With the most expensive Winter Olympic held in Sochi, Russia games just wrapped up, we decided it was time to take a look at this multi-million dollar industry. But even though the Sochi Games earned the reputation for being the most expensive Winter Games ever organized, their summer counterpart tends to be a much more lavish event.
Following, we would like to present you with a list we have compiled of the top 7 most expensive Summer Olympic Games ever organized, ranked according to their expense budgets. Let’s take a look at the countdown.
No. 7: Atlanta Games – 1996, USA
Budget: $1.8 billion
Even though the organizing committee for the 1996 Olympic Games was severely criticized for an over commercialization of the event, they did end up generating a profit of around $10 million. But they did make a pretty hefty investment in order to generate this profit, of around $1.8 billion. The money used was taken from Government funds and taxpayer money.
No. 6: Moscow Games – 1980, Russia
Budget: $2 billion
Even though not much financial data remains from the 1980s Olympic Games hosted in Moscow, Russia, Vladimir Promyslov, mayor of the Russian capital at that time, was quoted by the New York Times as having spend around $2 billion for the event.
No. 5: Sydney Games – 2000, Australia
Budget: $3.8 billion
According to the Auditor General of the New South Wales region, who issued its report back in 2002, the Olympic Games held two years prior to that ended up costing Sydney about $6.6 billion AUD or $3.8 billion USD. It is estimated that the public paid approximately a third of these costs.
No. 4: Seoul Games – 1988, South Korea
Budget: $4 billion
The overwhelming majority of money spent during the Seoul Games went into developing the sporting facilities and building the International Broadcasting Center. However, despite the massive investments, Seoul officials registered an impressive profit, ranging around $300 million.
No. 3: Barcelona Games – 1992, Spain
Budget: $9.4 billion
At that time, Barcelona officials invested a record amount of money into organizing the 1992 edition of the Summer Olympic Games. Over 70% of the total budget the city ended up spending was engulfed by building and renovation efforts. However, despite the massive spending, the effort paid off for Barcelona.
No. 2: Athens Games – 2004, Greece
Budget: $15 billion
Though the Greeks put on a great show during the Athens Games in 2004, the massive amount of money they spent to organize the event came back to haunt them, when the country was hit with a massive debt. In 2004, Greece’s national deficit reached a whopping 5.3%, more than 2% over what the European Union was allowing at that time.
No. 1: Beijing Games – 2008, China
Budget: $40 billion
Even though China goes on record with the most expensive Summer Olympic Games ever organized, the money this nation poured into the Games didn’t unbalance China’s economy in the slightest. The new stadiums, roads and subways not only made the Beijing Games an utter success, but they also helped improve the city’s infrastructure by leaps and bounds.
