P1. Here Is How Much Simone Biles & the US Gymnastics Team Get for a Gold Medal and Why the Sum Sparks Discussion

News outlets have released reports outlining how much money competing athletes earn for winning medals at the Paris Olympics. Since finding out how much Simone Biles and the rest of the US gymnastics team have made from the gold medals they have won, many were taken aback, with some expressing that the amount is not enough.

Reportedly, while the International Olympic Committee does not hand out prize money for the medals, the competitors’ countries reward their athletes with cash bonuses.

Based on information tabulated by CNBC from the national Olympic committees, local reports, and sports associations, the US sits at number ten on the list of Olympic medal bonuses.

The country ranks below Hong Kong, which is currently number one on the list as the country that offers its athletes the highest payouts for their Olympic victories. Their gold medal payout totals $768,000.

According to statistics, the top ten countries that give the largest payouts for gold medal wins, apart from Hong Kong (number 1), are Israel ($275,000), Serbia ($218,000), Malaysia ($214,000), Italy ($196,000), Lithuania ($182,000), Moldova ($171,000), Latvia ($155,000), Hungary ($154,000), and Bulgaria ($139,000).

Additionally, France, the Olympic host country, has reportedly upped its cash incentives. The country has delineated $86,528 (€80,000) for gold medal winners. This amount was bumped up from $16,219.20 (€15,000), which is what the country offered at the Tokyo Olympics.

According to CNBC, the United States pays out $38,000 for their athletes who have finished with gold on the podium thus far. Silver wins earn $23,000, and bronze sits at $15,000.

In certain cases, CNBC reports that some athletes are gifted additional winnings like cars and apartments from private companies and governments, either instead of cash or in addition to it.

What’s interesting and what has become a point of contention online is the fact that US gymnasts who are competing in the trials do not get paid, unlike other professional athletes.

Furthermore, US athletes, in particular, do not receive money for participating in the Olympics. However, their medal winners do get prize money.

According to Forbes, the US will pay all its athletes who win gold medals a $37,500 bonus, which is sourced from the US Olympic and Paralympic Committee.

Based on the same outlet’s compilation of the highest-paid female athletes in the world, which they calculated last year (2023), iconic gymnast Simone Biles sits at number 16 on the list of 20 female athletes.

She made a total of $7.1 million by the time the scores were tabulated. $7 million stems from what Forbes dubs “off-field” activities and the other $0.1 million was made “on-field.” Biles tied with Indian badminton player P.V. Sindhu.

Upon learning the amount of money each country has made for their medal wins thus far in this year’s Olympics (2024), many social media users have expressed disappointment concerning the US’s earnings.

They also had a lot to say about the $37,500 bonus the US will award their athletes, like Biles and the rest of the gymnastics team, for winning gold medals.

“Embarrassing,” an Instagrammer expressed in the comment section of a post highlighting the top ten gold medal bonuses by nation. Another asserted, “US gets way too many golds to be matching this level of payout.”

“The United States needs to reevaluate what they pay for gold medals. 🧐,” stated an online observer. On the other hand, some people think the US bonus amount is more than fair.

“To be fair the amount of gold medals Simone [Biles] wins is more than the equivalent,” noted a netizen. A Facebooker exclaimed, “If it’s per gold medal, Simone Biles can walk away with $187,500!!!”

“Thinking LeBron and Simone are doing okay. Good for that young lady from Hong Kong!” penned another observer. They highlighted the fact that Hong Kong athlete Vivian Kong is $768,000 richer after she won her country’s third gold medal ever.

Another comment from someone on X reminded people of the fact that competing in the Olympics means more than just earning a large payout. They expressed, “Playing for your country is about Pride not Money…[sic]”