The Simone Biles net worth total of $2.1 million has grown 1000% in 2016 from gigantic endorsement deals built on her gymnastics fame and excellence. Just three years ago in 2013, Biles had a net worth of only $60,000. Even last year in 2015 her total wealth was shy of $300,000 and came almost entirely from gold medals won in world gymnastics competitions. Biles has racked up over $4 million in endorsement deals with huge companies like Nike, Kellogg’s, Hershey’s and Procter & Gamble and has started her own gymnastics equipment and clothing lines. She has taken an entirely different path than swimming star Katie Ledecky, who can’t sign endorsement contracts because of strict NCAA rules.
2016 Olympic Team GOLD Medalist pic.twitter.com/ALrNThAsOE
— Simone Biles (@Simone_Biles) August 9, 2016
Simone Biles Net Worth Facts
Simone Biles Net Worth Facts
|Simone Biles net worth||$2,166,105|
|Simone Biles net worth vs Michael Phelps net worth||20 times smaller|
|Simone Biles net worth vs Mary Lou Retton net worth||1/3rd as big|
|Simone Biles net worth vs Ryan Lochte net worth||1/3rd as big|
|Simone Biles net worth vs Usain Bolt net worth||34 times smaller|
|Simone Biles net worth vs Katie Ledecky net worth||31 times bigger|
|Simone Biles net worth vs Neymar net worth||57 times smaller|
|Simone Biles net worth vs Donald Trump net worth||2,444 times smaller|
|Simone Biles net worth vs Hillary Clinton net worth||15 times smaller|
|Simone Biles net worth vs typical American family net worth||31 times bigger|
The Simone Biles net worth sum of $2.1 million may not be huge for a world famous Olympian but it’s massive for a 19 year old. Michael Phelps’ net worth of $44.3 million is 20 times bigger but he’s been in the game for over a decade longer. To put it in perspective, 1984 Olympics gymnastics darling Mary Lou Retton has had 30 more years to amass wealth and is only worth three times more than Simone Biles at $6 million. That’s because endorsement deals have grown like Jack’s beanstalk in the past decade, dwarfing their size from past decades. Swimmer Ryan Lochte is worth about the same as Retton, though he’s been in the game nearly as long as Phelps. Usain Bolt is worth $71.4 million. That’s 34 times as big as Simone Biles’ net worth, mostly because he’s the world’s fastest human on record, has been competing since 2008 and uses something everybody needs: shoes. Looking at swimming champion Katie Ledecky’s net worth is when things get interesting. Ledecky is only worth about $68,000. That makes Biles’ net worth 31 times bigger than hers. That’s because Biles went pro, accepting several big endorsement deals in 2016, while Ledecky shunned similar deals to preserve her amateur status.
Simone Biles Net Worth Timeline
Simone Biles Net Worth by Year
|Simone Biles net worth 2013||$60,000|
|Simone Biles net worth 2014||$154,174|
|Simone Biles net worth 2015||$267,762|
|Simone Biles net worth 2016||$2,166,105|
The chart and table above show the big changes in the Simone Biles net worth story. Until 2015, Biles was making good money competing in worldwide gymnastics competitions. Unlike Katie Ledecky however, who shunned endorsement deals so she could compete for Stanford University, Biles decided to go pro. That decision is why the chart above shows a giant upswing in the gymnast’s 2016 net worth. While impressive, the 2016 gain is almost certainly nothing compared to what’ll happen to Biles earnings in 2017. Anyone who was around in the 80’s remembers seeing gymnast Mary Lou Retton in dozens of commercials for the next year or more. The endorsement deals are bound to pile on at a much faster rate for Biles now, and her net worth is nearly guaranteed to skyrocket from here.
what to do what to do with my makeup today ? hmm
— Simone Biles (@Simone_Biles) August 11, 2016
Simone Biles Net Worth from Gymnastic Medals
Biles has made a decent income from gymnastics medals alone. It’s well known that U.S. athletes get paid $25,000 for each Gold medal, $15,000 for each Silver and $10,000 for each Bronze. Assuming the pay is the same for other world championship medals, Biles has earned $400,000 in prize money since 2013. She has won 11 gold medals in world championships in 2013, 2014 and 2015 as well as two silvers and two bronzes. As of 8/24/16 she has won four Olympic Gold Medals and one Bronze. The table below shows her total medal earnings by year.
Simone Biles Net Worth from Gymnastics Medals
|Year||Winnings from Gymnastics Medals||Contests|
|2013||$75,000||World Championships, 2 Gold, 1 Silver, 1 Bronze|
|2014||$115,000||World Championships, 2 Gold, 1 Silver, 1 Bronze|
|2015||$135,000||World Championships, 4 Gold, 1 Bronze, American Cup, 1 Gold|
|2016||$160,000||Pacific Rim Championships, 2 Gold, Olympics, 1 Gold|
|Total Simone Biles Net Worth from Winning Swimming Competitions||$485,000|
Simone Biles Net Worth from Endorsement Deals
Endorsement deals are the true power behind the Simone Biles net worth figure. Biles started signing endorsement contracts late in 2015. So far she has earned an estimated $4 million from endorsements. That estimate is based on the number and scope of the deals she’s agreed to, plus comparisons to known dollar amounts from other sports celebrity deals. So far, Biles has signed deals with Tide, Kellogg’s, Nike, Hershey’s and Procter & Gamble. Those are big companies that pay high dollar amounts for celebrity endorsements. Biles also has a deal with GK Elite Clothing, which distributes her own signature line of gymnastics clothing. Finally, she has her own line of gymnastics equipment for sale online.
Simone Biles Net Worth Calculations
The Simone Biles net worth story is more than just $4.4 million in earnings, or should we say “less.” Everyone has to pay taxes, though Biles’s tax rate before 2016 was relatively low. Once her income topped $1.2 million however she fell into the top U.S. tax bracket of 39.6% which increased her tax burden considerably. Luckily for her, she doesn’t pay any state income tax because she lives in Texas, which doesn’t have a state rate. After expenses take their toll and investment earnings add back a few thousand, Biles is left with $2.1 million in 2016 as the table below shows.
Simone Biles Net Worth Calculations
|Year||Total Simone Biles Earnings (Medals, Endorsements)||Adjustments (Tax, Expense, Investment)||Simone Biles Net Worth|
|Simone Biles Net Worth Totals||$4,485,000||-$2,318,895||$2,166,105|
If you liked reading about Simone Biles’ net worth, try this post about Michael Phelps’ net worth or this one about how much money athletes make for an Olympic medal. All Simone Biles net worth data in this article are based on our analysis of income streams, tax, expense and investment calculations, estimates and media reports and are provided here for entertainment purposes only.