How Much Do Olympians Win When They Medal? All About the Prizes for Winners (Including How Much Medals Are Worth) (2024)

While all Olympic athletes are going for the gold, some are going for so much more!

While qualifying for the 2024 Summer Olympics is an accomplishment of a lifetime, topping the podium and earning a medal is undoubtedly the ultimate goal for the nearly 3,000 athletes competing across the 32 sports.

During the 1904Olympic Games in St. Louis, the tradition of handing out medals — gold for first place, silver for second and bronze for third — was first introduced. The prize distribution continued through the years, though the medals' designs differ depending on the Olympic host city.

The medals don't just attract the eyes of the competitors, however, as their nearly unattainable allure attracts the public watching the Games from all over the world. While many are curious about their worth, questions are also asked about athlete payout in addition to receiving medals.

Whether athletes get paid to compete in the Olympics has been a commonly discussed topic over the years, with many Olympians opening up about their experiences trying to make ends meet while training to be the best in the world at their sport.

The U.S. women’s water polo team, in particular, was among the athletes who brought the topic to light this year. Team captain Maggie Steffens previously shared her own struggle and those of her teammates, who she says work multiple jobs so that they can follow their Olympic dreams.

“Is this real, this reality?” Steffens said in part upon listing the challenges she and her teammates face. “Water polo is my whole world. It's a family sport. It's not just my passion. It's not just a hobby. It is my life and it's been my life and it's been a gift for me.”

Rapper Flavor Flavstepped in to fund the U.S. women’s water polo team after hearing their story — and again to assist track and field discus throw athleteVeronica Fraley in paying the remainder of her rent, after she shared toX (formerly Twitter)that she was unable to do so.

Read on to learn more about whether Olympic athletes get paid, how much medals are worth and the other prizes awarded on the podium.

Do Olympic athletes get paid?

In short, Olympic athletes are not paid to compete. The International Olympic Committee explained in a statement to NBC Insider why a "for-profit business model" was never a goal for the Games.

If that was the case, the IOC hypothesized: "The event would be limited to those sports that generate the most significant revenues, and it would not involve athletes representing teams from 206 NOCs... It would not be Olympic Games as we know them."

Still, athletes can profit in other ways. In fact, NBC reports that "Olympians are compensated directly from their country's respective Olympic competition committee."

This isn't true for all athletes competing in the Olympics, however, as they're primarily paid only if they medal. "Team USA athletes who medal will be paid by the country's Olympic committee," according to Forbes, "but a majority of American athletes aren't paid to compete."

According to USA Today Sports, the U.S. payment process is deemed "Operation Gold" by the USOPC. "Athletes will earn $37,500 for every gold medal in Paris, $22,500 for every silver and $15,000 for each bronze," the outlet reports.

In comparison to other countries, the payout for American athletes is on the lower end of the spectrum. USA Today Sports conducted a payout survey per country for athletes who win gold, featuring Serbia at the top of the list ($214,900) and Australia at the bottom ($13,340).

Singapore, meanwhile, pays its athletes much more. CNBC reported in 2021 that the country awarded gold medalists $737,000, however, the country hasn't won an Olympic medal since 2012. Serbia, Malaysia and Morocco approximately pay between $200,000 and $215,000 for gold.

What do first-place athletes win at the Olympics?

Athletes are awarded a gold medal for winning first place at the Olympics, a tradition that began at the St. Louis Games in 1904. The medals are customized year to year — and according to the official Olympics website, the design "is the responsibility of the host city's organizing committee."

The 2024 Paris Olympics made history with its medals, which were designed by expert French jeweler Chaumet. For the first time ever in the history of the Games, the medals are adorned with the original iron used in the construction of the Eiffel Tower.

In addition to receiving a gold medal, first-place winners receive a long and narrow package that contains the official Paris Olympics poster (designed by illustratorUgo Gattoni) when they take the podium.

Winners also get a stuffed medal-winning Phryges, the official mascot of the 2024 Paris Games.

How much is an Olympic gold medal worth?

Surprisingly, Olympic gold medals are not 100% gold. In addition intertwining the unique Eiffel Tower iron element this year, various outlets report more than 95.4% of the medal is actually made of silver!

According to Forbes Australia, the Olympic gold medal weighs 529 grams. "The podium cost of a 2024 Olympic gold medal is approximately $950 based on the spot price ofgold,silverandironon the morning of July 24 and the amount of those materials that are used for the medal," per the outlet.

The last time the first prize medal was entirely made from gold was in 1912. If pure gold medals — which are 85 millimeters wide and 9.2 millimeters thick — were distributed today, Forbes reported "it would be valued at approximately $41,161.50."

How much are Olympic silver and bronze medals worth?

Similar to the gold medals, silver and bronze medals aren't 100% pure. The silver medal weighs 525 grams (507 grams of silver and 18 grams of iron), while the bronze medal weighs 455 grams (415.15 grams of copper, 21.85 grams of zinc and 18 grams of iron).

Based on the July 24 silver spot price for silver and iron, according to Forbes Australia, the silver medal's value is approximately $486. As for bronze medals, its podium value is approximately $13.