Michael Phelps Net Worth 2024: The World’s Greatest Olympian’s $100 Million Fortune

Michael Phelps is a retired American Olympic swimmer with an impressive athletic career but he’s much more than just an athlete.

He has proved himself to be a talented investor, influential philanthropist, skilled negotiator, and even an actor at times. To date, he remains the most decorated Olympic athlete, described as “arguably the greatest Olympian ever”.

In 2024, Michael Phelps’ net worth is estimated at $100 million.

Throughout his career, Phelps won a total of 28 Olympic gold medals, holds several all-time records, and has been written into the Guinness Book of Records on numerous occasions. No other athlete has even come close to his success.

In this article, we’ll delve deeper into the story and success of Michael Fred Phelps, as well as uncover the main sources of his wealth.

6 Fun Facts about Michael Phelps

1. Early Life: Born on June 30, 1985, in Baltimore, Maryland.
2. Olympic Career: Won a total of 28 Olympic medals, including 23 golds, making him the most decorated Olympian of all time.
3. Endorsements: Major deals with brands like Speedo, Under Armour, and Visa.
4. Business Ventures: Invested in Talkspace and launched a video game and swim school.
5. Philanthropy: Founded the Michael Phelps Foundation to promote swimming and healthier lifestyles.
6. Personal Life: Married to Nicole Johnson with four sons and is involved in mental health advocacy.

Michael Phelps’ Net Worth: Full Breakdown

For the most part, we uncovered that Michael Phelps’ net worth comes from his endorsement deals, which earn millions of dollars each.

He’s also gained a significant sum from sponsorship deals and in prize money, reaching $100 million to date.

While some of the details remain undisclosed, we’ve managed to find sufficient data to create a detailed breakdown of Phelps’ fortune:

Early Life and Education

Michael Fred Phelps II was born on June 30, 1985, in Baltimore, Maryland. He is the son of Deborah, a middle school principal, and Michael Fred Phelps, a former state trooper.

Phelps is the youngest of three children.

When he was nine years old, his parents divorced and his father subsequently remarried six years later.

The divorce had a bad impact on the children, and they had a distant relationship with their father for a few years afterward, as he shared in one of his books, Beneath the Surface: My Story.

Michael Fred Phelps II was raised in the Rodgers Forge neighborhood in Towson and attended Rodgers Forge Elementary before he enrolled at Dumbarton Middle School. He then continued his education at the Towson High School.

Phelps learned how to swim at the age of seven, influenced by his older sisters who were very passionate about the sport. In 2016, after his retirement, he shared that he didn’t initially want to be a professional swimmer:

The only reason I ever got in the water was my mom wanted me to just learn how to swim. My sisters and myself fell in love with the sport, and we decided to swim

However, swimming rapidly turned into his passion. By age 10, Phelps already held a national record in the 100-meter butterfly in his age group. At this point, he was training at the North Baltimore Aquatic Club under coach Bob Bowman.

Phelps’ Personal Life

When he reached sixth grade, Michael Phelps was diagnosed with ADHD, though this never stopped him from building his incredible career. He also struggled with depression at one point and shared that he contemplated suicide after the 2012 Olympics.

People have described Phelps as solitary and very focused; a person who often preferred solitude instead of social group activities. His last Olympics in 2016 was the first time he ever walked in the Opening Ceremony.

Michael Phelps married former Miss California USA Nicole Johnson in 2016 in a secret wedding. They met in 2007 and, after a few breakups and reconciliations over the years, got engaged in February 2015. The Phelps’ chose not to report the marriage to the public until four months after the wedding.

Today, the couple has four sons: Boomer Robert Phelps (2016), Beckett Richard Phelps (2018), Maverick Nicolas Phelps (2019), and Nico Michael Phelps (2024).

Michael Phelps Net Worth: Becoming the World’s Greatest Olympic Athlete

Swimming might not have been Phelps’ dream when he was a kid, but when he started swimming, his talent was hard to miss.

He fell in love with the sport and made the US Summer Olympic Team at 15. Even though he didn’t win a medal, he finished fifth in the 200-meter butterfly, marking a successful start to an amazing career.

The Beginning of Phelps’ Swimming Career

Since he was 11 years old, Phelps trained under Bob Bowman, a professional swimmer who swam for Florida State University between 1983 and 1985.

After the 2004 Summer Olympics, Bob Bowman became the head coach of the University of Michigan, and Michael Phelps subsequently joined him at the school to train.

He attended classes at the University of Michigan for four years but never pursued a degree, working as a volunteer assistant coach with his mentor.

Four years later, Bowman returned to Baltimore and took the CEO role at the North Baltimore Aquatic Club, and Phelps returned with him. He moved with his coach again in 2015 to keep training together when Bowman was hired as the swimming coach at Arizona State University.

“Training with Bob is the smartest thing I’ve ever done… I’m not going to swim for anyone else,” Phelps shared.

Breaking His First Records

When Michael Phelps qualified for the 2000 Summer Olympic team at 15, he was the youngest male swimmer since Ralph Flanagan in 1932 to achieve this in 68 years.

A year later, at the World Championship Trials for the World Aquatics Championships in March, Phelps broke his first world record in the 200-meter butterfly, becoming the youngest male swimmer ever to set a world record.

National and Pan Pacific Championships Triumphs

At the 2002 Nationals in Fort Lauderdale, Florida, Michael Phelps showcased his exceptional talent when he set an American record in the 200-meter individual medley, narrowly missing the world record in the 200-meter butterfly.

In the 400-meter individual medley, he passed Tom Dolan’s world record, finishing just ahead of Erik Vendt. Despite his dominance, Phelps was defeated by Klete Keller in the 200-meter freestyle but beat Ian Crocker in the 100-meter butterfly.

In the same year, Phelps competed in the Pan Pacific Championships in Yokohama, Japan, where he secured three gold medals and two silver medals, winning the 400-meter individual medley and the 200-meter individual medley.

At Nationals, Michael Phelps won the 200-meter freestyle, 200-meter backstroke, and 100-meter butterfly, an achievement that made him the first American swimmer to do this in three different strokes.

At the 2006 Pan Pacific Swimming Championships in Victoria, British Columbia, Michael Phelps continued his dominance, winning five gold medals and one silver.

Two years later, he once again competed at the 2010 Pan Pacific Swimming Championships and showcased his dominance once again.

Despite a mixed performance at the National Championships that year, Phelps rebounded at Pan Pacs by winning a gold medal in the 200-meter butterfly, setting a championship record.

Michael Phelps’ Success at the World Championships

At the 2003 World Aquatics Championships, Michael Phelps won four gold medals and two silver medals, breaking five world records along the way. He helped the US team win the 4×100-meter medley relay and earn silver in the 100-meter butterfly while setting new records for the 400-meter individual medley and 200-meter individual medley.

Two years later, at the World Aquatics Championships in Montreal, Michael Phelps won six medals: five gold medals and one silver medal, setting an American national record in the 200-meter freestyle.

At the 2007 World Aquatics Championships, Phelps achieved an unprecedented feat by winning seven gold medals and breaking five world records. The performances this year solidified his legacy as one of the greatest swimmers in history.

Phelps was very successful in the 2009 World Championships as well, despite facing challenges such as competitors in advanced swimsuits.

That year, he won a total of six medals: 5 gold medals and 1 silver medal. His journey included setting a new world record in the 100-meter butterfly and becoming the first man to break the 50-second barrier in the event.

Next, at the 2011 World Championships in Shanghai, Phelps won a total of four gold medals, 1 silver, and 1 bronze.

Success in the Olympic Games

In 2004, at the Olympic Team Trials, Phelps competed in six events and qualified for five, setting a world record in the 400-meter individual medley.

The 2004 Summer Olympics took place in Athens, where Michael Phelps won six gold medals and two bronze medals. Despite finishing third in the 200-meter freestyle, his performance was selected as second-best in Olympic history, putting him right behind Mark Spitz’s seven gold medals in 1972.

The 2008 US Olympic Team Trials saw Michael Phelps win all six individual events he competed in, set several world records, and set the stage for his performance at the Beijing Olympics.

Then came the 2008 Beijing Olympics, where Michael Phelps achieved historic success by winning eight gold medals, surpassing Mark Spitz’s record of seven golds in a single Olympics. To date, he is the athlete with the most Olympic gold medals won in a single year.

“Records are always made to be broken no matter what they are… Anybody can do anything that they set their mind to,” Phelps said upon completing the Olympic games and winning the most gold medals in history.

His performance during the 2008 Olympics made him a swimming legend, marking the biggest success in his career.

At the 2012 Summer Olympics in London, Phelps concluded his Olympic career with a remarkable performance, this time winning a total of 6 medals, out of which four gold medals and two silver medals.

This performance made him the most successful Olympian of all time, having won the most Olympic gold medals in history – 18 in total. He has also won the most medals of all colors in Olympic history – 22.

Phelps Decides to Retire from Swimming

Following this success, Phelps decided to retire from competitive swimming. “I’m done. I’m finished. I’m retired. I’m done. No more,” and that “I just wanted to be done with swimming and didn’t want anything to do with the sport anymore,” he said.

Comeback from Retirement

Even though Michael Phelps retired in 2012, he eventually came back to the pool – before retiring once again in 2016.

In April 2014, he announced that he was coming out of retirement and would enter a swimming event later the same month. In May, he won the 100-meter butterfly event at the Arena Grand Prix in North Carolina.
Since he retired and because of a DUI, he was dropped from the team for the 2015 World Aquatics Championship. He instead competed in the US National Championship in San Antonio and won three gold medals, swimming the fastest time in the world in each of the events for 2015.

In December of the same year, Phelps competed at the Winter Nationals in Federal Way, winning titles in three events in a long course, which brought his career to 62 national titles in total.

In 2016, the time came for the Summer Olympics. During the US trials in Omaha for the Olympic games, Phelps became the first American male swimmer to qualify for a fifth Olympics – and the second American swimmer overall for the same qualification.

The 2016 Olympic Games took place in Rio De Janeiro, where Michael Phelps was chosen to be the American flag bearer at the opening ceremony, the only ceremony he ever attended. He was also voted as one of six team captains for the US delegation to the Olympic games.

Phelps’ performance at the Rio de Janeiro Olympics marked a historic conclusion of his very successful swimming career. He won a total of five gold medals and one silver medal, adding to his already impressive tally.

Michael Phelps’ Career Earnings, Milestones and Records

Michael Phelps has earned a fortune throughout his career, including substantial prize money from the Olympics. He reportedly made $640,000 in prize money.

To date, Michael Phelps is the most decorated Olympic athlete in history with the most gold medals won (23) and the most medals won overall (28) across his career.

Phelps has set 39 world records to date, 29 of which are individual records, more than any other swimmer recognized by FINA.

In addition to this, Michael Phelps holds 20 Guinness World Records, the highest number of such records held by an athlete.

These include:

• Most world records set for swimming (male)
• Most medals won at the FINA Swimming World Championships
• Most individual swimming Olympic gold medals
• Most Olympic gold medals in team swimming
• Most Men’s World Swimmer of the Year Awards
• Most medals won at the Olympics for swimming (male)
• Most Olympic golds at one Games (male)
• Most Gold medals won at the Olympics for an individual event (male)

Awards and Accolades

In 2004, a street in Baltimore, Phelps’ hometown, was renamed The Michael Phelps Way. In 2009, Phelps was honored for his Olympic accomplishments by the Maryland House of Delegates and the Maryland Senate.

In addition to these accolades, Phelps has received the following:

• Swimming World’s World Swimmer of the Year Award – won eight times
• Swimming World’s American Swimmer of the Year Award – won eleven times
• Golden Goggle’s Male Performance of the Year award – won six times
• Fédération Internationale de Natation Swimmer of the Year award – won two times since 2010
• Golden Google’s Relay Performance of the Year award – won five times since 2004
• Swimming News website SwimSwam Swammy Award for Male Swimmer in 2016
• Golden Google Impact Award in 2016
• USOC Sportsman of the Year Award – won four times
• Sports Illustrated Sportsman of the Year award in 2008

Philanthropic Endeavors

In addition to being a world record holder and the most famous swimmer across the globe, Michael Phelps is known for his philanthropic endeavors. After the 2008 Summer Olympics, he started the Michael Phelps Foundation. He initially used his $1 million Speedo bonus to set up this foundation.

The Michael Phelps Foundation is focused on growing swimming and promoting healthier lifestyles.

In 2010, the foundation, the Michael Phelps Swim School, and Kidshealth.org partnered to develop and organize the “im” program for Boys & Girls Club members. The program teaches children the importance of health, with a focus on swimming, and is offered through the Boys & Girls Clubs of America.

Since then, the Michael Phelps Foundation has developed two other programs:

• Level Field Fund-Swimming
• Caps-for-a-Cause

When Phelps announced his retirement after the 2012 Olympic Games, he shared that he hoped to focus more on his foundation. Following his second retirement, he joined the board of Medibio, a company focused on mental health disorders and their diagnosis.

What Else Does Michael Fred Phelps II Earn Money From?

As you’d assume, most of Michael Phelps’ net worth comes from his success as a professional swimmer and Olympic athlete.

However, he has made the bulk of his fortune from endorsements, being put in the spotlight for decades. In addition to this, the famous American male swimmer has a lot invested in real estate, which we’ll discuss shortly.

Endorsement Deals

Michael Phelps has consistently maintained a highly profitable endorsement portfolio, even after retirement. He has signed many endorsement deals with major brands over the years, though the financial details of most of those deals remain undisclosed to the public.

These are some of the brands Phelps has partnered with so far:

• Subway
• Speedo
• Visa
• Under Armour
• AT&T
• PowerBar
• Colgate
• Kellogg’s
• Louis Vuitton
• Silk

 

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We did manage to find some details about these endorsements, though, which would indicate that Phelps is earning millions of dollars per contract on average.

For instance, his Speedo endorsement deal was worth $1 million, as previously mentioned.

He earned $5 million from the Under Armour endorsement, according to swimming news website Swimswam.

In total, it is estimated that Phelps earned over $75 million from endorsement deals and sponsorship alone. Other sources estimate that he continues to make around $10 million per endorsement.

Other Investments

Michael Phelps has invested in at least one brand to date, the mental health startup Talkspace.

Video Games

In 2011, a video game featuring the famous swimmer was released for Xbox 360 and Kinect by 505 Games. It was titled Michael Phelps: Push the Limit.

On-Screen Appearances

Another way Phelps has increased his net worth has been through TV appearances, although the details of his earnings from this haven’t been disclosed.

He was part of a competitive golfing show titled The Haney Project, and guest-starred in an episode of the drama Suits alongside Meghan Markle, among other appearances.

Authorship

Among his investments and other roles, the most decorated Olympian is also a published author. To date, he has published two bestselling autobiographies:

• Beneath the Surface: My Story in 2004
• How to Train with a T. Rex and Win 8 Gold Medals in 2009

Real Estate

In 2007, Phelps spent $1.69 million on a Baltimore condo, which he sold for $1.25 million after the housing market crash. For four years afterward, he lived in a townhouse in the Canton neighborhood, but he sold that property in 2016.

In December 2015, Phelps and his family relocated to Paradise Valley in Arizona with the purchase of a $2.5 million property. Phelps later sold the home for $3.5 million.

He eventually replaced it with another property in Paradise Valley, where he lives today. The value of his home is not known.

What Can We Learn from Michael Phelps’ Story?

Michael Phelps’ journey teaches us several key lessons. From his record-breaking achievements and Olympic success to his resilience and partnership with longtime coach Bob Bowman, Phelps exemplifies the power of dedication and loyalty in achieving greatness.

The athlete’s story underscores how setting – and surpassing – world records requires unwavering commitment and hard work.

Additionally, his ability to consistently qualify for Olympic teams and win his eighth Olympic gold medal in 2008 illustrates the enduring impact of skill and perseverance in athletic careers.

Michael Phelps’ philanthropic efforts and diversification beyond swimming highlight his broader impact and vision.

Through his foundation, Phelps aims to make a positive difference in communities, showing us that famous people can leverage their platform for significant social impact.

Phelps’ endorsement deals demonstrate the importance of aligning with brands that reflect your image and value. This alignment not only enhances your personal brand but also reinforces credibility and authenticity. Not to mention, endorsements make for the bulk of Phelps’ net worth.

Finally, going beyond sports, Phelps has invested in other businesses, as well as published two books, which helped him diversify his income streams and build more financial stability.