order to help support athletes coming next. “This means that, every day, the equivalent of $ 4.2 million goes to help athletes and sports organizations at all levels around the world. It is up to each IF and NOC to determine how to best serve their athletes and the global development of their sport," IOC said in a statement sent to CNN.

While the Olympics themselves are not paying out the athletes, there are other avenues for these people to bring home a paycheck. Track stars will get prize money from World Athletics (WA), $2.4 million has been set aside for those who win gold medals. $50,000 for individuals or $50,000 to split amongst relay teams. 2024 is the first year this is being done and unfortunately only applies to track competitions.

How much do Olympic boxers get paid?

The International Boxing Association (IBA) has also announced a similar incentive for boxers who win at the Olympics. They have set aside $3.1 million and will award as follows:

• Gold medalists will receive $100,000 from the IBA (athlete’s coach takes $25,000, NOC takes $50,000)
• Silver medalists will get $50,000, with the athlete receiving $25,000 and the rest split evenly between the coach and the NOC.
• Bronze medalists will get $12,500

These athletes will likely have several sponsors to help with costs and, if they win, those sponsors will likely increase.