NEW YORK, USA: Simone Biles, the most decorated gymnast in history, has amassed an impressive collection of nine Olympic medals and 30 World Championship medals.
However, her substantial net worth primarily stems from lucrative endorsements and brand deals rather than her earnings from gymnastics competitions.
While some Olympic athletes can earn tens of thousands of dollars from their successes at the Games, these amounts pale in comparison to the earnings of professional athletes in leagues like the NFL or MLB. Despite this, Biles’ extraordinary success and marketability have made her a sought-after figure for numerous high-paying endorsements.
Simone Biles’ Net Worth
According to Celebritynetworth.com, Simone Biles has an estimated net worth of $20 million. This impressive figure is largely attributed to her endorsements, particularly around the time of the 2020 Tokyo Games, when she was reportedly the highest-paid Olympic athlete in terms of endorsements. Between 2019 and 2021, she earned at least $20 million from brand deals.
Simone Biles’ 2023 Earnings
In 2023 alone, Biles made $7.1 million, with a staggering $7 million coming from endorsements and the remaining $100,000 from gymnastics, according to Forbes. This income placed her as the 14th-highest paid female athlete of the year.
Endorsement Deals
Biles has secured partnerships with several major companies, significantly boosting her income. Forbes lists her brand partners as United Airlines, Visa, GK Elite (gymnastics apparel), K18 (haircare), and Athleta. Additionally, Celebritynetworth.com includes Tide, The Hershey Company, Procter & Gamble, Mattress Firm, Spieth America, Beats by Dre, Oreo, Uber Eats, MasterClass, and Facebook Watch among her endorsers.
Olympic Medal Earnings
Aside from endorsements, Biles also earns money from her Olympic performances. The United States Olympic Committee rewards athletes with $38,000 for a gold medal, $23,000 for a silver, and $15,000 for a bronze. With her gold medal in women’s team gymnastics this year, Biles has already earned $38,000, and she will compete in the all-around final for a chance to add to this total.
Simone Biles’ financial success underscores the significant impact of endorsements in an athlete’s career, particularly in sports where competition earnings are relatively modest. Her ability to leverage her athletic prowess into lucrative partnerships has solidified her status not just as a top gymnast but also as a powerful figure in the world of sports endorsements.
