Michael Phelps, an American swimmer, won a total of 28 Olympic medals in four different Olympics (2004, 2008, 2012 and 2016). He is one of the most successful Olympians in the history of swimming. However, Michael Phelps net worth in 2021 will be $50 million as of early 2016’s estimation. How rich Michael Phelps was at his peak? What does he have now? Here’s the latest on Michael Phelps net worth as well as his career earnings from swimming competitions and endorsements in 2016 & 2021 with net worth sources.
Early Life
Michael Fred Phelps II was born on June 30, 1985 in Baltimore, Maryland, USA. He is a retired competitive swimmer who has won a total of 28 Olympic medals. His swimming career began at the age of seven when his mother took him to a local pool for lessons. At age 11 he joined Novi Stars, a local team and competed in several events including one mile freestyle and 50m and 100m backstroke races. Soon after that he met former Olympian Larry Nixon who later became his mentor. Nixon advised Phelps to switch from freestyle to butterfly and start training at Michigan’s Meadowbrook Aquatic Center under coach Bob Bowman’s guidance.
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Income Streams
It’s probably no surprise that swimming pools are a big source of income for Michael. With sponsorships from Speedo, Airweave, Visa and more, he pulls in around $2.5 million per year just from sponsorships. More impressive is that despite his hefty sponsorship deals, he doesn’t appear to be saving much money; many high-paid athletes end up spending more than they earn due to expensive lifestyles. But it appears Michael has managed to do just fine on his salary alone—he spends most of his income on himself and only saves a small percentage.
Endorsements Earnings
Endorsements will be an important part of Michael Phelps’ net worth in 2021. The athlete is currently signed to several prominent athletic brands and his contract with Under Armour will expire soon. He earns about $10 million from sponsors every year, including deals with Speedo, Visa, Omega watches and Nike. Given that he’s still a prominent figure on social media and competing for podium finishes at major events, it’s likely he’ll be able to secure another lucrative deal when his current one expires. It wouldn’t be shocking if we see him make over $20 million a year just through endorsements alone when you factor in that he has expanded into business opportunities such as opening up a swim school franchise.
Prize Money Earnings
In 2019, Michael will earn $7.5 million thanks to prize money earned during competitions. He’s also expected to earn even more with endorsements and deals with sports brands like Under Armour and Omega. His contract with Omega is rumored to be worth more than a whopping $15 million! Now that’s rich!
Merchandise Earnings
Yes, Michael Phelps’ net worth will be higher, but not as high as you may think. He is likely to make a lot of money from his swimwear line that he is currently marketing. His swimwear line has been labeled by many to be quite successful. So, yes he will be making a bit more money through his merchandise and endorsements but these numbers are nowhere near accurate estimates of how much his net worth could actually be in 2021. However, that’s only one way to look at how much money Michael Phelps’ net worth will amount to within another 5 years so let’s take a deeper look at what we believe are going to be other ways he could potentially build on his already impressive financial success story by then.
Other Earnings
Outside of sponsorship deals and official endorsements, Michael’s personal net worth is supplemented by speaking engagements and other miscellaneous sources of income. He earned an estimated $40,000 per appearance during a Q&A tour that he went on shortly after his retirement, according to a CelebrityNetWorth report. In addition to these paid appearances, Michael can take a cut of his sponsor Under Armour’s sales every time someone buys one of their sneakers because he has equity in that company. He owns 1% of their stock and became involved with them when they signed him as a sponsored athlete in 2011. If we conservatively estimate each pair sells for around $150 then his annual profits could be around $14 million.
Last Updated on December 20, 2021
Andrew Smith is a professional News researcher and writer. He has been writing latest tending news articles for various news agencies.
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