Michael Phelps is arguably one of the most recognizable US male athletes ever. He is the most decorated Olympic male swimmer in the US. He competed in 5 Olympic Games and won 28 medals (23 gold medals, three silver medals, and two bronze medals), making him the most decorated swimmer ever. He also holds numerous world records for times in individual events and has participated in multiple relay events. He was born in 1985 in Baltimore, Maryland, and swam in college at Florida State University before becoming a world-class Olympic swimmer for the US Swim Team.
Michael Phelps Net Worth
What is Michael Phelp’s net worth?
Like many athletes and entertainers, Michael Phelps can negotiate their notoriety from the sport they play or the shows they perform into money-making machines. He is definitely no different; Phelps caught the attention of many top companies and well-known brands. At a relatively young age, he has amassed a mindblowing $100 million in combined net worth. He was able to retire from competitive swimming in 2016 at 31.
What did Michael Phelps do to build his net worth?
Michael Phelps has benefitted from numerous income streams thanks to his swimming ability. Once he left college after graduating from Florida State University, Phelps continued to be one of the most prolific swimmers on the US Olympic swim team and represented the country in five total Olympic games, starting in 2000 at the Sydney Games. He finally retired in 2016 after the 2016 games in Rio de Janeiro. Thanks to all of the performances and gold medals earned, he was able to make quite a bit of money thanks to several different avenues, including the following:
Endorsements, sponsorships, and brand deals
Many companies wanted him to endorse their products throughout his swimming career, which spanned 16 years from age 15. At the same time, he had many high-profile companies in the swimming arena who added their sponsorships. He also has several brand deals. All of these help bring a lot of exposure and money into his bank. Here is just a short list of the companies that Michael Phelps has or is working with:
Intel, Under Armour, Visa, Omega, Speedo, PowerBar, PureSport, and Head & Shoulders, Corn Flakes, Wheaties, Hilton, AT&T, 800razors.com, and Louis Vuitton
Michael Phelps has earned an impressive $1.9 million in prize money throughout his competitive career. This includes winnings from numerous swimming competitions, and he has made an impressive $640,000.00 from the Olympic medals alone. The United States pays all of its athletes who win gold, silver, and bronze medals $25,000.00, $15,000.00, and $10,000.00, respectively, for each medal.
Merchandise sales, media rights, and business ventures
The other side of the coin regarding monetary earnings is the more personal source of income. This includes merchandise sales directly attributed to him, including swimwear and shoes. His athletic accomplishments have made him one of the most recognizable figures in the world. He has raked in millions from personal appearances and TV commercials. He also partnered with a company to create a swimming-based xBox 360 fitness game.
How does he spend his money?
Michael Phelps has made a boatload of money in a relatively short period. At the same time, he has made some sage financial decisions over the years. He does appear to be living an extremely extravagant life. He also gives money to several excellent causes. He supports his loving family, including his wife, former Miss California, Nicole Johnson, and three young kids.
What kind of lifestyle does Michael Phelps enjoy?
The Phelps live in a large, 10,000-square-foot mansion in Paradise Valley, Arizona. The fantastic house also includes a vast swimming pool; you can imagine he had to have a huge one. Along with the amazing house, Michael likes his cars. His collection of cars includes a wide range of different types of vehicles, which include a Cadilac Escalade, a Range Rover, BMW 760Li, and Mercedes-Benz SL63. He also likes to gamble, and his game of choice is high-stakes poker. He also likes to play golf and travels a lot, as well.
What types of charitable endeavors is he into?
Like so many other celebrities, Michael Phelps is heavily into philanthropy. He established the Michael Phelps Foundation. The foundation helps kids in many different ways through swimming. They have partnered with Goys and Girls Clubs of America and Special Olympics International to help improve the lives of children through swimming and healthy living.
He is also a global ambassador for the water conservation organization Colgate. Its Save Water Initiative is helping to bring attention to the need to conserve water, as it is a precious natural resource that must be preserved in many places worldwide.
Michael Phelps negotiated his notoriety as an Olympic athlete into a lucrative financial windfall during his career. He has had several big endorsement deals with high-profile companies from all over the world. With an estimated $100 million net worth, Michael Phelps can be very generous with his money, which includes a foundation that gives money to several children’s organizations and other activities surrounding childhood mental well-being.
Jason Butler is the owner of My Money Chronicles, a website where he discusses personal finance, side hustles, travel, and more. Jason is from Atlanta, Georgia. He graduated from Savannah State University with his BA in Marketing. Jason has been featured in Forbes, Discover, and Investopedia.