Athletics has become the first sport to offer prize money to Olympic champions, with the sport's governing body announcing on Wednesday that the 48 gold medallists in Paris this year will each earn $50,000.
Silver and bronze medallists will also earn prize money from the 2028 Los Angeles Games.
World Athletics president Sebastian Coe said the announcement is a landmark moment for the sport.
"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games," Coe said.
"This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.
"We started with the Olympic dividend payments to our Member Federations, which saw us distribute an extra $5m a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games.
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"While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is."
Athletes will be required to undergo and clear the standard anti-doping procedures in order to collect the prize money.
Individual athletes will earn $50,000 each, while the money will be split between those in a relay team.
Information from Reuters contributed to this report.