Michael Fred Phelps
Net Worth: $30 million
Source of Wealth: sports, swimming
Born: June 30, 1985 in Baltimore, Maryland
Nicknames: The Baltimore Bullet; MP; Flying Fish
Phelps began swimming at the age of seven. He competed in the 2000 Summer Olympics in Sydney, Australia, become the youngest male to make a U.S. Olympic swim team in nearly 70 years. While he did not win a medal 2000, he did make the finals.
Michael Phelps became a superstar at the 2004 Olympic Games in Athens, Greece, winning eight medals (six gold and two bronze), which tied with Soviet gymnast Aleksandr Dityatin (1980) for the most medals in a single Olympic Games. At the 2008 Summer Olympic Games in Beijing, China, Michael won eight gold medals, which surpassed swimmer Mark Spitz’s seven-gold performance at Munich in 1972.
How much money does Michael Phelps make?
Entering the 2008 Summer Olympic Games in China, Phelps was reportedly earning an estimated $5 million annually from sponsorship deals from companies like Speedo, AT&T, and Visa. After 2008, his salary increased to at least $6 million a year. Most of his income comes from sponsorships.
In 2008, Phelps was reportedly paid $100,000 just for appearing at a showbiz party, and swimming some laps.
Phelps’ agent, Peter Carlisle, said Phelps could earn $100 million over the course of his lifetime.
Here’s a list of his endorsements:
Speedo USA – maker of swimsuits, a licensed brand of the Warnaco Group Inc.
Visa Inc. – credit card company
Omega – luxury watchmaker that is a unit of Swatch Group AG
Hilton Hotels Corp. – hotel
PowerBar – nutrition bar made by Swiss chocolate maker Nestle SA.
AT&T Inc. – communications provider
Kellogg Co. – Food company. Maker of Frosted Flakes cereal. (dropped him in 2009)
Rosetta Stone Ltd. – language learning software maker
PureSport – sports performance beverage, made by Human Performance Labs
SwimRoom.com – Internet site for swimmers
Nike - footwear, sportswear company
Head & Shoulders – anti-dandruff shampoo produced by Procter & Gamble.
Subway – restaurant franchise that sells sandwiches
Under Armour – sports clothing company.
Louis Vuitton – luxury goods
He reportedly owns a few pieces of prime real estate along the East Coast, including a townhouse in Baltimore, Maryland that he’s selling for $1.4 million.