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Michael Phelps Net Worth & Earnings: Michael Fred Phelps II is an American swimmer and the most decorated Olympian of all time. In total he has 28 olympic medals and a net worth of $60 million.
Phelps has a staggering 23 total Olympic gold medals, 13 Olympic gold medals in individual events.
Today we going to dive into:
Fun Fact: That’s more medals than 160 countries have won in total since the modern Games began in 1896! Phelps broke the record for most gold medals won in a single games previously held by Mark Spitz.
On your marks, get set…
Table of Contents
Who Is Michael Phelps?
|Profession: Professional Swimmer|
|Date of Birth: June 30, 1985 (age 35)|
|Net Worth: $60 Million|
|Relationship Status: Married (Nicole Johnson)|
|Last Updated: September 2020|
He was also the most successful athlete in the Olympics FOUR TIMES in a row…
It’s Michael Fred Phelps II.
Michael competes in several disciplines – his strokes include freestyle, breaststroke, and butterfly.
In 2008, he medaled in the 200-meter individual freestyle. He also competed for the 100-meter butterfly and 200-meter butterfly in both individual and relay events.
He’s also medaled in the individual medley events which require all 4 strokes.
This man holds 7 World records and 1 Olympic record.
Astonishing, isn’t it?
How Much Is Michael Phelps Net Worth?
The former American Olympic Swimmer, Michael Phelps, is worth a whopping $60 Million.
Michael Phelps Net Worth Year By Year
|Year||Earnings $||Year||Earnings $|
|2000||$ 30 000 000||2011||$ 40 000 000|
|2001||$ 30 000 000||2012||$ 40 000 000|
|2002||$ 30 000 000||2013||$ 40 000 000|
|2003||$ 30 000 000||2014||$ 50 000 000|
|2004||$ 30 000 000||2015||$ 50 000 000|
|2005||$ 30 000 000||2016||$ 50 000 000|
|2006||$ 30 000 000||2017||$ 55 000 000|
|2007||$ 30 000 000||2018||$ 50 000 000|
|2008||$ 30 000 000||2019||$ 50 000 000|
|2009||$ 40 000 000||2020||$ 60 000 000|
|2010||$ 40 000 000||Total||$ 60 000 000|
Michael Phelps Career Earnings By Year
|2007||$ 1 690 000|
|2008||$ 6 100 000|
|2009||$ 7 000 000|
|2012||$ 2 000 000|
|2013||$ 12 000 000|
|Total||$ 9 300 000|
$9.3M annually on average?
I’d train for 40 hrs a day to have that kind of money!
Michael Phelps Endorsements & Products
Phelps signed a lot of endorsement deals and appeared on many TV shows at the same time as acting as an influencer, after his swimming career ended.
Michael Phelps makes most of his money through Endorsements, not swimming.
His deals with major brand corporate names have included Speedo (no surprises there!), Visa (V), Subway, Wheaties, and Louis Vuitton (LVMUY).
“If you look at the partners that I have, it is everything that fits into my life. I think every company that I’m with fits into my personal life and just really how I go about my day.” said Phelps.
More recently, Phelps has inked sponsorship deals with Under Armour (UAA), Omega, Master Spas, Sol Republic, 800razors.com, Aqua Sphere, and Beats by Dre.
While swimming set Michael Phelps up for championship brilliance, it didn’t quite pay as much as he needed it to – hence his foray into product endorsements.
Public branding and sponsorship deals gave the champ the tens of millions of dollars in net worth that he lives on today.
Phelps has also been able to establish his swimwear brand called MP. He even wore his designs in Rio.
“I’ve been a very goal-oriented person and I have a lot of things I’d like to accomplish over the rest of my life,”
Phelps is confident in his future.
“So it’s now just finding that way to get those done on land instead of in the pool,” he says.
Michael Phelps Controversies & Litigation
Phelps vs. The US Swimming Code of Conduct
October 6, 2014 | Phelps suspended by USA Swimming for Misconduct twice.
Phelps was violating the code of conduct after having been arrested for driving under the influence. A day after, Phelps submitted himself to a six-week treatment following a 6-month suspension.
Phelps was also charged with excessive speed and crossing double lane lines within the Fort McHenry Tunnel on I-95 in Baltimore, according to the Maryland Transportation Authority Police. He was allegedly driving at 84 mph in a 45-mph zone.
This is not the first time this veteran swimmer has been suspended.
Scandal: Phelps photographed using a Marijuana Pipe
In 2009, a photo surfaced of Phelps with a marijuana pipe at a party.
He was suspended for three months.
What a dope, indeed!
Let’s listen to what he had to say:
“I’m not perfect. Nobody is.
I will be the first one to admit a mistake when it’s made.
That’s the only way you are able to move on and learn from that mistake.”
“By no means has my life been absolutely perfect.”
That’s okay champ, only human – we feel you!
How Michael Phelps Spends His Money
Phelps is a man of both charity and comfort – a good mix.
Phelps loves to splurge on luxury vehicles; he owns a Cadillac Escalade, a Mercedes-Benz SL63, a BMW 760Li, and a classic Range Rover – among others.
Phelps has spent his money on charitable efforts too. He started his foundation and worked with Colgate (CL) on a hallmark campaign about water conservation called “Save Water.”
What a perfect match for Phelps!
He has hard-not-to-spend hobbies too.
Including golf, travel, video games, spending time with his family, and he continues to build his self-proclaimed “water brand” as an ambassador throughout the world.
Michael Phelps Houses
Paradise Valley, Arizona
Michael Phelps bought a home in Arizona in 2015 for $2.5 million. He sold the same property for an estimated $3.5 million in 2018.
Phelps and his family decided to remain in Paradise Valley, buying a new 10,000-square-foot home, also in 2018.
Phelps also sold his Baltimore townhouse for $916,000 in July of 2016.
Unassuming on the outside, but a treasure within!
The house features Stainless steel appliances, polished hardwood floors, and fancy sliding doors.
That sleek interior paired with the color of the wood and monochrome gave it a beautiful pop!
Michael Phelps Cars
Fun Facts About Michael Phelps
He is sometimes referred to by the nickname MP or The Baltimore Bullet (Baltimore from his hometown). At the Beijing Olympics fans called him the Deep Sea Frog and Half-man Half-fish. His teammates called him “Gomer”.
- Michael eats around 12,000 calories every day. That’s a lot of scran!
- He received a $1M bonus from Speedo for winning 7 gold medals in one Olympics.
- At 15 years, 9 months he was the youngest male swimmer to break a world record in swimming.
- Micheal Phelps attended the University of Michigan (Ann Arbor), following his longterm coach Bob Bowman, where he studied sports management and marketing.
- He was the first American male swimmer to earn a spot on five olympic teams.
- He is considered by many to be the greatest swimmer in history – the 35-year-old Maryland native won 28 Olympic medals between 2004 and 2016 — 23 gold medals, three silver medals and two bronze medals.
Michael Phelps Philanthropy:
Michael Phelps Foundation (MPH)
“Our mission is to promote water safety, healthy living, and the pursuit of dreams.”
With the help of Michael Phelps Swimming and KidsHealth.org, MPH developed a signature program back in 2009. It was called IM and is named after Michael Phelps’ signature event, Individual Medley.
IM is a program for water-safety, goal-setting, and physical and mental wellness for Special Olympics International athletes and members of the Boys & Girls Clubs of America.
That’s not all…
Michael also launched the Level Field Fund in 2010 together with his fellow Olympians Ross Powers, Lenny Krazelburg, Daron Rahlves and Seth Wescott. It’s a grant-giving program for talented athletes in need of funding.
They also organized Caps for a Cause. It’s a fundraising program to support other non-profit organizations for the greater good of sports that encourages children to have healthy and active lifestyles.
5 Lessons For Financial Freedom (etc.) From Michael Fred Phelps
- Start with the basics. Your steps may be small, but at least make sure they’re in the right direction.
- Avoid alcohol. It’s a long term depressant. If you want to succeed, give up your vices.
- Reach out. Share the burden with people you trust.
- Rule yourself.
- Finish. Set a goal, finish it. Be stubborn – like Phelps.
This sporting legend has something to say to those who aspire to be better.
Check this out:
If I set a goal, I will rule myself until the end. I’m a little stubborn like that.
There have been hundreds of times when I wanted to quit, but I didn’t.
I wanted to quit when I was in college, but I didn’t.
I wanted to quit when I first started my business, but I didn’t.
I wanted to quit being a mother at 4 a.m. with a screaming child, but I didn’t.
There have been plenty of projects and ideas that never have seen the light of day, but that doesn’t stop me.
For the first time, it dawns on you:
The type of discipline and grit it took for Michael to get where he is now.
Could you handle it?
Frequently Asked Questions (FAQs)
Who is the richest swimmer in the world?
None other than our guy, Michael Phelps.
Who is the greatest Olympian of all time?
Surprisingly, it’s still Michael Phelps. Not only the “most decorated” but Phelps is known to be the “greatest.”
What happened to Michael Phelps?
The now-retired Phelps has made it clear that he has no plans to return to the pool for the next Olympics. And for now, he’s serious. Michael Phelps competing in the Olympics is a thing of the past.
What disease does Phelps have?
Marfan syndrome. Marfan syndrome is an inherited disorder that affects connective tissue — the fibers that support and anchor your organs and other structures in your body.
Who is Phelps married to?
Michael married Nicole Johnson, former Miss California USA, on June 13, 2016.
How many gold medals did Phelps win in Rio in 2016?
He won five gold medals and one silver medal in Rio. Despite his numerous gold medals and records, Rio was the first Olympics where he was a team captain.
Did Michael Phelps compete in the 2021 Tokyo Olympics?
Sadly, he has hung up his swimming cap and will not be competing in any more Olympic Competitions.
Summary: Michael Phelps Net Worth
Bottom line is: Michael remains unrivaled in athletic success. He is one of the highest paid athletes of all time, with his total net worth of $80 million, and has delighted his many swimming fans.
I love getting into the mindset of an athlete and his focus to be better.
It got me hooked…
…how even the top disciplined gameplayer like Phelps also had his struggle with depression.
The grid, the push, the consistency; everything made his journey beautiful.
By any measure, Michael truly is a great success. A legend in the world of Swimming.
His 100 and 200-meter butterfly are stamps in the world records that will no doubt prove very hard to beat!
I’m sure there’s a lot we can learn both from his mistakes and his successes.
I hope you enjoyed this article – you might also want to check out Michael Phelps’s Bounce Mojo Bio, and the best Michael Phelps memes.