Simone Biles is known as one of the best American gymnast and holder of seven Olympic medals, made headlines worldwide when she withdrew from multiple events at the Tokyo Olympic Games in 2021.
In spite of this, she still secured a bronze medal on the balance beam and a silver in the women’s team final. Her withdrawal was because of her physical and mental health, showing the importance of athlete well-being.
In 2023, Biles made an extraordinary comeback, participating in the U.S. Classic and setting her sights on the 2024 Paris Olympics. Her journey to the peak of Gymnastics and her impressive net worth makes her an interesting figure.
How did Simone Biles Get Her Start?
Simone Biles was born in 1997 and started gymnastics at the age of six. At the time of field trip with her daycare, she visited a gymnastics center and began imitating the gymnasts, catching the attention of the gym’s staff. They contacted her family, motivating her to join the sport.
At the age of 10, Biles was already competing as a level 8 gymnast, a reputed achievement showing exceptional talent. Her dominance in national competitions led to her becoming the first Black woman to win the all-round gold at the World Championships in 2013.
In 2014, at the age of 17 years old, she won the title again, earning her the unofficial title of the “best gymnast in the world.”
Her achievements are even more spectacular considering her challenging childhood. Biles and her siblings were placed in foster care as toddlers and were later adopted by their grandparents. She has shared her struggles openly with food insecurity during her early years, which keenly impacted her.
Simone Biles Net Worth 2024
In 2024, Simone Biles net worth is estimated at $20 million. This fortune has been collected primarily through endorsements and sponsorships, as Olympic athletes typically do not earn traditional salaries.
Does Simone Biles have a Salary?
Simone Biles does not receive a regular salary, like many Olympic athletes. Instead, her wealth, currently estimated at $20 million, comes largely from endorsement deals. These deals have contributed significantly to her financial success.
Simone Biles’ Total Earnings in Olympics
Olympic athletes sometimes compete for the glory rather than substantial financial rewards. In the U.S., medalists receive $15,000 for a bronze, $22,500 for a silver, and $37,500 for a gold medal.
At the time of her first Olympic appearance in Rio 2016, Biles earned a total of $110,000 for her four gold medals and one bronze medal. In the 2021 Tokyo Olympics, she earned $37,500 for her silver and bronze medals, making her total Olympic earnings to $147,500.
How Much does Simone Biles Make in Endorsements?
The total of Biles’ wealth comes from endorsement deals. Forbes estimated in 2021 that she earns at least $5 million annually from endorsements. But this amount can change significantly, as calculated by her earnings of $10 million in 2022.
Is Simone Biles Sponsored by Nike?
In 2015, at the age of 18, Biles signed a sponsorship deal with Nike, an important achievement for an athlete who had not yet competed in the Olympics. Their partnership lasted six years, ending in 2021 when Biles announced her switch to Athleta, a brand she felt connected better with her values.
Her decision to quit Nike was started by a desire to partner with a company that better supported her mission and values.
In an interview with The Wall Street Journal, she said that Athleta connected more closely with her goals and provided support not just as an athlete but as an individual. Biles also wanted to use her influence to represent for female athletes and children, a vision she felt Athleta shared.
Conclusion
Simone Biles was listed as the 10th highest-paid female athlete by Forbes in the year 2022, with total earnings of $10 million from various endorsements.
This made her the highest-paid female gymnast and one of the richest female athletes in her sport globally, leaving behind other notable gymnasts, including American Shawn Johnson, who has a net worth of $9 million. Instead of her huge earnings, Biles describes herself as economical, stating she only spends when she feels she has truly earned it.
Also read: Angel Reese Net Worth in 2024
