Qualifying for the Olympics is an achievement on its own, but the added prize money for winning a medal makes it even more fulfilling. However, the amount awarded to each medalist or country varies widely. Each nation decides how much to allocate for Olympic medalists, and these amounts can change between Olympic cycles.

Here’s what you need to know about how prize money will be awarded for the Paris 2024 Olympics:

– Athletes from Team USA will earn $37,500 for gold, $22,500 for silver, and $15,000 for bronze medals, slightly below the average among surveyed countries.

– On average, among 25 countries surveyed by USA TODAY Sports, gold medalists receive approximately $95,000, silver $55,000, and bronze $39,000 (USD).

– Athletes representing Malaysia, Morocco, or Serbia stand to receive over $200,000 from their national Olympic committees, with Italy offering upwards of $100,000 (USD).

– Countries such as Poland offer additional incentives such as housing, vacations, or bonuses for record-breaking performances.

– Germany and Morocco offer payouts to athletes beyond the top three. Germany rewards those from fourth to eighth place, while Morocco provides bonuses up to 32nd.

– For some countries, different payout structures exist for medalists in team sports versus individual sports like track and field.

– Many athletes also receive contract bonuses from their sponsors in addition to their country's rewards.

New for the 2024 Olympics:

– Track and field athletes will receive prize money from World Athletics – the sport’s international governing body – at the Olympics for the first time ever. World Athletics announced that gold medalists in all 48 track and field events in Paris will earn $50,000 each, funded by a $2.4 million prize pool from the IOC.

– Relay teams will also split $50,000 among each of the team’s gold medalists.

– Looking ahead, plans are in place to extend these bonuses to include silver and bronze medalists at the Los Angeles 2028 Olympics.

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