Michael Phelps’ net worth is estimated to be over $60 million, as at 2020. He has made good money as a professional swimmer, and he was one of the highest-paid sportspeople in the world.
Michael is one of the greatest Olympians today. He swept 8 gold medals in the 2008 Summer Olympic Games in Beijing, China; a feat no other Olympian has reached.
He is still one of the best professional swimmers in the world, even though he is now retired from sports. The legacy that Phelps has left in swimming is one that will be hard to surpass.
Phelps is rich, no doubt, from his achievements in water sports. He is one of the highest-paid Olympian of all time.
Source of Wealth
Michael Phelps’ main source of wealth is money earned from winning various medals and laurels as a professional swimmer.
No doubts about it, he has been very well paid for all the championships and tournaments he has participated in.
His source of wealth cannot be complete without mentioning the several sponsorship and endorsement deals he has made throughout his career.
Since he won six gold and two bronze medals at the 2014 Summer Olympics, Phelps has signed multi-million dollar annual endorsement and sponsorship deals with several brands.
For instance, he landed juicy endorsement deals with brands like Louis Vuitton, Visa Inc., Subway, Master Spas, Omega, Under Armour Inc., Aqua Sphere, Wheaties, and so many other companies.
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Michael Phelps was born Michael Fred Phelps II. His birth date is June 30, 1985. His birthplace is in Baltimore, Maryland.
He was born to Michael Fred Phelps, a retired Maryland State Trooper, and his wife, Deborah Sue “Debbie” Phelps, a middle school principal.
His father was a former football player in his high school days.
He has English, German, Irish, Scottish, and Welsh descent.
Phelps is the youngest of three children and was raised in the Rodgers Forge neighborhood of Towson, Maryland.
Phelps parents divorced when he was nine years, precisely in 1994. In the year he turned 15 years, his father remarried.
Phelps attended Rodgers Forge Elementary school. He also attended Dumbarton Middle School. For high school, the teenage Phelps attended Towson High School and graduated in 2003.
From the age of seven, his sisters started influencing him to begin swimming. At the age of 10, he held a national record for his age group in the 100-meter Butterfly.
He joined the North Baltimore Aquatic Club to train as a professional swimmer.
2000: Phelps qualified for the 2000 Summer Olympics. He was 15 and became the youngest male swimmer to do so in 68 years.
At the Olympics held in Sydney, he came fifth in the 200-meter butterfly.
2001: At the 2001 World Aquatics Championships held in Fukuoka, Japan, he broke the world record to finish in the time of 1:54:58 in the 200-meter butterfly. He won the gold medal of this race.
He was just 15 years and 9 months when he achieved this feat.
2002: The Pan Pacific Championships were held in the Yokohama International Swimming Pool in Yokohama, Japan.
Phelps won a total of 5 medals – three Gold medals and two silver medals.
He won gold in the 200-meter medley, the 400-meter medley, and the 4×100 meter medley. He picked up silver medals in the 200-meter butterfly and the 4×200 meter freestyle.
He set a world record in the 4×100 meter medley.
2003: At the 2003 World Aquatics Championships held in Barcelona, Spain, Phelps won a total of six medals. He won four gold medals and two silver medals.
He won gold medals at the 200-meter butterfly, 200 meter medley (with a World record finish time of 1:56.01), 400 meter medley (with a world record finish time of 4:09.09), and the 4×100 meter butterfly.
Although he swam in heats only in the 4×100 meter, he was among the US team that broke the world record finishing at the time of 3:31.54.
He also won silver medals in the 100-meter butterfly and silver in the 4×200 meter freestyle.
2004: Phelps participated in various trials before the 2004 Summer Olympic Games held in Athens Greece.
At the Olympics proper, he broke many records and won many medals. Phelps won a total of eight medals at the Olympic in various swimming events.
He won gold in the 100 meters butterfly (51.25 OR), 200-meter butterfly (1:54.04 OR), 200-meter medley (1:57.14 OR), 400-meter medley (4:08.26 WR), 4×200 meter medley (7:07.33 NR), and 4×100 meter medley (3:30.68 WR).
He won bronze medals in the 200-meter freestyle (1:45.32 NR) and the 4×100 meter freestyle.
2005: Phelps participated in various swimming events at the 2005 World Championships held in Montreal, Quebec, Canada.
Overall he won a total of six medals. These include five gold medals he won in the 200-meter freestyle (1:45.20 NR), 200-meter medley, 4×100 meter freestyle (3:13.77 CR), 4×200 meter medley, and 4×100 meter medley. He also won a silver medal in the 100-meter butterfly.
2006: He participated in the 2006 Pan Pacific Swimming Championships held in Victoria, British Columbia, Canada.
He set records in all the gold medals he won. In total, Phelps won six medals that included 5 gold medals and 1 silver medal.
He won gold in the following swimming events:
- 200 meter butterfly (1:53.80 WR)
- 200 meter medley (1:55.84 WR)
- 400 meter medley (4:10.47 CR)
- 4×100 meter freestyle (3:12.46 WR)
- 4×2000 meter freestyle (7:05.28 CR)
He won the silver medal in the 200-meter backstroke.
2007: The 2007 World Aquatics Championships was helped in Melbourne, Australia. Michael Phelps won a total of seven gold medals in this tournament. He also set world records in five of the swimming events.
He won the gold in 200 meter freestyle (1:43.86 WR), 100 meter butterfly, 200 meter butterfly (1:52.09 WR), 200 meter medley (1:54.98 WR) , 400 meter medley (4:06.22 WR), 4×100 meter freestyle (3:12.72 CR), and the 4×200 meter freestyle (7:03.24 WR).
2008: Michael Phelps participated in the Summer Olympic trials for individual and group events. At the 2008 Summer Olympic Games held in Beijing, he had an impressive outing in the history of the Swimming events.
Phelps won eight Gold medals and broke seven world records and set one Olympic record at the event.
He won the gold medals in the 200 meter freestyle (1:42.96 WR), 100 meter butterfly (50.58 OR) , 200 meter butterfly (1:52.03 WR) , 200 meter medley (1:54.23 WR) ,400 meter medley (4:03.84 WR), 4×100 meter freestyle (3:08.24 WR), 4×200 meter freestyle (6:58.56 WR), and 4×100 meter medley (3:29.34 WR).
2009: At the 2009 World Aquatics Championships held in Rome, Italy, Michael Phelps continued to break records in different swimming events.
He won a total of six medals in the tournament. He won gold in the 100 meters butterfly (49.82 WR) , 200 meter butterfly (1:51.51 WR) , 4×10 meter freestyle (3:09.21 CR) , 4×200 meter freestyle (6:58.55 WR) , and 4×100 medley (3:27.28 WR).
In addition, he won a silver medal in the 200-meter freestyle.
2010: Michael Phelps competed in the 2010 Pan Pacific Championships held in Irvine, California, United States. He won a total of five medals, all Gold.
In the tournament, he won Gold in two individual events and three group events. He won gold in the 100-meter butterfly, 200-meter butterfly, 4×100 meter freestyle, 4×200 meter freestyle, and 4x 100-meter medley.
2011: Phelps won seven medals at the 2011 World Championship held at the Shanghai Oriental Sports Center in Shanghai, China.
He won four gold medals, two silver medals, and one bronze medal. He won gold in the 100-meter butterfly, 200-meter butterfly, 4×200 meter freestyle, and 4×100 meter medley.
He got silver in the 200-meter freestyle and in the 200-meter medley. The bronze medal was won in the 4×100 meter freestyle.
2012: At the 2012 Summer Olympics in London, Phelps participated in eight events. He won seven medals and he came fourth in the 400-meter individual medley.
He won gold in the 100-meter butterfly, 200-meter medley, 4×200 meter freestyle, and 4×100 medley. He also won silver in the 200-meter butterfly and in the 4×100 meter freestyle.
After the 2012 Olympics games, Phelps announced he was retiring from Swimming.
2014: Michael Phelps would come out of retirement and participate in different swimming events. He participated in the 2014 Pan Pacific Championships held in Gold Coast, Queensland, Australia.
At the tournament, he won five medals. He won gold in the 100-meter butterfly, 4×200 meter freestyle, and 4×100 medley. He also won silver in the 200-meter medley and 4×100 meter freestyle.
2015: Phelps was dropped from the US team for the 2015 World Aquatic Championships held in Kazan, Russia. The reason he was dropped was that he was charged with a Driving under the influence (DUI) offense.
He went on to compete in the US National Championships (Long Course) in San Antonio. He won three gold medals in the 100-meter butterfly, the 200-meter butterfly, and the 200 meter individual medley.
2016: At the 2016 Olympic Games held in Rio de Janeiro, Brazil, he was made the flag bearer of the US Team at the opening ceremony. He was also one of the six-team captains for the US delegation to the Olympics.
In the swimming events proper, Phelps won six medals. He won five gold and one silver. He won Gold in the 200-meter butterfly, 200-meter medley, 4×100 meter freestyle, 4×200 meter freestyle, and 4×100 meter medley.
He won silver in the 100-meter butterfly.
He finally called it quits with swimming after the 2016 Olympic games.
Michael Phelps is married to Nicole Johnson, a former Miss California USA. Both of them have been dating since 2007. Although they broke up and reconciled again, they eventually got married secretly on June 13, 2016.
The couple has three sons namely Boomer Robert Phelps, born on May 5, 2016, Beckett Richard Phelps, born on February 12, 2018, and Maverick Nicolas Phelps, born on September 9, 2019.
He lives with his family at Paradise Valley, Arizona.
Phelps respects his coach Bob Bowman – a former Florida State University swimmer who actually swam from 1983 to 1985.
He has been arrested twice for a DUI offense. Following this incidence, the USA Swimming suspended him from all competitions for six months.
He was also dropped from the team that would compete at the USA Swimming suspended him from all competitions for six months.
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