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Many wondered if Michael Phelps could be successful entering his fifth Olympic competition, especially since he announced his retirement after the 2012 games. Phelps proves that he still has the talent, securing his first gold medal of the Rio games on Sunday night. The win was the 19th Olympic gold medal Phelps has earned, moving his total medal count to 23.
As the most decorated Olympian of all time, Phelps net worth is estimated at $55 million by Celebrity Net Worth. However, MoneyNation estimates Phelps net worth at just over $44 million, saying, "Phelps has earned an estimated total of $95.8 million in his life, with $94 million of that coming straight from advertisers. Taxes sink nearly $43.5 million and expenses pull under another $14.4 million."
Phelps Gold Medal Worth
Currently, the U.S. Olympic Committee awards medal winners $25,000 for gold, $15,000 for silver and $10,000 for bronze. Phelps has earned $25,000 this Olympics thus far with his gold medal win Sunday night. While Phelps record-setting amount of medals has earned him more than other Olympians, most of his net worth comes from endorsements, sponsorships, and paid appearances.
Phelps Endorsement and Sponsorship Deals
Phelps has been on the public’s radar since he was an impressive 15-year old swimmer in the 2000 summer Olympics. However, it wasn’t until the 2004 Olympics in Athens when Phelps won six gold medals, two bronze medals and set four records that he began receiving several sponsorships and endorsements.
GazetteReview said, "Michael earned an estimated $7 million annually in the years following Beijing, mainly from sponsorships and endorsements." After the 2012 London Olympics, Phelps was reported to making $12 million annually through sponsorships and endorsements.
Throughout the years, Phelps has landed deals with major corporations, such as Visa Inc. (V), Subway, Wheaties, and Louis Vuitton. His more recent endorsements are for Under Armour Inc. (UA), Omega, Master Spas, Sol Republic headphones, and Aqua Sphere.
Many of the deals go undisclosed, but it was estimated that the Under Armour deal was about $5 million. National Sports Lawyers Association, David Harrow, said after the 2008 Olympics, "He may be at $30, $40, $50 million a year in endorsements after all this is said and done." At the end of 2015, Phelps also signed a deal with 800razors.com, which he will not only be the spokesperson, but is said that he owns a “significant amount” of the company. (For more, read 5 Top-Grossing Olympic Athletes.)
Speedo also rewarded the Olympic swimmer a $1 million bonus at the end of the 2008 games for tying Mark Spitz’s gold medal record. Phelps disbursed the money to several different charities through the Michael Phelps Foundation. While this $1 million isn't calculated in Phelps net worth, it is an example of how much some companies are willing to pay the swimmer. Phelps donating the money to charity could also help offset pricey taxes.
Many wondered if Michael Phelps could be successful entering his fifth Olympic competition, especially since he announced his retirement after the 2012 games. Phelps proves that he still has the talent, securing his first gold medal of the Rio games on Sunday night. The win was the 19th Olympic gold medal Phelps has earned, moving his total medal count to 23.
As the most decorated Olympian of all time, Phelps net worth is estimated at $55 million by Celebrity Net Worth. However, MoneyNation estimates Phelps net worth at just over $44 million, saying, "Phelps has earned an estimated total of $95.8 million in his life, with $94 million of that coming straight from advertisers. Taxes sink nearly $43.5 million and expenses pull under another $14.4 million."
Phelps Gold Medal Worth
Currently, the U.S. Olympic Committee awards medal winners $25,000 for gold, $15,000 for silver and $10,000 for bronze. Phelps has earned $25,000 this Olympics thus far with his gold medal win Sunday night. While Phelps record-setting amount of medals has earned him more than other Olympians, most of his net worth comes from endorsements, sponsorships, and paid appearances.
Phelps Endorsement and Sponsorship Deals
Phelps has been on the public’s radar since he was an impressive 15-year old swimmer in the 2000 summer Olympics. However, it wasn’t until the 2004 Olympics in Athens when Phelps won six gold medals, two bronze medals and set four records that he began receiving several sponsorships and endorsements.
GazetteReview said, "Michael earned an estimated $7 million annually in the years following Beijing, mainly from sponsorships and endorsements." After the 2012 London Olympics, Phelps was reported to making $12 million annually through sponsorships and endorsements.
Throughout the years, Phelps has landed deals with major corporations, such as Visa Inc. (V), Subway, Wheaties, and Louis Vuitton. His more recent endorsements are for Under Armour Inc. (UA), Omega, Master Spas, Sol Republic headphones, and Aqua Sphere.
Many of the deals go undisclosed, but it was estimated that the Under Armour deal was about $5 million. National Sports Lawyers Association, David Harrow, said after the 2008 Olympics, "He may be at $30, $40, $50 million a year in endorsements after all this is said and done." At the end of 2015, Phelps also signed a deal with 800razors.com, which he will not only be the spokesperson, but is said that he owns a “significant amount” of the company. (For more, read 5 Top-Grossing Olympic Athletes.)
Speedo also rewarded the Olympic swimmer a $1 million bonus at the end of the 2008 games for tying Mark Spitz’s gold medal record. Phelps disbursed the money to several different charities through the Michael Phelps Foundation. While this $1 million isn't calculated in Phelps net worth, it is an example of how much some companies are willing to pay the swimmer. Phelps donating the money to charity could also help offset pricey taxes.
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