The 2024 Paris Olympics are well underway. Data from the Paris Organizing Committee reveal $9.7 billion has been spent on the games, but does that truly represent the total cost?

Smith College Professor of Economics Andrew Zimbalist joins Wealth! to give insight into the money spent to host the Olympics and why many cities are truly prepared for the impact it has on them.

Zimbalist says that people should be taken "with a large grain of salt" given that they are "fungible" depending on what the organizing committee chooses to include or skip.

Given how high the costs are to host the Olympics, Zimbalist suggests that it may be time for the International Olympic Committee not to look for a new host city every four years and, instead, find permanent homes for both the summer and winter games.

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This post was written by Nicholas Jacobino