A 16-year athletic career as the king of the pool led Michael Phelps to a net worth of $55 million and a world record 28 Olympic gold medals to his name. The most decorated Olympian in history was born in Baltimore, Maryland. The youngest of three, he started swimming at age seven. Three years later, he set one of his many records, breaking a national record in the 100-meter butterfly.
Pay the Price
The cost of a swimming membership can range from $1,500 to $3,000. Equipment can cost $500 while trips weigh in at $4,000 to $5,000 per trip. Add expenses like physical therapy and sports psychology, and you’ve got a sizeable chunk of “skin in the game.”
Endorsements and Sponsorships
Michael earned $7 million annually in the years after the Beijing Olympics. The majority of these earnings were from sponsorships and endorsements. After the 2012 Olympics, his annual earnings from sponsorships and endorsements reportedly rose to $12 million. Name a well-known brand, any brand, and you’ll probably find Michael on their radar.
His endorsement and sponsorship deals are from the likes of Louis Vuitton, Subway, and Omega. While most deals are not disclosed, there were reports that Michael’s Under Armour deal was worth $5 million.
Records Broken, Merits Earned
Michael’s endorsements are the product of countless hours in the swimming pool and almost the same number of records. At age 15, he qualified for the USA Olympic swimming team, becoming the youngest to qualify for the team in 68 years. A year later in 2001, he became the youngest male to set a swimming world record, breaking the 200-meter butterfly in the World Aquatics Championship Trials. Two years later in 2003, he went on to break five world records in the 2003 World Aquatics Championships.
His Name Is His Name
He reportedly earned $1 million from Speedo for breaking Mark Spitz’ record. When Spitz was 22, he participated in his second Olympics, winning seven gold medals, breaking the world record in each event. At 23, Phelps won eight golds and set seven world records.
His greatness is written in gold-18 Olympic medals. Now Michael is focusing his time raising and inspiring the next generation of Olympic medalists. When he’s not doing that, he’s purchasing a $2.5 million home in Paradise Valley, Ariz. The 6,010 home has five bedrooms and of course a pool with a view of the mountains. He later sold the home for $3.5 million after listing it for $4.1 million.
$600 Billion Water Market
Michael has served as a global ambassador on Colgate’s water conservation initiative. He helped to save 2,573,232 gallons of water every day over a year and a half by raising awareness of water scarcity. According to UBS Chief Investment Officer, the global water market is worth over USD $600 billion annually. His dive into water conservation ultimately saves the planet and our economies. Michael says,
‘I am often asked about my keys to success in the pool and people are surprised to hear how much I talk about doing all the small things as part of my preparation that ultimately have a big impact on performance. The same applies to this important ‘Save Water’ campaign as the more we can all practice small behavior changes like turning off the faucet while brushing your teeth, the bigger collective impact we can make in conserving our water usage.’