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How much is Michael Phelps worth?
| NET WORTH: | $75 MILLION |
|---|
| Profession: | Professional Swimmer |
| Date of Birth: | June 30, 1985 |
| Country: | United States of America |
| Height: | 1.93 m |
About Michael Phelps
Michael Fred Phelps II is a competitive swimmer from the United States of America. He was born and raised in Baltimore, Maryland, which is where he began training. At the age of only 15 years old, Phelps joined the American swim team to compete at the 2000 Summer Olympics in Sydney Australia. This was only the start of his successful career as a professional athlete.
American former competitive swimmer Michael Phelps has a net worth topping $75 million dollars, as of 2022.
How Did Michael Phelps Get So Rich?
It was only after winning six gold and two bronze medals in the 2004 Olympics that Michael Phelps began to receive endorsements. He had already built a reputation for himself when he competed in his first Olympics at 15 years old.
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As an added incentive, the United States is one of the few countries that offers medal winners cash prizes. Gold, silver, and bronze medals each brought in $25,000, $15,000, and $10,000 in prize money in 2004. He received $170,000 in just one year from the US Olympic Committee. However, that was just the start. A number of endorsement deals with Visa Inc. and Subway and Louis Vuitton and Under Armor and Omega and Kellogg and Sol Republic Headphones and many more followed Phelps’ outstanding performance in Athens. In the wake of his gold medal performance at the 2008 Beijing Olympic Games, he won a $1 million bonus from Speedo, which he used to fund a charity that promotes healthy living and swimming in general.
There have been rumors that after the 2008 Olympics in Beijing, Phelps was earning around $7 million a year on average, which climbed to almost $12 million in 2012. Sponsorships and endorsements were used to make it all happen. In spite of this, Phelps is a compassionate man who has given huge sums of money to a number of charitable organizations. Currently, he has a net worth of $75 million or thereabouts.
Why is he so famous?
Even if you’re not a sports fan, you’ve probably heard of Michael Phelps. While his first-ever Olympic performance in 2000 did not garner much attention, he has grown in notoriety with each passing year. The next year, he made a name for himself by winning his first international gold medal. A new world record was set by Phelps aged just 15 years and 10 months old in the 200m butterfly event at the 2001 World Aquatic Championships in Japan. His collection of gold medals grew steadily over the years.
With a total of 28 Olympiad medals, including 23 gold, Phelps is the most decorated Olympian in history. At the 2004 Summer Olympics in Athens, he earned his first Olympic gold medal, becoming the youngest male swimmer in the world to set a world record. The 400-meter medley relay was not only his debut event, but it also saw him win gold and break the world record. After that, he won five more gold medals and two bronze medals, and he also set four new world records, which he would go on to shatter repeatedly in the years to come.
Phelps has also been acknowledged as having established the most world records of all time, in addition to earning the most Olympic medals. It is estimated that he has established 39 world records, many of which he has beaten in the preceding year. At the 2008 Summer Olympics in Beijing, he competed in eight different events and won gold in each of them, making it one of his most successful years. In addition, he broke the previous world record in seven of the eight events he competed in. Additionally, he holds the record for being the oldest athlete to win an Olympic gold medal at 28 years old.
Phelps has a distinct advantage over other athletes in that he appears to have become better over time. Most Olympic champions return four years later and aren’t as good as they were the first time around. Phelps is the polar opposite, as evidenced by the fact that he keeps breaking the records he sets. Because of his extraordinary abilities and steadily improving performance, he has emerged as a key part of the United States Olympic team. It’s practically a given that the United States will take home at least one gold medal with Michael Phelps on the team.
What Made Him So Successful?
Many speculations suggested that Phelps, the most decorated Olympian in history, was abusing performance-enhancing substances. In fact, all the rumors were disproved because he always passes the necessary and random drug testing before and during each competition. When it comes to earning medals, he relies only on his talent and dedication to training.
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Athletes from all sports, not just swimmers, have been inspired by Michael Phelps. Athletes want to achieve their level of dedication, skill, and perseverance. As a result of his Olympic triumph, he has become a major inspiration to athletes all around the world. In comparison to most competitors, Michael Phelps has competed in every Summer Olympic Games since 2000.
Bob Bowman, Phelps’ coach, has said time and time again that Phelps is a laser-focused athlete who only thinks about the race as it approaches. In spite of his swimming prowess and the fact that he trains as hard as any other Olympian, he is not an exception.
Summing-Up
Phelps is a legendary Olympic swimmer who has racked up countless victories and records in the pool. He holds the most Olympic medals of any one person in history. To put it bluntly, he has more Olympic medals than some countries’ whole national teams combined.