A lot of hype is surrounding the upcoming Sochi Olympics, everything from the “gay propaganda” law to the journalists who were harassed and held in detention. If that is not bad enough, we have something else to chew on: Russia is writing a check for Sochi greater than any other Olympics ever. This includes the summer games! What’s worse is we can bet that money has not gone to good use. Sources, like The Economist, have noted that many state owned banks and public purses are funding the sporting events.
The 2008 Summer Olympics in Beijing cost a whopping $43 billion, but doesn’t hold a candle to the estimated $50 billion Sochi is said to cost despite Beijing having four time as many athletes in comparison. That’s a lot of dollars to think about and put into perspective, but it’s not impossible to calculate.
Would you like to go on a Mars Rover mission? At $2.5 million dollars per mission, you would have to do that twenty times in order to compare to the spending at the Sochi Olympics.
The original estimate for the Sochi Olympics? It was only estimated to cost $12 million back then, which is beans compared to the outrageous $50 billion price tag it is holding.
For those who think Apple is a giant when it comes to revenues, the cost of the Sochi Olympics is beating its quarterly revenues. If you don’t know what that amounts to, it’s $37.5 billion. The most successful company in the world is not netting more revenue in three months producing products than is what is being spent on a fifteen month sporting event.
Are you a movie buff? Consider how much American’s spend in the Hollywood box office and the cost of the Sochi Olympics beats that by five times. When putting a dollar value on that, American’s spend on average $10.8 billion annually visiting movie theaters.
When taking into account the economy of small countries, like Guatemala for example, the Sochi Olympics is costing more than their entire countries economy. There are one hundred and eight other countries in the world that could also be used in this example.
It’s no wonder so many people watching from the outside are saying, “C’mon, Russia!”