Gold medal
Credit: Reuters photo
With the Paris Olympics just around the corner, the world is sitting at the edge of its seats to see which athlete will bring home a medal. However, standing at the top of the podium is just one of the perks. The Olympics can be life-altering for many athletes both socially and financially.
Thus, maybe just for the Paris Games the saying, "All that glitters is not gold" stands untrue.
Let's take a look at the prize money athletes will win for clinching one of the top three medals.
On April 10 2024, World Athletics (WA) became the first international federation to award prize money at the Olympics. They announced a total prize pot of $2.4 million which was guaranteed by the International Olympic Committee (IOC).
Those who win the Gold will get an amount of $50,000.
The WA has also extended its commitment of awarding cash prizes to sliver and bronze medalists at the LA 2028 Olympic Games.
However, as a rule the International Olympic committee does not award prize money. Instead, it distributes funds through International Federations (IF) and National Olympic Committees (NOC).
"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games," said WA President Sebastian Coe.