As the first of many articles of the cost/benefit analysis of participating, hosting or sponsoring the Olympics, this article from the Australian Broadcasting Corporation (ABC) shows us how much their effort cost, on a per medal basis–which is how these things are measured in the Olympic Governing Body realm. Total spent, divided by number of medals. In the case of Australia at the Rio Olympics, that number is $11,434,910 per medal (Australian Dollars, or about $8.6 Million US). And you think YOU have it bad, spending 20 or 30 grand a year on a grey plate!
The Australian Institute of Sport is funded by taxpayers, so there may be a greater degree of transparency than programs from other countries. Team USA, by contrast, receives no government funding at all.
Writer Matt Martino breaks it down into granular detail, by sport and overall.
Curious if Team USA will release such a calculation across all sports. The funding sources are so diverse, that it would probably take a few months, post-games, to compile it.
Fun Facts: Olympic Medal Edition
- All Olympic medals weigh 500 grams.
- Olympic Gold is 98.8% silver, containing 6 grams of gold. Each Olympic Gold costs about $550 to make.
- Olympic Silver is 100% silver (92.5% Purity). Each Olympic Silver costs about $300 to make.
- Olympic Bronze is 95% copper and 5% zinc. Each Olympic Bronze costs about $3.00 to make.
- Total spent by the Rio 2016 Committee on 2,488 medals: About $700,000
- The last Games to award SOLID GOLD medals for the win was in Stockholm, Sweden in 1912.
- Today, a solid gold medal (500 grams) would cost about $22,000.
- Cost to award solid gold medals to all 812 Gold Medalists: $17.8 Million
A link to the full Australian story is below, for your review.
Links
Which Olympic sports gave the taxpayer more bang for their buck?
(Australian Broadcasting Corporation)
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