'Flying Fish' Phelps Is Worth $100 Million: Here's a Look at His Career, Endorsements
The legendary swimmer Michael Phelps is one of the most talked about athletes ever. The American Olympic swimmer has a total of 28 Olympic Medals out of which 23 are gold, and he is rightfully called the greatest swimmer of all time. Phelps even became the first-ever athlete to bag eight gold medals in a single Olympics. His net worth is attributed not only to his elaborate career but also to the numerous brand deals that he bagged as a result of his popularity as an athlete. Here's a look into his net worth, brand endorsements, and more.
What is Michael Phelps' net worth?
Michael Phelps' net worth is around $100 million, as per Celebrity Net Worth. Mammoth brand deals with AT&T, Speedo, Visa, Subway, Under Armor, and Omega accounts for a sizable chunk of his fortune.
Born in Baltimore, Michael was exposed to the sport – that would change his life – at a very young age when his mother decided that swimming would be a good medium to let out his energy. Much to his mother's and everyone's surprise Phelps soon become the youngest male swimmer in history to ever set a world record, which was in the 200-meter butterfly. In 2001, he broke his own record and bagged his first international medal. However, it is his sponsorships that have really contributed to his net worth over the years.
That in no way indicates that his career earnings were in any way less, Phelps earned a whopping $640,000 from his Olympic grants – $25,000 for gold, $15,000 for silver, and $10,000 for bronze medals, as per First Sportz.
A look into Michael Phelps' endorsements
Michael Phelps has always maintained an amazing endorsement portfolio with brands like Subway, Under Armour, Kellogg's, and Speedo offering the athlete lucrative contracts. Apart from all the brand endorsements, he is also an equity investor in the mental health startup Talkspace. The company is currently valued between $1 and $3 billion. His other brand endorsements include Wheaties, Beats by Dr. Dre, Radio Shack, Call of Duty, Head & Shoulders, and Louis Vuitton. He reportedly earns around $9.3 million annually from his swimming career along with earning an additional $10 million dollars from his brand deals.
Michael Phelps' real estate portfolio
His keen business sense helps Phelps achieve a thriving real estate portfolio. The legendary swimmer currently lives in Paradise Valley in Arizona where he bought a beautiful property back in 2016 for around $2.53 million. The mansion boasts six big bedrooms and eight luxurious bathrooms. His other residence is tucked away in Baltimore where he grew up and spent his initial years as a swimmer. Other than this he also owns a stunning abode in Scottsdale, Arizona worth $2.5 million.
Mom wanted him to learn just how to swim
Born to Deborah Sue 'Debbie' Phelps who was a middle school principal and also Michael Fred Phelps who was a Maryland State Trooper who played footfall in high school, Michael was introduced to swimming at the young age of seven. He later told the world in The Tonight Show Starring Jimmy Fallon, "The only reason I ever got in the water was my mom wanted me to just learn how to swim. My sisters and I fell in love with the sport, and we decided to swim."
Phelps started his professional training at the age of 11 under Bob Bowman, "Training with Bob is the smartest thing I've ever done ... I'm not going to swim for anyone else. His career began when he first qualified for the Summer Olympics in 2000 at the age of 15, he went on to break several records in the 2001 world championship and then again in the 2002 Pan Pacific Championships. Phelps had the second-best performance ever at a single Olympics all while he was still a teenager.