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What Is Michael Phelps’ Net Worth and Salary?
Retired American Olympic swimmer and $100 million-plus corporate spokesman Michael Phelps is a multimillionaire. As the most decorated Olympian in history, Michael Phelps currently has 28 Olympic medals to his credit (23 of them gold) Many people consider him to be the best swimmer ever.
Early Life
In Baltimore, Maryland, Michael Fred Phelps II was born on June 30, 1985. Deborah, a middle school principal, and Michael Fred Phelps, a retired state trooper, had three children, the eldest of whom is him. When he was nine years old, his parents divorced, and his father remarried. Divorced father-son relations have been called “strained” by Phelps. He graduated from Towson High School in 2003, which is located north of Baltimore.
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Career
Having started swimming at the age of seven, Michael was quickly recognized by adults as a talented swimmer. In 2000, at the age of 15, he tried out for and was selected to the United States Olympic Team for the Summer Games in Sydney, Australia. He didn’t win a medal at the Sydney Olympics, but he finished fifth in the 200-meter butterfly finals.
During the spring of 2001, Phelps set a world record in the 200-meter butterfly, becoming the youngest male swimmer in history to do so. A bronze medal at the 2001 World Championships was his first taste of international success. Immediately following his high school graduation, Phelps broke five world records in the swimming pool. Phelps studied sports management and marketing at the University of Michigan in Ann Arbor, following his longtime coach Bob Bowman. At the same time, he was breaking world records at the Pan Pacific and World Championships every year.
Six gold and silver medals in Athens and eight gold medals in Beijing were Phelps’ total medal haul in his next two Olympic appearances. After winning eight gold medals at the 2008 Beijing Olympics, Phelps broke Mark Spitz’s record for the most gold medals won in a single Olympics competition. In the 100-meter butterfly, he set a new world record in 2009 by going 5.5 miles per hour.
Allllll day!!
They ask about your brothers and your dad 🤣🤣 https://t.co/qd7OeH6il1
— Michael Phelps (@MichaelPhelps) May 19, 2022
He won four gold medals and two silver medals at the 2012 Summer Olympics in London, where he competed. Phelps hinted at retirement after the London Olympics, but he competed in the Mesa Grand Prix in 2014 as the world waited to see if he’d return for the 2016 Summer Olympics. For the 2016 Olympics in Rio, he came out of retirement completely and became the first American male swimmer to be selected to compete on five Olympic teams. That year, he won five gold medals and one silver.
However, Phelps announced his retirement on August 12, 2016, even though there was speculation that he would return for the 2020 Olympics. He currently holds the record for most Olympic medals won by a single athlete. 39 world records have been set by him, the most in history.
Michael has had one of the most lucrative post-Olympics careers in American history as a result of his success. Many companies sponsor him, and he frequently appears in commercials and advertisements around the world. Over the years, he has benefited from sponsorships with well-known brands such as Under Armour, Visa, Speedo, Wheaties, and others.
Endorsements
He’s been in the spotlight for decades and has maintained an impressive list of endorsements throughout that time. Despite his retirement, he still has lucrative deals with companies like:
- Subway
- Visa
- Speedo
- PowerBar
- Under Armour
- AT&T
Michael is an investor in Talkspace, a mental health start-up, as well as one of its main pitch people. Talkspace’s value has fluctuated between $1 and $3 billion over the years.
Personal Life
Phelps has been referred to as a lone wolf, an individualist, and a focused individual. During the Olympics, he gained a reputation for not being a “joiner” and for preferring to spend time alone rather than participate in group activities. In his final Olympics, he walked in the Opening Ceremony for the first time. When it comes to interacting with fans and young children who look up to him as an inspiration, his former coach has described him as “unbelievably kind-hearted.”
On June 13, 2016, Michael wed Nicole Johnson, a former Miss California USA, in a ceremony at the Beverly Hills Hotel. To keep their wedding a secret, they didn’t tell anyone about it until four months later. It has been revealed that the Phelps family has three children: Boomer Robert Phelps, Beckett Richard Phelps, and Maverick Nicolas Phelps (b. 2019). They’re based out of Paradise Valley, AZ. In addition to Bowman, Phelps serves as an assistant coach with the Arizona State Sun Devils.
After competing in the 2012 Olympics, Michael Phelps revealed that he suffers from depression and ADHD and that he once contemplated suicide. As someone who has been candid about his struggles with mental illness, he has become a vocal proponent for others to seek help when they need it. On the board of Medibio, a company specializing in the diagnosis of mental health disorders, he was elected in 2017.
After the 2008 Olympic Games, Phelps used his Speedo signing bonus of $1 million to establish the Michael Phelps Foundation. Health and wellness are the primary goals of the foundation. As a co-founder of a non-profit called Swim with the Stars, he organizes swimming camps for all ages.
Legal Issues
In November 2004, Michael Phelps was arrested for DUI in Salisbury, Maryland. He pleaded guilty and was fined $250, sentenced to probation, and ordered to speak to high school students about the dangers of driving under the influence of intoxicants. After a photo of him smoking a bong was circulated, he lost a sponsorship deal with Kellogg in 2009. In 2014, he was arrested for DUI and speeding again. Due to Michael’s absence from the 2015 World Aquatics Championship finals, the United States failed to make it out of qualifying for the finals that year.
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