There are six inhabited continents: Morth America, South America, Europe, Asia, Africa and Australia. The IOC put the square peg in the round hole by claiming that “the Americas” is one continent.
According to Wikipedia, the Olympic flag was created by Pierre de Coubertin in 1914. Here’s what the creator of the flag said about it:
“The Olympic flag ... has a white background, with five interlaced rings in the centre: blue, yellow, black, green and red ... This design is symbolic ; it represents the five inhabited continents of the world, united by Olympism, while the six colors are those that appear on all the national flags of the world at the present time.”
— Pierre de Coubertin (1931)
In 1912, Coubertin said the following about the rings:
“...the six colors [including the flag’s white background] thus combined reproduce the colors of all the nations, with no exception. The blue and yellow of Sweden, the blue and white of Greece, the tri-colors of France, England and America, Germany, Belgium, Italy, Hungary, the yellow and red of Spain next to the novelties of Brazil or Australia, with old Japan and new China. Here is truly an international symbol.”
Too bad that Ireland wasn’t in the Olympics back then, or maybe they’ve have drawn a sixth (orange) ring.
I’m betting that there is some other symbology that they are not willing to disclose on the up and up.
the peace sign is another example.