Michael Phelps' Net Worth After Winning 28th Olympic Medal at Rio 2016: The Legendary Swimmer's Career Earnings & Endorsement Deals
After wrapping his Rio 2016 Olympic stint with six medals, American swimmer Michael Phelps has cemented his record as the most decorated athlete in the history of the international sporting event. The legendary swimmer now holds a total of 28 Olympic medals, with 13 gold medals from individual events, and 10 gold medals from team races.
After winning his 28th Olympic medal at the Rio games, the net worth of the 31-year-old swimmer is expected to rise with the incentives and endorsement deals that are coming in. Before Rio games, he is already the richest swimmer alive.
Phelps' Net Worth
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Per Money Nation, as of Aug. 10 this year, Phelps' net worth is at $44.3 million. Ninety eight percent of his earnings came from endorsement deals, while the remaining two percent came from swimming competitions.
According to the website, Phelps' net worth is 65 percent bigger than the net earnings of two-time NBA MVP Stephen Curry and 38 percent bigger than the net income of U.S. presidential candidate Hillary Clinton. It is also 651 times bigger than the net worth of a typical American family.
FX News Call projected that Phelps' Under Armour sponsorship deal alone pays him $5 million. He has also signed lucrative endorsements deals with popular brands like Speedo, Louis Vuitton, Visa, Omega watches, HP, Head and Shoulders, Hilton Hotels, Kellog, and Procter & Gamble, among others.
Moreover, Celebrity Net Worth has a higher projection on Phelps' net earnings. The website estimated that prior to the Rio 2016 Olympics, the legendary swimmer's net worth has already mounted to $55 million. Most of these earnings came from his lucrative post-Olympics career, where he attracted dozens of sponsors and appeared in various commercials.
More Earnings Are Coming
The medals earned by Phelps during his fifth Olympic appearance at the Rio games are expected to boost his net worth. Moreover, the legendary swimmer has earned five gold medals and one silver medal.
Per Forbes, American athletes who won medals at the Rio games will receive cash incentives from the U.S. government. At the top of that, according to Time, the actual medal has its value. A gold medal, which is made up of some 24-karat gold, sterling silver and copper that costs around $366.
Aside from the actual value of Phelps' Olympics medals and the incentives from the government, Phelps is also expected to receive cash rewards from his present endorsement deals. Speedo, his sponsor in the 2008 Olympics, reportedly gave him $1 million bonus after a successful run in the event.
