The 31st Olympiad will be held in Rio de Janeiro in 2016. This will be the first Olympics held in South America. Rio de Janeiro beat out Madrid, Tokyo, and Chicago for the right to host the 2016 Olympic Games. President Obama and first lady Michelle Obama both went to Copenhagen, Denmark to lobby for the Olympic Games to come to Chicago but to no avail. The IOC eliminated Chicago and Tokyo in early voting which left Madrid and Rio de Janeiro in the running and Rio de Janeiro won the bid. Rio de Janeiro has budgeted 14.4 billion for the Olympics and it looks like they will be putting it to use for the 2016 games.