Michael Phelps Net Worth: $55 Million. Michael Phelps is an American retired professional swimmer. With 28 Olympic medals (23 gold), Phelps is the most decorated Olympian of all time. At the 2008 Beijing Olympics, he won 8 gold medals to become the highest Olympic Gold medal winner in a single event. He holds 39 world swimming records.
The US Olympic Committee pays low 5 figures for medal bonuses. However, Phelps’ incredible feats make him a highly sought endorsement candidate. These endorsement deals pay out millions annually to account for the bulk of Phelps’ $55 million fortune. Here is everything you should know about Michael Phelps’ Net Worth.
Michael Phelps Net Worth: Earnings From Medals
OLYMPIC MEDAL EARNINGS
Throughout his 16-year Olympic career from the 2000 Summer Olympics in Sydney to the 2016 Summer Olympics in Rio de Janeiro, Phelps won a total of 28 medals. 23 of those were Gold, 3 Silvers and 2 Bronzes.
The United States Olympic Committee pays a bonus of $25,000 for each gold medal, $15,000 for silver and $10,000 for bronze. Calculating with those parameters, Phelps earned $575,000 for his 23 gold medals, $45,000 for his 3 Silver medals and $20,000 for his 2 Bronze medals. In total, Phelps earned $640,000 for his 28 Olympic medals.
Also, Phelps “gold” medals have monetary value. Each Olympic gold medal is composed of a lot of sterling silver, traces of copper and a small amount of 24-karat gold and is valued at $400. That brings the total worth of Phelps 23 gold medals to $9,200.
WORLD AND PAN PACIFIC CHAMPIONSHIPS MEDAL EARNINGS
In addition to the Olympics, Phelps also competed in other professional swimming events including the World Aquatics championships and the Pan Pacific championships. From these other competitions, Phelps won 43 gold medals, 11 Silver Medals and 1 Bronze.
The prize money paid by these other bodies are unknown. However, by applying the Olympic Committee paycheck which we assume should be a worthy comparison, Phelps earned an additional $1.075 million for the 43 gold medals, $165,000 for the 11 Silvers and $10,000 for the Bronze. Therefore, in total, Phelps earned $1.25 million from World Championships and Pan Pacific Championships medals.
In GRAND TOTAL, Michael Phelps earned an estimated $1.9 million from 83 medals across the Olympics, the World and the Pan Pacific Championships medals — 66 gold medals, 14 silver and 3 Bronze medals.
Michael Phelps Net Worth: Earnings From Endorsements
If medal earnings were all Phelps had to depend on, then his net worth might have never been a topic of much interest. Thanks to his celebrity status and star power, Phelps commands huge paychecks to endorse some of the world’s biggest brands. About 96% of his fortune stem from his numerous lucrative endorsement deals.
Phelps’s career has been awash with incredible feats. It began when he made his Olympic debut in 2000 at the age of 15, as the youngest male to make the US Olympic team in almost 7 decades. Feats like these are what stir the interest of big brands who are forever on the outlook for the next star to associate themselves with.
While Phelps didn’t claim any medal in his Olympic debut, his 5th place in the 200 m butterfly was enough to turn heads. He went on to establish himself in subsequent international competitions where he began attracting attention as well as endorsement deals. His endorsement earnings rose from $1 million annually to $3 million after the 2004 Athens Summer Olympics where he picked up 8 medals (6 gold and 2 bronze).
The 2008 Summer Olympics in Beijing brought Phelps to an unprecedented level in his career. He won a whopping 8 gold medals, breaking the 7 gold medal record set by fellow American swimmer Mark Spitz in 1972. This feat opened the floodgates of endorsement deals as his annual endorsement payout reached $7 million. $1 million of that came from Australian swimwear maker Speedo. Phelps used the money to establish The Michael Phelps Foundation.
Also in 2008, Phelps was paid $100,000 to swim several laps at a party. Talk about star power… After the 2012 Olympics, Phelps earned over $12 million from endorsements. Phelps retired after the 2012 Olympics but returned in 2014. He got busted for a second DUI in 2014 which many speculated would taint his relationship with his endorsement partners. However, Phelps had his biggest endorser Under Armour stick with him after the incidence.
His endorsement partners over the years have included Speedo, Under Armour, Master Spas, Sol Republic headphones, 800razors.com, Aqua Sphere, Visa, Omega watches, Subway, Kellog, Louis Vuitton, Procter & Gamble, Hilton hotels, HP, Powerbar, Head and Shoulders and more.
Michael Phelps Net Worth: So What Next After Retirement?
After the Rio 2016, Phelps assured the world that his goggles would forever remain hung. As a retiree, Phelps would continue as a corporate pitchman. One of his biggest brands, Under Armour are hoping he sticks with them for life.
In addition to pitching for other brands, Phelps has revealed that he wants to build a brand of his own. He started his own swimwear brand MP in 2014 in collaboration with Aqua Sphere. In an interview with Forbes contributor, Monte Burke, Phelps said: “I’d like to someday have the biggest and best brand in swimming”. Phelps-branded suits sell from $40 to $475.
Secondly, Mike’s primary focus would be on his Michael Phelps Foundation. The foundation’s biggest initiative is the “im program” (individual medley). The program’s primary aim is to make children, water-safe. It now has 104 teams in the 50 US states and another 176 teams in 33 other countries. Through the program, about 16,000 kids have learned how to swim safely. Phelps looks to raise that number to 100,000.
See Also: 14 Highest Paid Retired Athletes 2016
Michael Phelps Net Worth: Family, House
Michael Phelps is married to former Miss California USA, Nicole Johnson. Their son Boomer Robert Phelps was born in May 2016. The family lives in a 6,010-square-foot mansion in paradise valley. Phelps bought it for $2.53 million in December 2015. Click here for a tour of the house.
Michael Phelps Facts
Michael Fred Phelps II was born on June 30, 1985, in Baltimore, Maryland. Phelps took after his namesake father, Michael Fred Phelps who was a footballer in high school and college. Senior Phelps tried out for the Washington Redskins in the 1970s.
A hyperactive kid, Phelps found swimming as a means of burning excess energy. He began swimming at the age of 7 and started setting records at the age of 10.