The Paris 2024 Olympics get underway on Friday (Photo: Getty)
In just a few days’ time, the Paris 2024 Olympics will get underway with thousands of athletes from across the world set to compete.
The very best from the worlds of athletics, cycling, swimming, tennis, breakdancing and more will converge on the French capital with the sole aim of becoming an Olympic gold medalist.
But for some there’s a little more at stake, with this the first Games where prize money will be awarded in some sports.
With that in mind, let’s take a look at how much Olympians can earn, with some set to rake in millions while many will be going back to full-time jobs in just a few weeks’ time:
Do Olympians get paid?
No, but also yes. The International Olympic Committee who organise the games do not directly pay participating athletes nor do they award prize money for medalists.
This is to keep in spirit with the Olympics’ origins as an amateur competition which focuses on championing sporting success rather than monetary incentives.
However, Olympians can be paid by their respective National Olympic Committee, i.e. the British Olympic Association, and can also earn money through sponsors and endorsement deals.
However, World Athletics have announced that for the first time in history they will hand out prize money for gold medal winners in track and field events. The International Boxing Association will also pay out over $3.1million (£2.4m) to medalists in their competitions.
This move has been very controversial, with some arguing that it damages the uniqueness and spirit of the Olympics.
How much money do Olympic athletes make?
Gold medal winners in Athletics events are set to receive $50,000 (£38,700) from the WA.
Those who win Boxing gold will receive the same amount from the IBA, with $25,000 (£19,300) going to silver medalists and $12,500 (£9,600) going to bronze medalists.
Prize money from each country varies, with the USA set to give $37,500 (£29,000) to its gold medalists, but smaller nations which are unlikely to taste medal success are far more generous.
At Tokyo 2020, Singapore offered S$1,000,000 (£575,000) to any potential gold medalist. They didn’t win any.
Notably, the BOA are one of the few NOCs who do not give prize money to their competitors but Team GB members in medal contention receive an annual stipend to help them train for the games.
Ahead of Tokyo 2020, Forbes reported this amount to be $36,000 (£27,800).
Of course, some athletes stand to gain way more in sponsorship deals. For example, Japanese tennis star Naomi Osaka reportedly earned $60m (£46.4m) in the year building up to her home Olympics.
Do Olympians have full-time jobs?
Not all Olympians are as fortunate to earn lucrative sponsorship deals and as such many balance competing in their sport with a full-time job.
Team GB runner Georgia Bell will make her long-awaited Olympic debut in Paris having previously walked away from the sport, but impressively booked her place at the 2024 games whilst working full-time in cyber security.
British diving duo Jack Laugher and Noah Williams made headlines in May after setting up OnlyFans pages in order to ‘help fund their Olympic dreams’.
Other notable examples are Aussie canoeist and firefighter Aly Bull, American fencer and medical school student Kat Holmes and USA basketball star and systems engineer Canyon Barry.
But perhaps the craziest side-hustle of any Paris Olympian belongs to Australian beach volleyball player Zachary Schubert, who runs his own cricket farm called Schubugs Cricket Farm.