5 ways how Simone Biles made her millions: From brand endorsements to media appearances
5 ways Simone Biles earned her millions
Simone Biles, the most celebrated gymnast of all time, owns 30 world medals, of which 10 are from the Olympic Games. The gymnastics superstar added three gold medals from the 2024 Paris Olympics to her victories. According to the website Celebrity Net Worth, Biles' total wealth is $25 million. Notably, her earnings do not come solely from her gymnastics career. She was the top endorsement earner among Olympic athletes at the 2020 Tokyo Olympics and ranked 14th among the highest-paid female athletes in 2023. In light of her growing wealth, here are five ways in which Biles added more to her millions.
1. Prize money for Olympic medals
The United States Olympic Committee pays thousands of dollars to medal winners, as per CNBC. The gold medal accounts for $38,000, while a silver medalist gets $23,000 and a bronze medalist $15,000. This year alone, Biles secured $114,000 for three gold medals at the Paris Olympics. According to Forbes, her earnings from her sports career account for usually $100,000 a year. Therefore, her Olympic medals, which include gold, silver, and bronze over the years, do not add up to her major chunk of wealth.
2. Lucrative endorsement deals
The most decorated gymnast in history secured a major portion of her wealth by partnering with well-known brands. Her continued success in gymnastics gave way to lucrative brand endorsements and sponsorships. Her marketability made her a top choice of top brands like Nike, United Airlines, and Kellogg's. For instance, she signed up as a top athlete for Nike in 2015, campaigning and promoting the brand to encourage young athletes. She represented the credit card company Visa since 2021 as a global ambassador, participating in many prominent ad campaigns. She also returned to Visa to be part of its Team Visa for the 2024 Paris Olympics. She diversified her financial flow by partnering with other brands like Uber Eats, Beats by Dre, and Hershey's.
3. Activewear business and investments
Biles also took a shot at her own business venture, launching an activewear line in 2020. Collaborating with Athleta, her activewear collection included workout apparel that received widespread acceptance. Through this long-term deal, Biles would collaborate with Athleta's design staff to produce signature sports gear for young athletes under Athleta Girl, which includes products for female athletes. Despite the gymnast's interest in investment, details about it are not available, but she is likely to have divided her earnings through investing in stocks and real estate, as per the sports news website Marca.
4. Media appearances and engagements
Biles added to her net worth by utilizing her fame through television appearances, interviews, and documentaries. In addition, she also appears on the cover of magazines like Vogue and Sports Illustrated. Along with boosting her public profile, these types of media appearances act as a great source of income. Also, her public speaking engagements, where she shares her journey with audiences across the world, opened another income. Biles was featured in the 2024 docuseries on Netflix 'Simone Biles Rising', which delved into her personal life, mental health, and training. The Olympic gold medalist's 2016 memoir 'Courage to Soar: A Body in Motion, A Life in Balance' was also a best seller.
5. Increased marketability from mental health advocacy
Biles opted to focus on her mental health during the 2020 Tokyo Games, causing a brief dent in her wealth. Though her retreat from several events negatively affected her earnings, the gymnastics legend's decision to prioritize her mental health boosted her marketability in the long run. Support from brands and organizations for her advocacy for crucial issues opened doors for new partnerships.
