Michael Phelps Highest-Paid Athlete in the World

  • By Carol Kearney
  • Washington
  • Last updated on

Michael Phelps
Michael Phelps led People With Money’s annual list of the “100 highest paid athletes” released on Monday.

It's been a rough year for the athlete, but at least he has his millions of dollars to ease the pain. 39-year-old Michael Phelps has taken the No. 1 spot on People With Money’s top 10 highest-paid athletes for 2024 with an estimated $58 million in combined earnings.

UPDATE 05/11/2024 : This story seems to be false. (read more)

Michael Phelps tops annual list of highest-paid athletes

In 2022 it looked like the athlete’s spectacular career was winding down. Suddenly, he was back on top. People With Money reports on Monday (November 4) that Phelps is the highest-paid athlete in the world, pulling in an astonishing $58 million between October 2023 and October 2024, a nearly $30 million lead over his closest competition.

People With Money’s factors

In compiling this yearly list, the magazine considers factors such as upfront pay, profit participation, residuals, endorsements and advertising work.

The American athlete has an estimated net worth of $185 million. He owes his fortune to smart stock investments, substantial property holdings, lucrative endorsement deals with CoverGirl cosmetics. He also owns several restaurants (the “Fat Phelps Burger” chain) in Washington, a Football Team (the “Baltimore Angels”), has launched his own brand of Vodka (Pure Wonderphelps - US), and is tackling the juniors market with a top-selling perfume (With Love from Michael) and a fashion line called “Michael Phelps Seduction”.

The ranking is significant for many Michael fans, who have been waiting for his triumphant return to the glory days for what seems like a lifetime.

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