If there is one takeaway from the incredible spectacle of the 2024 Paris Olympics, it is that hosting a global sporting event of this magnitude is not for the faint of heart. While estimates place France’s current Olympics expenditure at USD 9.5 billion, this figure is expected to rise even more in the coming days, with projections placing the final cost at about USD 10.8 billion. And while these numbers are daunting to behold, the Parisian Olympics are not even the most expensive Olympics ever held.
Over the past weekend, the world watched as the 2024 Paris Olympics kicked off to great aplomb with a colourful opening ceremony that drew all eyes to the Seine. Highlighting French joie de vivre and spotlighting the exquisite individuality of humanity, the vibrant event has since been called everything in the book from ‘extraordinary’ and ‘inclusive’ to ‘divisive’ and ‘overly woke’.
Unapologetically unique, the opening ceremony featured country representatives floating in barges down the river, an explosive performance marrying the glory and gore of Marie Antoinette’s displacement by Gojira, and a mechanical horse and rider evoking an apocalyptic imagery upon the water’s surface. To cap it all off? An incredible performance by Celine Dion, whose iconic voice is a profound reminder of perseverance in the face of tribulation.
Whether you loved it or hated it, you cannot deny that the 2024 Paris Olympics opening ceremony is a stark reminder that money talks. And in Paris this past weekend, money said, “Here’s an opening ceremony the world will never forget.”
Why does it cost so much to host the Olympics?
Despite implementing cost-cutting measures to keep its Olympics expenditures low, France has already overshot its projection by a significant amount. A study conducted by the Oxford Said Business School concluded that the current running cost of the Paris Olympics is over USD 1 billion above its historical median cost, and about 115 percent more than the Paris organisers’ initial estimate for expenditures.
However you choose to spin it, hosting the Olympic games is an expensive endeavour that is out of reach for most nations, save for those willing to drop billions.
Beyond expenditures incurred as part of the actual sporting events, Olympics hosting nations are also expected to bear additional hidden costs relating to their capacity for welcoming spectators, of which there are often millions. Most notably, France is expected to host crowds of 15 million for the 2024 Paris Olympics, with over 2 million visitors travelling from overseas locations.
To that end, it is not uncommon for hosting countries to pull out all the stops in home improvement, which often include the improvement of public infrastructure and the construction of brand-new Olympics buildings, such as new stadiums and sporting arenas.
In attempting to keep budgetary requirements low, France has opted to go the refurbishment route, adapting their existing facilities for Olympics use. However, the cost of renovations has also proven significant, leading to negative public sentiment for the games in a time where rising costs of living have impacted society at every level. And while the Paris Olympics are a few billion short of being the most expensive games ever hosted, the organisers have nonetheless fallen prey to the same pitfalls that have plagued hosting nations since 1960 — of spending more than initially planned.
Understandably so, many countries that have put forth bids to host the Olympics have received negative pushback from citizens back home — particularly given the volatile nature of global economy. Unlike Taylor Swift’s Eras tour, which has proven its worth by generating billions in revenue, the benefits of hosting the Olympics remain fuzzy at present. One thing’s for sure: The noble nature of the sport, coupled with the pageantry of parades and performances have been nothing short of extraordinary thus far.
The most expensive Olympics ever hosted
11. Sydney Summer Games (2000)
Estimated cost: USD 5.2 billion to USD 8.1 billion
With estimated costs running between USD 5.2 billion to USD 8.1 billion, the Sydney Summer games of 2000 has rightly earned its place in the most expensive Olympics ever hosted. In selecting a location to house Sydney Olympic Park, the organisers looked to Homebush Bay. Then a waste dump, Homebush Bay was cleaned up and remade into the Sydney Olympic Park, which is now a suburb of Greater Western Sydney that is located a mere 13 kilometres away from the city’s Central Business District.
Comprising a large sports and entertainment area including stadiums, arenas, and venues, the park continues to be utilised for sporting, musical, and cultural events today. Rather than lean into the wasteful elements of over-industrialisation and excess, Sydney opted to centre environmental efforts. These efforts also led to the nation’s first wide-scale urban water recycling system, saving 850 million litres of drinking water per year.
10. Vancouver Winter Games (2010)
Estimated cost: USD 8 billion to USD 8.9 billion
For the 2010 Winter Olympics, which was hosted in Vancouver, Canada, an estimated USD 8 to 8.9 billion was spent on all-encompassing costs including operations, security, and renovations of existing structures, and the building of new ones. Notably, three new centres were added to the city’s repertoire of sporting venues: The Richmond Olympic Oval, the Hillcrest Centre, and the Whistler Olympic Park. However, these venues were designed to outlast their Olympic tenure, and all three remain in use today. A total of 2,626 athletes from 82 nations participated in the 2010 Winter Olympics, with Nelly Furtado and Bryan Adams performing at the opening ceremony.
9. Barcelona Summer Games (1992)
Estimated cost: USD 9.4 billion to USD 11.6 billion
Costing an estimated USD 9.4 billion to USD 11.6 billion with differing reports placing the figures at odds, the 1992 Barcelona Summer Games is one of the most expensive Olympics ever hosted. The budget funded the rapid modernisation of the city, paving the way to cleaner beaches, new parks, improved public transport and telecommunications networks. It also included the building of the Poblenou Olympic Village, which was eventually transmuted into one of the city’s neighbourhoods following the end of the games.
8. Rio de Janeiro Summer Games (2016)
Estimated cost: USD 13 billion to USD 23.6 billion
According to three separate estimations, the 2016 Rio de Janeiro Summer Olympics cost between USD 13 billion to USD 23.6 billion, making it one of the most expensive games ever hosted. For the Olympics, Rio’s City of Sports Complex, originally composed of three venues built for the 2007 Pan American Games, was expanded to nine venues and renamed the Barra Olympic Park. While the Rio games took place in 34 separate venues, 18 were existing structures, with eight permanently renovated to make them worthy of hosting the events. Of the remainder, seven were temporary constructions, and nine were built as permanent legacy venues.
7. London Summer Games (2012)
Estimated cost: USD 13.3 billion to USD 16.8 billion
While by no means the most expensive Olympics ever held, the 2012 London Summer Games remains memorable to this day. Beyond the show of athletic prowess, the events brought together multiple pop culture personalities, including the Spice Girls, Jessie J, and Queen to Sir. Paul McCartney’s opening ceremony performance. Among these performances: Daniel Craig, reprising his role as iconic British spy James Bond, accompanying the late Queen Elizabeth II to the festivities — via parachute.
McCartney famously took home a salary of GBP 1 for his Olympics performance. However, the billions dedicated to the event funded the construction of a 2.5 square kilometre Olympic Park featuring an athletics stadium, aquatics centre, a velodrome, and a BMX track. Most notably, the London Stadium, which hosted both opening and closing ceremonies, is now the permanent home of the Premier League football club, West Ham United.
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6. Athens Summer Games (2004)
Estimated cost: USD 15 billion to USD 18.7 billion
Despite differing figures which place the cost for hosting the 2004 Athens Summer Olympics between USD 15 billion to USD 18.7 billion, one thing is clear: The event was one to remember, with singer Björk performing at the opening ceremony. Adding to the final bill ahead of the event, the city of Athens made improvements to their infrastructure, including the opening of the Eleftherios Venizelos International Airport which sees a yearly footfall of 18.1 million passengers today.
Additional improvements were also made to the city’s roads and underground train systems, with 90 kilometres of new roads laid before the Olympics. While the Grecian authorities opted to refurbish some existing structures for Olympics use, new structures were also built to accommodate the scale of the events. However, many of these were eventually lost to time and dilapidation. Most notably, the Athens Olympic Stadium was shut down in October 2023 when its 18,000-tonne steel roof was deemed unsafe.
5. Pyeongchang Winter Games (2018)
Estimated cost: USD 12.9 billion to USD 15.4 billion
With a total cost that sits between USD 12.9 billion to USD 15.4 billion, the 2018 Pyeongchang Winter Games is widely considered to be one of the most successful Olympics of all time, with IOC president Thomas Bach calling them the ‘Games of New Horizons’. Held during the high-travel years that preceded the pandemic, the games were kicked off at the temporary Pyeongchang Olympic Stadium, which cost USD 109 million to construct. The roofless venue, which was used a grand total of four times within its short existence, was demolished after the games.
4. Nagano Winter Games (1998)
Estimated cost: USD 17.9 billion
Estimated to have cost USD 17.9 in total, the 1998 Nagano Winter Games are among the most expensive Olympics ever hosted. Yet, like so many other Olympics, it offered the hosting nation the opportunity to improve upon existing infrastructures. Notably, Japan spent JPY 34.8 billion on the M-Wave indoor rink, JPY 19.1 billion and JPY 9.1 billion respectively on the Big Hat and Aqua Wing Arena, which served as ice hockey venues, and JPY 14.2 billion on The White Ring arena, which hosted figure skating and short-track speed skating events. Japan also spent JPY 10.1 billion on the Spiral venue for bobsleigh, luge, and skeleton, JPY 8.6 billion on the Hakuba Ski Jumping Stadium, JPY 7 billion on cross-country skiing venue Snow Harp, and JPY 3 billion to realise Nozawa Onsen Snow Resort’s biathlon venue.
Beyond the venues for events, Japan also spent its budget improving transportation networks via the expansion of the Hokuriku Shinkansen bullet-train line to Nagano. The extension cut down the 3-hour travel time between Tokyo and Nagano to a mere 80 minutes, promoting more travel to the latter city, in which visitors could now enjoy upgraded ski resorts. In essence, the Winter Games help to lend credence to Nagano’s reputation as a leading winter sports destination, an effect that lingers even today.
3. Tokyo Summer Games (originally slated for 2020; postponed to 2021)
Estimated cost: USD 20 billion to USD 35 billion
Murky estimates place the total cost of hosting the Tokyo Summer Games of 2020 anywhere between USD 20 billion to USD 28 billion, with a high mark of USD 35 billion. However, the fact remains that it is one of the most expensive Olympics ever hosted to date, particularly notable as it was held in the chaotic throes of the Covid-19 pandemic. Originally slated for 2020, the Tokyo games were eventually postponed to 2021, leading to a net loss in revenue owing to the global lockdown and restrictions. According to estimates, Japan could have stood to lose USD 41.5 billion had the games been cancelled fully; additionally, another estimate conducted by professor emeritus Katsuhiro Miyamoto of Kansai University reported by NHK in March 2020 expressed that Japan would suffer losses of USD 5.8 billion were the games to be postponed a year.
To prepare for the games, it was announced that Tokyo’s former National Stadium would undergo a JPY 100 billion renovation to accommodate the 2019 Rugby World Cup and the 2020 Summer Olympics. The project eventually went to Zaha Hadid Architects, whose new stadium seated 80,000. Additionally, the Olympic village was also built on the Harumi landfill, while transportation infrastructure was significantly improved for those with mobility constraints. Adding onto that, Haneda Airport was also expanded, alongside the introduction of a brand-new hydrogen-powered bus rapid transit system.
2. Beijing Summer Games (2008)
Estimated cost: USD 52.7 billion
As per reports by CW33, the Beijing Summer Games of 2008 cost a total of USD 52.7 billion to host, placing it solidly in this list of the most expensive Olympics ever hosted. For these Olympics, the government of China commissioned several new buildings, including the Beijing National Stadium, the Beijing National Indoor Stadium, the Beijing National Aquatics Centre, the Peking University Gymnasium, the Olympic Green Convention Centre, the Olympic Green, and the Beijing Wukesong Culture & Sports Centre. Sadly, by 2018, many of the venues had been abandoned and left unused.
Other infrastructure improvements include the expansion of Beijing’s airport with the additional of its new Terminal 3, which was designed by Norman Foster. The Beijing subway was also doubled in capacity and length, with the addition of seven new lines and 80 stations to the existing four lines and 64 stations. Most notably, the authorities also made an attempt at improving air quality by restricting construction sites and gas stations and limiting the use of commercial and passenger vehicles. The Beijing Summer Games famously featured 2008 synchronised drummers during their opening ceremony, in what is regarded as one of the highlights of the event.
1. Sochi Winter Games (2014)
Estimated cost: USD 55 billion to USD 59.7 billion
There is little doubt that the Sochi Winter Games of 2014 are the most expensive Olympics ever hosted, with its total expenditure estimated to sit between USD 55 billion to USD 59.7 billion. These winter games were organised in two clusters, with the former being a coastal cluster dedicated to ice events in Sochi, and the latter being a mountain cluster in the Krasnaya Polyana Mountains.
Further adding to the final tab, the exquisite Sochi Olympic Park was built along the coast of the Black Sea in the Imeretinskaya Valley, and featured ice venues like the Bolshoi Ice Palace, Maly Ice Palace, Olympic Oval, Sochi Olympic Skating Centre, Olympic Curling Centre, and Central Stadium. The park also hosted the Main Olympic Village as well as the International Broadcast Centre and Main Press Centre, all of which had been built especially for the game. The 2014 Winter Olympics also made history by achieving a record broadcast audience of 2.1 billion people across the globe.
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(Main and featured images: Paris2024/Instagram)
This article first appeared on Prestige Online Hong Kong
Frequently Asked Questions (FAQs)
The most expensive Olympics in history is the 2014 Sochi Winter Games. Reports differ, but estimates place its total cost between USD 55 billion to USD 59.7 billion.
The current running cost of the 2024 Paris Olympics is USD 9.5 billion; however, it is expected to soar to USD 10.8 by the end of the event.
The 1936 Summer Olympics, which were held in Berlin, reportedly cost USD 30 million.
Reports differ as to the actual cost incurred for hosting the Sydney Olympics, but it is likely to have cost between the range of USD 5.2 billion to USD 8.1 billion.
