Olympic legend Michael Phelps has often been hailed as the greatest athlete of all time. Despite all the wins (28 Olympic medals, 23 of them gold) and accolades, the 31-year-old swimmer just sees himself as exactly that – a swimmer. Looking back on his career, Phelps said, “I only saw myself as a swimmer. That’s it. Nothing else. I had no self-worth, no self-love; I was just like, ‘Yeah, I’m just a swimmer, I don’t have anything else.’”
So how much is this “mere” swimmer worth?
Michael Phelps Net Worth as of 2019: $55 Million
Micheal Phelps began swimming at the age of seven. Eight years later, he made the U.S. Summer Olympic Team in 2000, at just 15-years-old. Phelps was the youngest person to make the team in 70 years. He may not have won a medal in Sydney, but he definitely caught the eye of the world as “one to watch” in Athens.
By his second and third Olympic games, he was hauling home medals like it was nobody’s business. Phelps won 17 medals including six gold and two silver at Athens and scored eight gold in Beijing, the latter of which broke the record set by Mark Spitz for most gold medals won in a single Olympics competition.
At the end of the 2008 Olympics in Beijing, his incredible performance sent international media outlets into overdrive. Smashing world records seven times over, Michael Phelps became the biggest swimming star the world had ever seen.
Phelps earned an estimated $7 million annually in the years following Beijing, mainly from endorsements. To make ends meet, he also took on side gigs, one being swimming a few laps at a party for a small fee of $100,000.
After the Beijing Olympics in 2008, Phelps received a $1 million bonus from his sponsor Speedo for his spectacular performance. He used the money to found the Michael Phelps Foundation, which helps kids get into swimming.
The successes didn’t stop there for him. At the 2012 London Olympics, Phelps won another four gold medals and two silver medals, and he earned a reputed $12 million in annual sponsorships in the years following the games. Visa, PowerBar, Omega, Subway and Speedo are just some of the brands Phelps repped. His agent once speculated he could earn $100 million from endorsements.
In the realm of real estate, Phelps sold his Baltimore condo in 2009 for $1.5 million and bought an impressive Newport Beach, California mansion for an undisclosed price. Rumor has it the seaside home cost the swimmer at least $8 million.
After bagging 22 Olympic medals (18 of them gold), Phelps announced his retirement in 2012, got married and had a baby.
Only a few short years after retiring after the London 2012 games, Michael Phelps is coming back to the pool. Still the world-record holder for the 100m butterfly (49.82 seconds), 200m butterfly (1:51.51), 400m individual medley (4:03.84), as well as the 4x100m (3:08.24) and 4x200m freestyle (6:58.55) relays, the greatest swimmer of all time is coming for the gold in Rio 2016.
“I’m 30 years old and swimming almost faster than I ever have before,” he warned.
Phelps would dominate at Rio, medaling in all six of his events. He brought home five gold medals and a silver medal to cap off the most decorated Olympic career of all-time.
Considered one of the greatest Olympic athletes of all times, Michael Phelps will be participating at the Annexus Pro-Am at the Waste Management Phoenix Open.
Retired from swimming Michael Phelps is working with Colgate’s Save Water campaign aiming to reduce water consumption by 50 billion gallons per year.