My own country is rich enough that we can pay for a few hundred boys and girls doing gymnastics all day. But that means it isn't even a fair competition! Money buys medals.
If i remember correctly i read some interpretation of ancient Olympics as substitution/sublimation of wars between the city-states. Just look at how the Olympic winners were met by their cities - like triumphant commanders who win battles and wars. In that sense channeling of that nationalistic craze and aggression into a competition is the original Olympic spirit. Humans are vicious/tribalistic/xenophobic/etc. and not emphatic/cooperative/etc. - thus our attempt to see Olympics as the games of the latter may be kind of misguided as it is really the games of the former.