Many wondered if Michael Phelps could be successful entering his fifth Olympic competition, especially since he announced his retirement after the 2012 games. Phelps proved that he still has the talent by winning a total of six medals during the 2016 games in Rio de Janeiro. Phelps has earned a total of 28 medals during his career.
How Much Is Michael Phelps Worth?
As the most decorated Olympian of all time, Phelps net worth is estimated at $55 million by Celebrity Net Worth. However, MoneyNation estimates Phelps net worth at just over $44 million, saying, "Phelps has earned an estimated total of $95.8 million in his life with $94 million of that coming straight from advertisers." MoneyNation attributed nearly $43.5 million in taxes and says that expenses hit another $14.4 million of the total.
As of 2018, the U.S. Olympic Committee awards medal winners $37,500 for gold, $22,500 for silver and $15,000 for bronze. While Phelps' record-setting amount of medals has earned him more than other Olympians, most of his net worth comes from endorsements, sponsorships and paid appearances.
Phelps' Endorsement and Sponsorship Deals
Phelps has been on the public’s radar since he was an impressive 15-year old swimmer in the 2000 Summer Olympics. However, it wasn’t until the 2004 Olympics in Athens when Phelps won six gold medals, two bronze medals and set four records that he began receiving several sponsorships and endorsements.
Gazette Review said, "Michael earned an estimated $7 million annually in the years following Beijing, mainly from sponsorships and endorsements." After the 2012 London Olympics, Phelps was reported to be making $12 million annually through sponsorships and endorsements.
Throughout the years, Phelps has landed deals with major corporations, such as Visa Inc. (V), Subway, Wheaties and Louis Vuitton. His more recent endorsements are for Under Armour Inc. (UA), Omega, Master Spas, Sol Republic headphones and Aqua Sphere.
Many of the deals go undisclosed, but it was estimated that the Under Armour deal was about $5 million. At the end of 2015, Phelps also signed a deal with 800razors.com to be the company's spokesperson. This deal is said to have included ownership of a “significant amount” of the company as well.
Speedo also rewarded the Olympic swimmer a $1 million bonus at the end of the 2008 games for tying Mark Spitz’s gold medal record. Phelps disbursed the money to several different charities through the Michael Phelps Foundation. While this $1 million isn't calculated in Phelps' net worth, it is an example of how much some companies are willing to pay the swimmer. Donating the money to charity could also help Phelps offset pricey taxes.
(For more, read 5 Top-Grossing Olympic Athletes.)