Here’s How Much SA Olympians Will Get Paid For Winning At The Paris 2024 Games

by | Jul 15, 2024 | Entertainment

As the Paris Olympics grows closer so does the excitement and of course, number of questions. So we’re here to answer your burning FAQs. And that includes how much South African Olympic athletes can expect to earn if they win medals. Spoiler alert: a gold medal *could* net athletes R1.3 million!

READ MORE: Your Ultimate Guide to the 2024 Paris Olympics

Previous Controversy Surrounding Financial Incentives

Of course, representing your country is about far more than winning money. But in recent years there has been controversy surrounding performance bonuses at the games.

The Tokyo 2020 games saw only two athletes bring home three medals; Tatjana Smith (previously Schoenmaker) and Bianca Buitendag. This was a far cry from the 10 medals brought home in Rio five years earlier.

SA’s less-than-stellar Tokyo 2020 performance was a topic of conversation. But there was even more outrage when it seemed that the only two medallists would not receive incentive bonuses. This was after the South African Sports Confederation, Olympic and Paralympic Committee (SASCOC) President Barry Hendricks was quoted by Eyewitness News as saying “This does not mean Sascoc does not want to issue performance bonuses. In fact, as we speak, we are trying to negotiate with partners to try and assist us in this regard.”

READ MORE: Olympic Champion Chad le Clos: The Start of a Powerful Comeback

South Africans on social media were outraged, even starting their own crowdfunding campaigns and citing the huge discrepancy between the winners at Rio 2016, Caster Semenya and Wayde van Niekerk,  pocketing R500 000 for their gold medals. 

However, SASCOC quickly came out to say that this was a miscommunication and that they would be giving financial incentives. It was just that the amount had yet to be confirmed. 

Financial Incentives For Tokyo 2020

Former sports minister Nathi Mthethwa eventually made an announcement stating that for the Olympics and Paralympics;

  • Gold medallists would receive R450 000 (their coaches would get R120 000) 
  • Silver medallists would receive R220 000 (their coach would get R70 000)
  • Bronze medallists would get R100 000 (and their coaches R30 000)

The end result was that the SA Paralympic medallists and their coaches were due a total of R2.58 million from the government, while the Olympic medallists would receive R1.31 million.

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So, How Much Do Olympic Athletes Get Paid For Medals?

Following the confusion and controversy of the performance bonuses of the last summer games, the South African Sports Confederation, Olympic and Paralympic Committee (SASCOC) formally announced the financial incentives for both Olympic and Paralympic medallists in May.  And here’s what we know:

Individual Sports:

  • Gold medal = R400 000 (R100 000 for the coach) 
  • Silver medal = R200 000 (R50 000 for the coach) 
  • Bronze medal = R75 000 (R25 0000 for the coach)

Relays And Team Sports (Hockey/Rugby):

  • Gold medal = R 100 000 per athlete and the coach
  • Silver medal = R 75 000 per athlete and the coach
  • Bronze medal = R 50 000 per athlete and the coach

Boats (2 people):

  • Gold medal = R 200 000 per athlete (R 100 000 for the coach)
  • Silver medal = R 100 000 per athlete (R 50 000 for the coach)
  • Bronze medal = R 40 000 per athlete (R 20 000 for coach)

READ MORE: 8 Winning Reasons to Grab Our Stacked Olympics Issue

Are There Any Other Rewards?

There actually are! In a first-of-its-kind move, World Athletics made a huge announcement on the 10th April. They revealed that it will become the first international federation to award prize money at an Olympic Games. World Athletics, which includes sports such as track and field, road running and race walking  has a total prize pot of $2.4 million (over R43 million).

They will be awarding each gold medallist with $50 000 (that’s a whopping R900 000) in the 48 eligible events. And for the relay teams, the $50 000 reward will be split.

So, How Much Is An Olympic Medal Worth?

Some would argue that having the honour of representing your country is priceless and so is winning a medal at these games. And while the prize pots from SASCOC and World Athletics are something to behold, you might be surprised to find that the actual medal that athletes receive could be worth something,

The medals are of course made of precious metals and the New York Times reported that the 2022 Beijing medals contained over $700 (over R12 000) worth of silver and gold.

You might be even more shocked to discover that gold medals are actually mainly silver. The International Olympic Committee dictates that all gold medals must be composed of at least 92.5% silver. So those first-place medals were gold-plated with six grams of pure gold.

But the Paris 2024 medals will be especially unique and historic as they include a part of the Eiffel Tower. Yes, you read that correctly. The pieces were removed and kept preserved in storage during a 20th century modernisation of the elevators. The 2024 Summer Games’ medals will contain iron from those pieces.

READ MORE: Former Men’s Health Cover Guy Dr. Fez Mkhize Wins Mister Supranational 2024

How Do I Find Out More About Our Athletes?

Cover of Men's Health South Africa July/August Issue

If you’re a fan of the Olympics, you’ll love our brand new July/August issue of Men’s Health. In this issue you’ll find out everything you need to know about champion mindsets and get to know more about South African legend and world-class sprinter, Akani Simbine. Plus, it’s stacked with workouts, recipes and so much more. Grab a copy, sit back, relax and enjoy an unforgettable few weeks watching our athletes on the world stage.

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