At just 27 years old, Simone Biles has not only become a dominant force in gymnastics but has also amassed a significant net worth estimated at around $16 million as of April 2024. Her journey from a young gymnast to a global icon is not just about medals but also about leveraging her fame for substantial earnings outside the gym. Here’s an in-depth look at her financial journey, her earnings from gymnastics, and how she has turned her brand into a multi-million-dollar empire.
What Does Simone Biles Make From Gymnastics?
Despite her unparalleled success in gymnastics, Biles earns relatively little from the sport itself. Unlike athletes in major sports leagues such as the NFL or WNBA, Biles doesn’t receive a base salary for competing. The most she could earn from USA Gymnastics was a monthly stipend of up to $3,000 for medalists in prior Olympic Games and World Championships, amounting to a maximum of $36,000 annually.
However, the 2024 Olympics presents a unique opportunity. The U.S. Olympic and Paralympic Committee (USOPC) awards cash prizes for medals: $37,500 for gold, $22,500 for silver, and $15,000 for bronze. If Biles wins every gold medal available, she could earn up to $225,000 from the Games alone. This is a substantial incentive, but it pales in comparison to her earnings from endorsements and other ventures.
How Much Does Simone Biles Earn From Endorsements?
Biles’ financial success is largely driven by her endorsement deals. Her all-around title at the 2016 Summer Olympics catapulted her into the spotlight, making her a prime candidate for sponsorships. Her social media presence, with over 7.2 million followers on Instagram and 1.3 million on TikTok, adds significant value to her brand.
In July 2021, Hookit estimated her sponsorship value at around $628,000, far surpassing that of other athletes, including swimming legend Michael Phelps, whose value was estimated at $96,000. This high valuation has attracted numerous brands. Biles has worked with The Hershey Company, Uber Eats, Kellogg’s, Oreo, Visa, and Beats by Dre.
In a significant move, Biles ended her partnership with Nike in April 2021 to join Athleta, the athletic clothing unit of Gap Inc. This partnership led to the creation of an activewear collection for girls and a line of competitive leotards with GK Elite, further boosting her income.
From 2019 to 2021, Biles earned at least $20 million from endorsements alone. Additionally, she commands substantial fees for speaking engagements, with All American Entertainment estimating her cost at a minimum of $200,000 per event.
What is Simone Biles’ Net Worth and Age?
As of April 2024, Simone Biles is 27 years old and has an estimated net worth of $16 million. Her financial portfolio is diversified, comprising earnings from gymnastics, endorsements, speaking engagements, and collaborative ventures in fashion and activewear. Biles’ net worth is expected to rise as she continues to add to her medal tally and expand her brand.
How Does Biles’ Earnings Compare to Other Athletes?
Tennis players dominate the list of biggest earners in sports, with Coco Gauff and Iga Światek leading the pack at $22.7 million and $21.9 million, respectively. Freestyle skier Eileen Gu is third with $20 million. While Biles’ gymnastics earnings are modest, her endorsement deals place her in a similar financial league as these top athletes.
Gauff and Światek’s earnings are bolstered by substantial tournament prizes. Światek earned just under $2.5 million for winning the French Open, while Gauff made $3 million from her U.S. Open victory. In contrast, Biles earns significantly more from endorsements than from gymnastics, highlighting the financial disparity between different sports.
What Are the Future Prospects for Simone Biles?
The 2024 Olympics in Paris offer Biles another chance to increase her earnings through medal bonuses and enhance her global profile. Her existing endorsements are likely to be renewed, and new deals could emerge as she continues to perform at the highest level.
Moreover, Biles’ influence extends beyond sports. Her collaboration with Athleta and other brands showcases her ability to connect with audiences in the fashion and lifestyle sectors. This versatility ensures that her brand remains strong and profitable.
Conclusion
Simone Biles has redefined what it means to be a successful athlete in gymnastics. Her net worth of $16 million, achieved by age 27, is a testament to her strategic use of endorsements and personal branding. As she prepares for the 2024 Olympics, Biles stands not only as a gymnastics legend but also as a savvy businesswoman, inspiring future athletes to leverage their fame for financial success.
