Michael Phelps is a legendary Olympian and one of the most successful athletes of all time. His impressive career has earned him a net worth of millions, fame, and celebrity status.
This guide will reveal Michael Phelps’ net worth, career, sponsorships, medals, appearances, merchandise sales, training costs, prize money, endorsements, brand deals and bitcoin mining.
Plus, find out how we can coach you to grow your own net worth FREE.
What is Michael Phelps’ net worth?
Michael Phelps’ Net Worth is estimated to be $100 million, as per various sources.
| Michael Phelps’ Net Worth | $100 million |
| Full Name | Michael Fred Phelps II |
| Date of Birth | June 30, 1985 |
| Place of Birth | Towson, Baltimore Maryland, U.SA. |
| Nationality | American |
| Height | 6 ft 3 in (1.93 m) |
| Profession | Olympics Swimmer |
| Marital Status | Married to Nicole Johnson (2016) |
| Sources of Wealth | Athlete |
Who is Michael Phelps?
Michael Phelps is a retired American Olympic swimmer and corporate endorser with an estimated net worth of $100 million. Phelps is the most decorated Olympic athlete in history, with 28 Olympic Medals (23 gold medals).
Early Life
Michael Fred Phelps II was born June 30, 1985 in Baltimore Maryland to Deborah, a school principal, and Michael Fred Phelps, a retired state trooper.
Phelps’ parents divorced when he was 9, and his father remarried in 2000.
He attended Rodgers Forge Elementary, Dumbarton Middle School, and Towson High School, graduating in 2003.
Swimming first became a part of Phelps’ life when he was 7, due to the influence of his sisters and as an outlet for his energy.
In 6th grade, Phelps was diagnosed with ADHD.
By age 10, Phelps held a national record for his age group in the 100-meter butterfly swimming, and began to train at the North Baltimore Aquatic Club under coach Bob Bowman.
Career
Michael Phelps began swimming training under a coach at age 7 and under coach Bob Bowman at age 11. Adults quickly recognized his talent.
In 2000, at 15 years old, Phelps tried out for – and made – the U.S. Summer Olympic Team and participated in the Sydney Games (2000). He made the finals but didn’t win a medal.
In 2001, Phelps broke the world record for the 200-meter butterfly in the World Aquatics Championship Trials. He was also the youngest male ever to set a swimming world record.
Breaking Records
Just after graduating high school, Phelps set five new world records.
Phelps followed his longtime coach Bob Bowman and attended the University of Michigan, where he studied sports management and marketing.
In the 2002 Pan Pacific championships, in Yokohama, Japan, Phelps won three Gold medals and two silver medals.
At the 2003 World Aquatics Championships, Michael Phelps won four gold medals, two silver medals, and broke five world records.
In the 2004 Athens Summer Olympics, Phelps won six 6 Gold medals and 2 silver medals. And in the 2008 Summer Olympics in Beijing, he won 8 Gold medals. In total, in the two Olympics, Phelps won 17 medals.
Phelps holds all-time records for Olympic gold medals, Olympic gold medals in individual events, and Olympic medals in individual events.
He broke the record set by Mark Spitz for most Gold Medals won in a single Olympics competition when he won 8 Gold Medals (Spitz had 7) at the 2008 Beijing Olympics.
At the London Summer Olympic Games (2012), Phelps won four gold medals and two silver medals.
At the 2016 Summer Olympics in Rio de Janeiro, Phelps won 5 gold medals and one silver and became the first American male swimmer to earn a spot on five Olympic teams.
Phelps announced his retirement in August 2016, having set the record for most medal wins by any Olympic athlete, he has also set 39 world records – the most of all time. Besides this, he also won 43 gold medals, 11 silvers, and one bronze from all other competitions and World Championships.
What are the sources of Michael Phelps’ income?
Phelps is an athlete and made his income through various sources including prize money, endorsement deals, merchandise sales, media rights, appearance, and recently bitcoin mining.
1. Endorsements
Thanks to his success in swimming, Michael Phelps enjoys a lucrative post-Olympics career. In total, he’s earned around $10 million annually from brand endorsements.
He has dozens of corporate sponsorship deals and frequently appears in commercials and worldwide ads. He has sponsorships with popular brands like Intel, Under Armour, Visa, Omega, Speedo, Wheaties, Speedo, Subway, Beats by Dre, Radio Shar, Call of Duty, and others.
After winning his eighth Olympic gold medal in 2008, Phelps reportedly earned a $1 million bonus from then-sponsor Speedo.
2. Sponsorships
Michael Phelps has also secured sponsorships from brands such as PowerBar, PureSport, and Head & Shoulders. These sponsorships have provided him with additional income and exposure, helping him earn about over $75 million in advertising and sponsorship.
3. Brand Deals
Michael Phelps has made deals with brands like Corn Flakes, Wheaties, Hilton, AT&T, 800razors.com, and Louis Vuitton. And more recently, he’s promoted KRAVE Jerky on Instagram and has signed a partnership with Aqua Sphere.
4. Prize Money
Michael Phelps has earned substantial prize money throughout his career. According to SwimSwam, Phelps won over $1.9. Phelps earned $640,000 from his Olympic grants – $25,000 for gold, $15,000 for silver, and $10,000 for bronze medals.
5. Merchandise Sales
Michael Phelps’ merchandise, including swimwear, shoes, and other items, has been a significant source of income for him. His merchandise is sold worldwide and has contributed significant portions to his overall net worth.
6. Media Rights
Phelps’ is a celebrity and one of the most celebrated athletes. His appearances in TV commercials and other media outlets have earned him additional income throughout his career.
7. Business Ventures
In 2011, Michael Phelps: Push the Limit, an Xbox 360/Kinect game, was released, promising to bring the fun, fitness and excitement of head-to-head swimming to your living room.
Phelps is also an equity investor in the mental health startup Talkspace. Talkspace has been valued at between $1 and $3 billion, including Phelp’s stake.
8. Training Costs
Training costs for an Olympic athlete are often significant. However, Michael Phelps has also benefited from sponsorships that cover these costs, freeing up additional income for him.
9. Appearances
Phelps is a popular speaker and often appears at events worldwide. These appearances are often lucrative, and he has been able to earn significant income through this avenue, adding to his income and net worth.
10. Bitcoin Mining
In recent years, Michael Phelps got involved in cryptocurrency. He has reportedly earned significant income, running into millions, through Bitcoin mining, which involves using computer power to solve complex algorithms to generate cryptocurrency.
11. Crypto Assets
Michael Phelps has also invested in various crypto assets, which have appreciated in value over time. This investment has contributed to his overall net worth.
How much money has Michael Phelps earned throughout his career?
Michel has earned an estimated $100 million: about $9.3 million annually from his swimming career, $10 million annually from brand endorsements and over $75 million from sponsorships. Phelps also made money from winning Olympic medals (Prize money). He won $640,000 from his Olympic prize money to date.
FAQ
How much is Michael Phelps’ net worth?
Michael Phelps’ net worth is estimated to be $100 million.
What records has Michael Phelps broken?
Michael Phelps has broken numerous records throughout his swimming career.
He currently holds the record for the most Olympic gold medals won by an individual athlete, with a total of 23 gold medals.
He has also broken multiple world records, including the 100m butterfly, 200m butterfly, 200m freestyle, 400m individual medley, and 4x100m freestyle relay.
Phelps set 39 world records (29 individual, 10 relay), more records than any other swimmer recognized by FINA. He surpassed Mark Spitz’s previous record of 33 world records.
Who are Michael Phelps’ sponsors and endorsement deals?
Michael Phelps has had many sponsors and endorsement deals. Some of his most notable sponsors include Under Armour, Omega, Visa, and Subway. He has also had endorsement deals with companies such as Speedo, Hilton Hotels, Louis Vuiton, and Beats by Dre.
How many medals has Michael Phelps won?
Michael Phelps won many medals including 28 Olympic medals (23 Gold, 3 Silver and 2 Bronze) and 55 medals (43 gold medals, 11 silvers, and one bronze) from all other competitions and World Championships. In total Phelps won 83 medals; 66 Gold, 14 silver and 3 Bronze.
- Olympic Games: 23 Gold, 3 Silver, and 2 Bronze
- World Championships (LC): 26 Gold, 6 Silver, and 1 Bronze
- World Championships (SC): 1 Gold
- Pan Pacific Championships:16 Gold, 5, Silvers
How much prize money has Michael Phelps won?
Phelps won $640,000 from his Olympic prize money to date: $25,000 for gold, $15,000 for silver, and $10,000 for bronze medals.
What is the value of Michael Phelps’ endorsement deals?
It is estimated that Michael Phelps earned close to or over $10 million annually in endorsement deals and sponsorships.
What is the value of Michael Phelps’ brand sponsorships?
According to various reports, it is estimated that Phelps has earned at least $75 million from his sponsorship and advertising deals over the years.
How has Michael Phelps’ net worth changed over the years?
- Net Worth in 2023: $100 million
- Net Worth in 2022: $85 million
- Net Worth in 2021: $79 million
- Net Worth in 2020: $72 million
- Net Worth in 2019: $67 million
- Net Worth in 2018: $61 million
- Net Worth in 2017: $57 million
Takeaway
Michael Phelps is one of the greatest and highest paid athletes of all time, with an estimated total net worth of $100 million.
Phelps’ career earnings, lucrative sponsorships and endorsement deals are the primary sources of his wealth. In addition, he is a brand owner, author, motivational speaker, social media influencer, and entrepreneur.
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