By Haddon Libby
The 2024 Summer Olympics begin on July 26th and run through August 11th. Officially called the Games of the XXXIII Olympiad, this multi-sport event will be held in Paris, France this year. The 2024 games mark the 100th anniversary of the last Summer Olympics that were held in the City.
It is estimated that 15 million people will visit Paris due to the Summer Olympics. To put this into perspective, Paris serves as home to 2.2 million people. If we look at Paris as a metropolitan region, the area is home to 12 million people or one in five people in France.
One in five Parisians are not native to the country. Of these, roughly two-thirds are Muslim and from northern African countries like Algeria, Tunisia and Morocco. Most of the remaining immigrants are from other European Union countries. To show how the demographics of the city has changed dramatically over the last generation, two in five people under 20 years of age have non-native parent. For comparison, New York City has roughly 9 million residents with 22.5% born in another country. The metropolitan area is home to 23.5 million or 7% of the U.S. population.
To win sponsor country rights from the International Olympic Committee, Paris had to guarantee upgrade to some of its infrastructure to serve as host. It is expected that $8-9 billion will be spent with $3.2 billion on infrastructure creating up to 150,000 jobs. For comparison, the 2020 Summer Olympics in Tokyo cost nearly twice that amount at $17 billion.
A significant chunk of infrastructure improvements is to expand and modernize its railway system in and around the city. This will not be ready for the Olympics. Another chunk was cleaning up the Seine River where many Olympic events will be held. That did not get done either although its suitability for use is getting better. Between untreated wastewater and surface water runoff that carries toxic chemicals and heavy metals like cadmium, copper and lead, many believe the river is unsuitable for use due to contamination.
The mayor of Paris, Anne Hidalgo, states that $2.6 billion of costs will be paid by the International Olympic Committee and ticket income.
The opening ceremony will be held outside of the Olympic stadium on the Seine River. The ceremony was moved to allow more people to participate in the opening ceremony. It is believed that 600,000 people will view ceremonies from bridges crossing the river as well as its banks. The ceremony stretches over six kilometres (3.7 miles) starting near the Eiffel Tower that is east of the river and ending at Trocadero Square which is west of the river.
The Tour de France’s finish line has been moved out of the City for the first time in its history. The first Tour was held in 1903! The finish line will now be in Nice on Sunday, July 21st – five days before the start of the 33rd Summer Olympics.
While the Seine River may have strong currents, it is hardly a place for a surfing competition. As such, these games will be held 7,000 miles away in Tahiti. Tahiti and the French Polynesia are part of France.
The logo for the games started out as the Eiffel Tower-ish 24 shown. Organizers decided that they wanted something that embodied many French traits like liberty, equality and fraternity. The new logo that looks like the White Fire over a Gold Circle was immediately criticized. Many believe the logo looks like the symbol for an American ‘Karen’. A Karen is a derogatory term for a middle-aged white woman who acts entitled and deserving of special treatment. Others see it as a Tinder app.
The 2028 Summer Games will be held 120 miles to our west in Los Angeles.
Haddon Libby is the Founder and Chief Investment Officer of Winslow Drake Investment Management, a RIA firm. For more information on our services, please visit www.WinslowDrake.com.
