Simone Biles, the most decorated gymnast in history, has not only made waves in the gymnastics world but has also built a substantial fortune. As of 2024, her estimated net worth is around $25 million. This wealth is derived from her groundbreaking gymnastics career, lucrative endorsement deals, business ventures, and various public appearances.
Early Career and Gymnastics Success
Biles began her ascent to fame in 2013, winning her first U.S. national all-around title. Her dominance in the sport continued with multiple gold medals at the 2013 and 2014 World Championships. However, it was the 2016 Rio Olympics where she truly became a global icon, winning four gold medals and one bronze, further cementing her status as one of the greatest gymnasts of all time.
Endorsements and Sponsorships
Biles’ athletic success opened the door to a series of high-profile endorsement deals with major brands:
- Nike: Signing with Nike in 2015, Biles became one of the brand’s top athletes, participating in various campaigns that highlighted her skill and inspiring millions of young athletes.
- Visa: As a global ambassador for Visa, Biles starred in advertising campaigns, boosting her worldwide visibility.
- Kellogg’s: After her success at the Rio Olympics, she appeared on the iconic Corn Flakes box, joining a select group of athletes who have been honored in this way.
- United Airlines: Another key partnership that added to her financial success, along with other endorsements from brands like Hershey’s, Uber Eats, Beats by Dre, and Core Power.
These deals, alongside her partnerships with other brands, have collectively earned Biles millions, making her one of the highest-paid gymnasts globally.
Business Ventures and Investments
In addition to endorsements, Biles has expanded her wealth through business ventures. In 2020, she launched her own activewear line in collaboration with Athleta, a move that allowed her to tap into the lucrative fitness and lifestyle market. The collection has been well-received, adding another layer to her business portfolio.
Biles is also likely making smart investments in areas like stocks, real estate, and other ventures, although details about her specific portfolio are not public. Many athletes, including Biles, have seen their net worth grow by strategically investing their earnings.
Media Appearances and Public Speaking
Beyond gymnastics, Biles has capitalized on her fame through media appearances, including TV shows, documentaries, and magazine covers. She has been featured in prominent publications like Vogue and Sports Illustrated, which help raise her profile and contribute to her income.
In addition, Biles has become a sought-after public speaker. Her story of resilience and overcoming adversity resonates with audiences worldwide, and her speaking engagements provide a significant source of income.
Mental Health Advocacy and Impact of Tokyo Olympics
Biles’ decision to step back from several events during the 2020 Tokyo Olympics, citing mental health concerns, was a defining moment in her career. While this choice impacted her immediate earnings from the games, it significantly enhanced her long-term marketability. Her advocacy for mental health has earned her widespread respect, with brands and organizations valuing her authenticity. This has led to new opportunities, further solidifying her place as a global role model.
In conclusion, Simone Biles’ financial success is the result of her athletic achievements, endorsement deals, business ventures, and media engagements. Her advocacy for mental health, combined with her remarkable gymnastics career, has positioned her as not only a sports legend but also a successful entrepreneur and public figure.