Here, We will discuss one of the Top 10 richest Olympians of 2021, “Michael Phelps Net Worth”. Michael Phelps is the most decorated Olympian of all time. Moreover, he is one of the highest-paid athletes in the world. As everyone knows, the Olympics are the pinnacle of a sportsman’s achievements. Consider this athlete, who has won 28 Olympic medals, 23 of which are gold. This is Michael Phelps, who has excelled everyone’s lofty expectations.
He is an inspiration for all young athletes who strive to be world champions. Michael is among one of the legends of the Olympics. It is humanly superlative and amazing to see him swim. Without blinking an eye, the gold champion can stay under the water for a good minute. Fans frequently compare him to a merman since his mannerisms are unmatchable by any other human being.
Athletes in the United States are not paid directly for competing in the Olympics. Meanwhile, a modest stipend is available for gold winners. Even when the Olympic games are gone, supernovas like Phelps make millions in indirect income. He majorly generates his income through corporate sponsorships, book and film agreements. Personal appearances and social media engagement also add a lump sum to his fortune.
At the age of 15, Phelps competed in his first Olympics as a member of the United States men’s swim squad. In the 200-meter butterfly, he came in fifth place. Michael set his first of several world records at the age of 15 years and 9 months. He broke his 200-meter record and won world champion for the first time in his career at the World Championships in Fukuoka. In his swimming style, he is known for using various strokes such as freestyle, individual medley, backstroke, and butterfly. At the age of 28, he became the first American male swimmer to gain a position on five Olympic teams. Also, he is the oldest individual gold medallist in Olympic swimming history. Many believe the 35-year-old Maryland native to be the greatest swimmer of all time, with 28 Olympic medals – 23 gold, three silver, and two bronze – won between 2004 and 2016.
Phelps retired after the 2012 London Olympics. Besides, he returned for the 2016 Rio de Janeiro Olympics before resigning once more. For instance, the 28-time Olympic medalist has stated that he has no aspirations to return to swimming. He is currently employed as a mental health advocate. Michael Phelps joined the board of directors of Medibio, a firm that specializes in the detection of mental health issues, in 2017. Furthermore, he has also partnered up with Colgate to promote water conservation. Also, he is part of Talkspace, an app that connects users with qualified therapists.
Michael Phelps Net Worth in 2021
As of 2021, Michael Phelps’s net worth is estimated to be $80 million. His total career earnings are estimated to be around $1.9 million. But it’s through his brand image that he makes the greatest money – roughly $9.8 million per year. The retired Olympic swimmer has endorsement agreements with Colgate, Kellogg, Under Armour, Louis Vuitton, Omega, Speedo, and Visa, according to the publication.
In other words, while swimming helped Michael Phelps achieve championship success. It was the following public branding and sponsorship deals that helped him acquire his current net worth of millions of dollars. Apart from this, he has been also a part of some controversies. In 2004, he was arrested in a Drunk and Drive case, for which he was sentenced to an 18-month probationary period. In 2009, a photograph of Michael using a bong went viral, which resulted in the termination of his employment with the Kellogg Company.
The HBO film, which also stars Lolo Jones, skier Bode Miller, snowboarder Shaun White, and figure skaters Sasha Cohen and Gracie Gold, has the Olympic icon as narrator and executive producer. The publication of Michael Phelps’s documentary ‘Weight of Gold’ was one of the big events for him in 2020. The one-hour documentary explores the athlete’s post-Olympic melancholy. It is intended to serve as a wake-up call to the United States federations and the Olympic and Paralympic Committee.