At just 24 years old, there’s a lot that could be said about Olympic champion Simone Biles. Aside from arguably being a living legend in the world of gymnastics, as the most-decorated female gymnast in the history of world gymnastics, Biles has nestled herself into a sizable fortune worth a reported $6 million.
Though the athlete does make a significant amount of income from gymnastics competitions, a large bulk of her money comes from other ventures, including endorsement deals and social media.
According to a report by Women’s Health, the money Biles makes from earning medals appears only to begin to scratch the surface of her brand’s empire. CNBC reported that American Olympians earn $37,500 for each gold medal they bring home and $22,500 and $15,000 for each silver and bronze they win, respectively. For perspective, Biles has a combined total of 30 medals varying from all three levels; five gold Olympic and 25 World Championship. With the Tokyo Olympics around the corner, it’s unclear whether the prize amount will stay the same. However, the outlet noted that since 2016, the earnings have increased by 50 percent.
Still, a massive contributor to the Ohio native’s wealth looks to stem from the long list of companies she’s partnered with over the years. As previously reported, former NBA superstar Shaquille O’Neal recently revealed how his brand has been able to live long past his days of being on the court thanks to the endorsement deals he’s garnered over the years that include Gold Bond, The General, Papa John’s and more.
Like Shaq, Biles has worked with over a dozen prominent corporations such as Mattress Firm, Beats by Dre, Uber Eats, Hershey’s, Kellogg’s, and many more. However, Women’s Health reported that her main sponsor is the women’s apparel brand Athleta with whom she signed on in 2021 after parting ways with Nike in April 2021. Under Athleta, the star will be designing her own collection.
When asked about her decision to join Athleta, Biles expressed that the company seemingly was more aligned with the things she valued. “I felt like it wasn’t just about my achievements, it’s what I stood for and how they were going to help me use my voice and also be a voice for females and kids,” she told the Wall Street Journal. She added, “I feel like they also support me, not just as an athlete, but just as an individual outside of the gym and the change that I want to create, which is so refreshing.”