Michael Phelps is the most decorated Olympian of all time, as well as one of the highest-paid athletes in the world.
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.
Before boosting bonus payouts in 2017, the United States Olympic Committee (USOC) used to provide $25,000 for each gold medal, $15,000 for silver, and $10,000 for bronze. Phelps earned around $600,000 just for competing in the Olympics.
Performances at the games?
According to the South China Morning Post, the majority of Phelps’ income, predicted to be about $80 million by 2020 Celebrity Net Worth, comes from his brand image and sponsorship deals, which net him around $9.8 million each year. According to the publication, the retired Olympic swimmer has endorsement deals with Colgate, Kellogg, Louis Vuitton, Omega, Speedo, Under Armour, and Visa.
Book and film partnerships, speaking engagements, and his social media sites, where he has over 5 million followers across platforms, all contribute to his revenue.
When he was only 15 years old, he made his maiden international debut at the Sydney Summer Games in 2000.
He didn’t win any medals at the time, although he did finish sixth in the race. Phelps earned a reputation for himself at the 2001 spring nationals in Texas, when he became the youngest male swimmer in history to set a world record at the age of 15 years and 9 months. In the 200-meter butterfly, he broke Tom Malchow’s previous record, which he set in 2000.
At the 2001 World Championships, where he earned his first international medal, the swimmer beat his own record.In Athens in 2004, Phelps continued his dominance by earning six Olympic gold and two silver medals.
Four years later, in Beijing, the swimmer earned eight more gold medals, breaking the record for most gold medals won in a single Games, which was previously held by swimmer Mark Spitz, who won seven gold medals in the 1972 Games.
According to the Olympics website, Phelps continued to win medals throughout the years, including seven at the 2012 London Olympic Games and six at the 2016 Rio Olympic Games, which marked his final appearance on the world stage.
Phelps announced his retirement in August 2016 after achieving the most world records of all time with 39. He now works for his own humanitarian foundation, which is dedicated to children’s mental health.
Phelps, who suffers from depression and ADHD, announced a relationship with Talkspace, a New York City-based online and mobile treatment startup, in 2018.
I believe I’ve been depressed after every Olympics in which I’ve competed.” In an interview with Talkspace, Phelps remarked, “For a long time, I only regarded myself as a swimmer, not a person.”