Michael Phelps' Net Worth is Laps of Gold
Michael Phelps net worth came from hard work and dedication. The American swimming legend holds the record for most gold medals won in Olympic Games. As with most professional athletes, most of his money came from sponsorships and endorsements, but his wealth came from other sources as well. Let’s look at Phelps’s career and achievements.
| Field | Information |
|---|---|
| Michael Phelps Net Worth | $100 Million |
| Born | June 30, 1985 |
| Gender | Male |
| Height | 1.93 m (6 ft 4 in) |
| Country of Origin | United States of America |
| Source of Wealth | Professional Swimmer |
How Many Medals Does Michael Phelps Have in the Olympics
Michael Phelps is the greatest Olympic gold medalist of all time. He won a total of 28 medals by competing in five Olympics in swimming. He won gold medals 23 times, silver medals three times, and bronze medals twice. He holds the record for the most medals won of all time by an Olympic competitor, the most Olympic gold medals in total, the most Olympic gold medals in individual events, and the most gold medals won in a single Olympic Games.
He replaced the previous record holder, Mark Spitz, who had won the most gold medals at one Olympic Games, prior to Phelps. Spitz won seven gold medals at the 1972 Summer Olympics held in Munich, Germany. Spitz’s record held for 36 years until Phelps won eight gold medals at the Beijing Summer Olympics in 2008. This was after Phelps had already won six gold medals and two silver medals, four years earlier, at the 2004 Summer Olympics in Athens, Greece.
After Phelps won eight medals during the 2008 Beijing Olympics, Spitz is quoted as saying, “Not only is this guy the greatest swimmer of all time; he is the greatest Olympian of all time.”
Phelps retired from Olympic swimming at the ripe old age of 31 years old. Even though that age sounds young to most people, Phelps was the oldest male swimmer ever to win a gold medal when he took five gold medals at the Rio Olympics during 2016.
After the 2008 Beijing Olympics, Phelps went on to win four gold and two silver medals at the 2012 Summer Olympics in London, UK and five gold medals and one silver at the 2016 Summer Olympics in Rio de Janeiro, Brazil. During the Rio Summer Olympics, Phelps won his 13th individual gold medal. When that happened, Phelps broke an ancient Olympic record that held for 2,168 years, of the 12 gold medals won individually by Leonidas of Rhodes.
His first Olympics competition was at the 2000 Summer Olympics in Sydney, Australia. He was only 15 years old. He came in fifth. Phelps was the youngest male swimmer to qualify and compete in an Olympics since Ralph Flanagan in 1932. Then, in 2001, at the World Aquatics Championships, he became the youngest male to set a world record in swimming. He was 15 years and nine months old. Phelps won gold medals in every Olympics thereafter, until 2016 when he retired.
Phelps outstanding achievements, over his 16-year career as an Olympic and professional swimmer, make Phelps the undisputed greatest swimmer of all time.
Michael Phelps' net worth is estimated to be around $100 million in 2023.
The money he got for his Olympics wins was only a small help in building up Michael Phelps' net worth. Modest stipends are given to Olympic athletes by the United States Olympic Committee. During the early part of his career, Phelps only got $25,000 for each gold medal, $15,000 for each silver medal, and $10,000 for each bronze medal.
These amounts increased a little over the years. The amounts paid by the United States Olympic Committee in 2018 were $37,500 for a gold medal, $22,500 for a silver medal, and $15,000 for a bronze medal. He also won prizes for winning professional competitions.
All total, his career winnings from swimming are estimated to be around $1.9 million.
The bulk of the money that created Michael Phelps' net worth came from sponsors and endorsements. He also earned money for book and film deals, speaking engagements, and being an influencer on social media. After retiring from swimming, he pursued his business interests by continuing to build up his brand image. He currently makes around $9.3 million each year.
Phelps struck major deals for corporate sponsorship with the brand names that include Aqua Sphere, Colgate — Get Report, Kellogg, Louis Vuitton, Master Spas, Omega, Sol Republic, Speedo, Subway, Under Armour, Visa, Wheaties (General Mills), and 800razors.com. His deal with 800razors.com includes a significant ownership interest in the company.
His sponsorship deal with Speedo comes from Phelps wearing Speedo swim trunks. Phelps’ photos appeared on boxes of Wheaties after the 2004 Athens Summer Olympics and on Kellogg’s Frosted Flakes and Cornflakes after his wins at the 2008 Beijing Summer Olympics.
When Phelps beat Mark Spitz’s record in 2008, this triggered a $1 million bonus payment from Speedo. Phelps used this windfall to start his charitable Michael Phelps Foundation to help youngsters learn swimming. He works with Colgate — Get Report on a water conservation campaign called “Save Water.” He created the Michael Phelps Swim School. He co-founded the “im” program for the Boys & Girls Club, which is a learn-to-swim program for kids.
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Michael Phelps Car Collection And Real Estate
Phelps likes his luxury cars. His favorites are a BMW 760Li, a Cadillac Escalade, a Mercedes-Benz SL63, and a classic Range Rover.
In 2015, he bought a home for $2.53 million in Scottsdale, Arizona with his fiancée, Nicole Johnson, who he later married. It is a 6,010-square-foot mansion with five bedrooms and six-and-a-half bathrooms. There are also four fireplaces, imported hardwood floors, an ultra-modern kitchen, a sitting room to entertain guests, and an elegant dining space.
Five months after they moved in, they had a son. Then the very next year at the 2016 Rio Olympics Phelps captured five gold medals. Even with a new house, a new baby, and a new wife, Phelps was able to win Olympic gold. He sold this home in 2018 for $3.5 million.
Next, he bought his current, bigger home in Paradise Valley, Arizona. It has 10,000 square feet of living space. There is a nice swimming pool. Now that Phelps is retired from swimming competitions, he spends more time hanging around the pool than swimming in it. He likes golfing, playing video games, and hanging with his kids.
Early Years
Phelps’ birth date is June 30, 1985. He was born in Baltimore, Maryland. From the age of seven, he started swimming because he saw his sisters enjoying it. By ten years old, he became determined to become an Olympic athlete and broke the American records for boys his age. He spent the next 21 years training in the swimming pool without ever missing a single day.
Want to see the 15-year-old Michael Phelps before he won a medal in the Olympics? Watch the YouTube video. Would you have been able to predict at that time that Michael Phelps' net worth would someday be around $100 million after he became the greatest swimmer of all time?
When Michael Phelps' Endorsement Contract Went Up In Smoke
In early 2006, Phelps was cashing in on his fame with sponsorship deals, when he was photographed smoking a marijuana pipe and the photograph was widely published. This incident though fairly innocent by today’s standards caused Phelps to lose his lucrative endorsement contract with Kellogg’s and got him a three-month suspension from the USA Swimming Association.
The Darker Side of Michael Phelps’ Life
Starting in 2012, he hit a very low point and almost quit swimming completely. He fought with his coach. Since childhood, he suffered from ADHD, anxiety, and had bouts with severe depression. He got one DUI, and then he was arrested again for a second DUI. His suicidal thoughts over-whelmed him, and he almost took his life during 2014.
He describes this now as “my little bump in the road.” It got so bad that he locked himself in his room for five days, would not speak to anyone, and did not want to be alive. Phelps says, “As an athlete, the expectation is that you are supposed to be a person who does not have any problems, does not have any weakness; but, you are still a human being like the rest of the people in the world.” His way out was asking for help after he completely broke down. Luckily, he got the help he needed. He got back into training, won an amazing five gold medals in the 2016 Rio Olympics, and then retired from swimming at the top of his game. Then, he began speaking about his mental health problems in public.
Talking about this mental health issue helps him, and he hopes it helps others who suffer from the same thing. He learned at the age of 30+ how to become an authentic individual, not just a swimmer. He expects for the rest of his life that he will still have anxiety, still struggle with mental health problems and depression; however, now he has tools that help, people who offer support that works, and knows what to do about it.
Michael Phelps' Net Worth Came from Eat, Sleep, And Swim
Phelps used visualization techniques as a part of his rigorous training program. Being prepared is the most important thing. Using visualizations before a meet, Phelps would think of how he thought it would go, how it could go wrong, and how he wished it would go so that he was ready for anything that happened.
Michael Phelps' net worth came up after his success at the 2004 Olympics as he gained notoriety. His training was constant. All he ever did was eat, sleep, and swim. The black line at the bottom of the pool was his focus for so long and it just seemed to go on forever.
Phelps says, “Records are always made to be broken no matter what they are ... Anybody can do anything that they set their mind to,” Regarding his net worth, Phelps says he was swimming because he loved what he was doing and never really paid that much attention to the money he was making. Now that he is retired from sports competition, his life goal is to find the same drive outside of sports with his business, brand, and charitable activities.