Simone Biles' Primary Source Of Income Is Earnings From These Big Brand Partnerships
Olympic athletes give their all to be the best at their sport. From sacrificing relationships, being away from family, and having little to no social life, the entire focus is on winning the gold. Too often, even those who make it to the top of their sport find themselves struggling to make ends meet not having a long-term goal in place after they retire. But for some, like Simone Biles who have been at the top of their game for years, and trained hard to get there, they can parlay their exposure in their sport to endorsement deals. And when this happens, the sky is the limit when it comes to what they can earn.
For years, Biles ruled the gymnastics competition circuit. There was no one who could match her physicality, work ethic, or charisma. Because of this, she was a shoo-in for the Olympic team in 2021. But as a result of the mental blocks she was experiencing, many of the events that Biles was expected to win, she either did not or bowed out completely. It was unclear what her future as an athlete looked like and whether the companies she had endorsements with would continue to support her.
Not only did they continue to support Biles, but other companies also wanted the 2016 Olympic gold medalist as the face of their brands as well. And because of this, Biles has become one of the highest-paid Olympic athletes from endorsement deals alone. Simone Biles' primary source of income is actually earnings from these big brand partnerships.
How Much Are Simone Biles' Endorsements Worth?
Starting with the 2016 Olympics, Biles' endorsement deals started coming in. Over the next several years and many wins later, the deals that Biles landed matched the stuck landings from her events. And before she knew it, Biles was bringing in $5 million yearly in endorsement deals alone.
When it comes to some of the companies that have signed Biles as their brand ambassador, the list is vast. As such, it is not surprising that her yearly income from these companies is millions of dollars. Some of the companies that endorse Biles include:
- Visa
- United Airlines
- Athleta
- Uber Eats
- Core Power Fitness
- Mondelez's Oreo brand
This is a very short list of the brands that have helped Biles amass her massive net worth. And with Biles potentially competing in the 2024 Olympics, this could mean more brands and more money.
Simone Biles Has A Net Worth Of $16 Million
Being endorsed by an incredible number of brands has meant that Biles' net worth has gone up exponentially in a short time. And this has afforded Biles a lifestyle that she could only have dreamed of when she started off as a young gymnast.
Biles' current net worth is around $16 million. The majority of this fortune comes from the endorsements that Biles gained after her fame leading up to, during, and after the Tokyo Olympics.
It should be noted that before the Tokyo Olympics, it was estimated in 2021 that Biles' net worth was $6 million. Given that she had won an overall gold and an individual bronze medal at the 2016 Rio de Janeiro versus being the phenom that Biles became over the next several years, a net worth of that size is remarkable.
Any Olympic competitor would be thrilled with that amount, especially when so many walk away with nothing. But little did Biles know that she would continue to grow her wealth by more than half each year since that time, with her winnings from the Olympics being a drop in the pan that is her $16 million wealth.
How Much Does Simone Biles Make From The Olympics?
The reason that so many Olympic athletes are in tears over winning a medal is not only because they have tangible proof that their hard work paid off by receiving a gold, silver, or bronze piece of hardware, but they also receive prize money.
In Biles' case, her wins did not add much to her net worth, but for many Olympians, the cash makes all the money in the world.
Athletes are not paid simply for being chosen to represent their country. Some even have to pay their own way to the games. But, if they win gold, there is prize money to the tune of $37,500, $22,500 for silver, and bronze has a payday of $15,000.
Over the course of her career, Biles has persevered and won seven Olympic medals, despite receiving criticism. Four were gold, one silver, and two bronze. As such, Biles' prize money earned from her two Olympic Games is $202,500.
What those medals did for Biles more than the six figures they earned her, however; they also gave her exposure. That exposure, despite Biles withdrawing from the 2021 Olympics with the support of her fans, is what helped her to land the endorsement deals Biles enjoys today.
It is clear that the more wins an Olympic athlete has, the more money they have the potential to earn via endorsement deals. While Biles is back to competition in 2023 after suffering the twisties in 2021, it is unclear whether she will be back for her redemption tour for the 2024 Games.
But, if she does return and proves to be the competitor of days gone by, not only will the companies who currently endorse Biles renew contracts but there are sure to be others who want their names associated with the gymnast. And if that happens, the sky's the limit for Biles' net worth.
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