With more than three dozen Olympic and World Championship medals combined, Simone Biles is the most accomplished gymnast of all time. And, not surprisingly, the sport’s most profitable athlete.
Biles will have one of the brightest spotlights at the upcoming Summer Olympics, which begin July 26 in Paris. Making her third Olympic appearance, the 27-year-old is aiming for her second all-around gold medal after an unexpected case of the “twisties” knocked her out of contention at the delayed 2020 Tokyo Games.
The Texas native has since rebounded in a big way, winning his sixth worldwide title in 2023 and ninth US championship earlier this year. She remains one of the most marketable athletes in the world – something that plays an incredibly important role in her overall fortune. Remarkably, the multi-millionaire has largely built his net worth off the mat.
How much does Simone Biles currently earn?
According to data from SporticoBiles was the ninth-highest-earning female athlete in the world in 2023. She earned about $8.5 million before taxes and any agent fees.
Tennis stars dominated the list of top earners. Led by American Olympian Coco Gauff at $22.7 million, they account for seven of the first eight spots. Iga Światek of Poland was a close second after earning $21.9 million. Freestyle skier Eileen Gu was third overall with an even $20 million.
Earnings for tennis players are enhanced by tournament prizes. Światek, for example, earned just under $2.5 million just for winning the French Open, and Gauff earned $3 million from his US Open victory. Unlike her racket-wielding colleagues, Biles makes very little money from gymnastics alone.
What does she get out of gymnastics?
Simone Biles stands to earn as much as $225,000 at the 2024 Olympics.
Unlike athletes in major sports leagues like the NFL or WNBA, Biles does not earn a base salary that competes with the US national program. Last year, however, USA Gymnastics offered a monthly stipend of up to $3,000 to medalists in previous Olympic Games, as well as two-time defending senior world championship medalists. The most Biles could have received as a member of the senior national team was $36,000.
That amount is less than 0.5 percent of Biles’ earnings in 2023. So even with her record entry at the 2023 World Championships, almost all of her compensation came from endorsements and speaking engagements.
This year, thanks to the Olympics, Biles will have added incentive to twist and turn for victory in Paris. Although the International Olympic Committee and most global sports federations, including for gymnastics, do not award prize money at the Games, the US Olympic and Paralympic Committee does. According to NPR, the USOPC offers athletes medal bonuses worth $37,500 for gold; $22,500 for silver; and $15,000 for bronze. This means that Simone can earn up to $225,000 by winning each and every gold medal.
How much has Biles made from endorsement deals and other projects?
Ever since her all-around title at the 2016 Summer Olympics, Biles has been a prime candidate for endorsements due to her large social media presence and affable personality. She currently has more than 7.2 million followers on Instagram and 1.3 million on TikTok.
As of July 2021, Biles’ endorsement value — meaning the relative advertising value for a brand to work with a particular athlete or celebrity — was estimated at about $628,000, according to analysis by Hookit. In comparison, swimming legend Michael Phelps, who holds the distinction of winning the most medals in Olympic history, had a sponsorship value of just $96,000.
As a result, companies have been lining up to work with Biles. She has worked out deals with major brands such as The Hershey Company, Uber Eats, Kellogg’s, Oreo, Visa and Beats by Dre.
In April 2021, Biles ended her partnership with apparel giant Nike to work with Athleta, the athletic apparel unit of Gap Inc. The following year, Athleta and Biles collaborated on an activewear collection for girls ages 6 to 12. Biles has also lent her fashion. sense of gymnastics wear, creating a series of competitive leotards with GK Elite.
The end result is big money. Biles earned at least $20 million in endorsements from 2019 to 2021. She also commands a hefty fee for speaking engagements, with booking agency All American Entertainment estimating a price of at least $200,000 per. event.
What is Simone Biles net worth?
Thanks to all of these additional sources of income, Celebrity Net Worth estimates Biles’ total wealth to be around $16 million as of April 2024. That number should rise even higher if Biles can add to her already impressive Olympic medal haul—currently four golds, one silver, and two bronze-in Paris.
Tyler Piccotti joined first Biography.com hired as Associate News Editor in February 2023, and before that worked for almost eight years as a newspaper reporter and copy editor. He is a graduate of Syracuse University. When he’s not writing and researching his next story, you can find him at the nearest theme park, catching the latest movie or cheering on his favorite sports team.