Michael Phelps Net Worth: What Is the Fortune of An American Olympic Swimmer?
Net Worth $100 Million.
Michael Phelps Net Worth
Michael Phelps is a former American Olympic swimmer and current corporate ambassador who has accumulated a net worth of one hundred million dollars over the course of his career. Michael Phelps now owns a total of 28 Olympic medals, making him the most decorated Olympic athlete in the history of the games (23 of them gold) There is widespread consensus that he is the best swimmer in the history of the sport.
Michael Phelps Early Life
The 30th of June, 1985 finds Michael Fred Phelps II being born in Baltimore, Maryland. His mother, Deborah, is a principal at a middle school, and his father, Michael Fred Phelps, is a retired state policeman.
He is the youngest of his parents’ three children. When he was nine years old, his parents had a divorce, and his father eventually remarried after a few years. Phelps has stated that the connection that the siblings have with their father after the divorce is one that is difficult. He received his diploma from Towson High School, located just north of Baltimore, in the year 2003.
Michael Phelps Career
At the age of seven, Michael began swimming with the assistance of a coach, and adults immediately noticed his ability for the sport. When he was just 15 years old, he tested out for the United States Summer Olympic Team in the year 2000 and made it onto the team. Phelps did not win a medal during his performance at the Games in Sydney, although he advanced to the finals in the 200-meter butterfly and placed fifth.
When he broke the record for the 200-meter butterfly in the spring of 2001, Michael Phelps became the youngest male swimmer in the annals of swimming history to have achieve a world record. At the World Championships in 2001, he not only beat his personal record, but he also earned his first medal on an international stage. Phelps broke five world records in the months immediately after his graduation from high school.
Phelps followed in the footsteps of his longtime mentor Bob Bowman and attended the University of Michigan in Ann Arbor. There, he majored in both sports management and marketing. Throughout this entire time, he continued to shatter world records on an annual basis at both the Pan Pacific Championships and the World Championships.
Phelps went on to win a total of 17 medals over the course of his next two Olympic competitions: six gold and two silver in Athens, and eight gold in Beijing. Phelps earned an astounding eight gold medals at the 2008 Beijing Olympics, breaking the record previously held by Mark Spitz for the most gold medals won in a single Olympics competition. Spitz had won seven gold medals in his Olympic career. In 2009, he was able to swim the 100-meter butterfly at an incredible speed of 5.5 miles per hour, which enabled him to break the world record.
In 2012, when he competed at the Olympic Games in London, he brought home two gold medals and four silver medals. Phelps hinted about retiring after the London Games; yet, he continued to compete at the Mesa Grand Prix in 2014 as the world wondered about whether or not he will participate in the following Olympic Games. He came out of retirement in its entirety in order to take part in the 2016 Olympic Games in Rio, at which point he established himself as the first American male swimmer to gain a position on five Olympic teams. During that year, he came away with one silver medal and five gold medals.
Although there was speculation that Phelps would return for the 2020 Olympic games, he announced his retirement on August 12, 2016. To date, he has set the record for most medal wins by any Olympic athlete. He has set 39 world records, the most of all time.
Thanks to his success, Michael has enjoyed one of the most lucrative post-Olympics careers in American history. He has dozens of sponsors and frequently appears in commercials and worldwide ads. His sponsorships with popular brands like Under Armour, Visa, Speedo, Wheaties, and others have contributed to his net worth over the years.
Michael Phelps Endorsement
Michael has been in the public eye for three decades at this point, and throughout that time he has managed to keep his endorsement portfolio in excellent shape. Even though he is now retired, he nevertheless maintains lucrative contract relationships with businesses such as:
- Under Armour
In addition to being one of the main pitch people, Michael is also an equity investor in the mental health startup Talkspace. At various times Talkspace has been valued at $1 to $3 billion.
Michael Phelps Personal Life
Phelps has a reputation for being self-sufficient, reclusive, and very focused. During each Olympic competition, he earned the reputation of not being a “joiner” and was known to frequently choose isolation over the opportunity to take part in the activities of social groups.
The Opening Ceremony of the Olympic Games in 2016, his final Olympics, was the first Olympic event he ever walked in. When it comes to connecting with fans and young children who look up to him as a source of inspiration, his former coach has characterised him as “unbelievably kind-hearted.”
On June 13, 2016, Michael wed Nicole Johnson, who had previously held the title of Miss California USA. Their nuptials were held in private, and the news of their marriage did not become public knowledge until almost four months after the ceremony. They are the parents of three sons: Boomer Robert Phelps, who was born in 2016, Beckett Richard Phelps, who was born in 2018, and Maverick Nicolas Phelps (b. 2019). They make their home in Paradise Valley, which is located in Arizona. Alongside Bowman, who was formerly Phelps’ head coach, Phelps is currently serving as a volunteer assistant coach for the Arizona State Sun Devils.
Phelps has been open about his issues with depression and ADHD, and he has stated that he has had suicidal thoughts in the past after participating in the Olympics in 2012. He has not been shy about discussing his problems and has been a vocal supporter of others getting assistance with their mental health when they feel they require it. In 2017, he became a member of the board of directors of Medibio, a company that specialises in the identification of conditions related to mental health.
Phelps used one million dollars from the signing bonus he received from Speedo after the 2008 Olympics to establish the Michael Phelps Foundation. The mission of the foundation is to encourage people to lead healthier lifestyles. He is a co-founder of the charity organisation known as Swim with the Stars, which runs camps for swimmers of all ages.
Michael Phelps Legal Issues
Phelps was stopped for driving under the influence of alcohol in Salisbury, Maryland, in November of 2004 and placed under arrest. After entering a guilty plea, he was ordered to serve probation, pay a fine of $250, and talk to high school students about the dangers of drinking and driving. Because of an image that went viral in 2009 showing him smoking from a bong, he was dropped from a sponsorship arrangement with Kellog.
In 2014, he was taken into custody once more for driving under the influence and speeding. Michael was barred from participating in any events for a period of six months, and his absence from the squad was a contributing factor in the United States’ inability to go to the finals of the World Aquatics Championships in the year 2015.