Swimmer Michael Phelps, regarded as one of the most decorated athletes in the Olympics, has received worldwide fame owing to his spectacular performances in the athletic world.
With 25 career medals to his name, Phelps continues to shatter records in the 2016 Rio Olympics.
Of his total gold medals, 11 have been earned in individual events – a feat that marks yet another record.
Michael Phelps Net Worth
As reported by Gazette Review, Phelps was first introduced to worldwide popularity when he dominated the men’s swimming events at the 2008 Beijing Olympics. Bagging first positions in all eight events, he created a record for the most wins in single games for one person. With this, Phelps bested the previous record set by legend Mark “The Shark” Spitz, who took home seven gold medals in 1972 Munich Olympics.
Phelps’ highly impressive performance and immense popularity has paved the way for attractive sponsorship deals and business opportunities. The 2008 Olympics opened doors to a variety of endorsements for him. He received $1 million bonus from Speedo (his sponsor at the time), from which he founded the Michael Phelps Foundation. As stated on its website, the foundation works to “promote healthy, active lives, especially for children, primarily by expanding the opportunities for participation in the sport of swimming.”
At present, the swimming sensation earns $12 million annually through endorsements, as reported by Money Nation.
He also receives a cash prize from the U.S. Olympic committee, which is in addition to the value of the gold in the medal (estimated $366 for the 2016 Rio Olympics). As reported by TIME, the gold in the medal is a combination of a small amount of 24-karat gold, some copper and sterling silver. Since 2001, Phelps’ earnings through medals has been $1.8 million.
As reported by USA Today, Phelps has also bought a 6,800-square-foot home in the suburb of Paradise Valley in Phoenix, Arizona. He lives there with his fiancée Nicole Johnson and 3-month-old son Boomer Robert Phelps.