Who Is Micheal Phelps?
Michael Fred Phelps is a U.S. swimmer who holds the most medals of any Olympic athlete in history. He was born on June 30, 1985. Phelps first competed in the Olympics when he was 15. He is the first male swimmer to compete on five Olympic teams and was also the oldest individual Olympic swimmer ever to win a gold medal at the age of 28.
- Michael Fred Phelps grew up in Baltimore, Maryland.
- Phelps is a U.S. swimmer who holds the most medals of any Olympic athlete in history.
- Phelps first competed in the Olympics when he was 15.
- He is the first male swimmer to compete on five Olympic teams and was also the oldest Olympic gold medalist ever at the age of 28.
- Phelps' earns most of his income from sponsorships, endorsements, and public appearances. His net worth is estimated to be around $80 million.
Michael Phelps accumulated a total of 28 medals during his career. He competed at the Olympic Summer Games in Athens, Beijing, London, and Rio and amassed 23 gold, three silver, and two bronze medals. Phelps retired after the 2016 Olympic Games where he won one silver and five gold medals. That earned him another title, the oldest individual gold medalist in Olympic swimming history. Phelps was also the first swimmer to win four consecutive golds in the same event, the 200-meter individual medley. Phelps has set 39 world records, which is the most of any athlete of all time.
Micheal Phelps is the most decorated Olympian ever having won the most medals of any athlete throughout history.
How Much Is Michael Phelps Worth?
As the most decorated Olympian of all time, Phelps net worth is estimated at $80 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. Phelps' record-setting number of medals has earned him more than other Olympians, but most of his net worth comes from endorsements, sponsorships, and paid appearances.
Phelps' Endorsement and Sponsorship Deals
Phelps' performance as a 15-year-old at the 2000 Summer Olympics drew the public's attention. However, the swimmer became a sensation at the 2004 Olympics in Athens when he won six gold medals, two bronze medals, and set four records. At that point, the sponsorships and endorsements came rolling in.
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.
Since then, Phelps has partnered with major corporations such as Visa Inc. (V), Subway, Wheaties, and Louis Vuitton. More recent endorsements have been with Under Armour Inc. (UA), Omega, Master Spas, Sol Republic headphones, and Aqua Sphere.
Michael Phelp's estimated net worth, according to Celebrity Net Worth.
The financial details of most deals are undisclosed, but the Under Armour deal was estimated to be in the range of $5 million. At the end of 2015, Phelps also agreed to be the spokesperson for 800razors.com, a deal rumored to have included ownership of a “significant amount” of the company.
Speedo awarded Phelps 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 his organization the Michael Phelps Foundation. This $1 million is not included as part of Phelps' net worth, but it is an example of how much some companies pay the swimmer. Phelps is willingness to donate the money to charity is generous and it also helps to offset his pricey taxes.