With more than three dozen Olympic and world championship medals combined, Simone Biles is the most accomplished gymnast ever. And, not surprisingly, the sport’s most profitable athlete.
Biles will have one of the brightest spotlights at the upcoming Summer Olympics, kicking off July 26 in Paris. Making her third Olympic appearance, the 27-year-old is striving for her second all-around gold medal after an unexpected case of the “twisties” knocked her out of contention at the delayed 2020 Tokyo Games.
The Texas native has since rebounded in a big way, winning her sixth all-around world title in 2023 and ninth U.S. championship earlier this year. She remains one of the most marketable athletes in the world—something that plays an incredibly significant role in her overall fortune. Remarkably, the multimillionaire has largely built her net worth away from the mat.
How much does Simone Biles currently earn?
According to data from Sportico, Biles was the ninth-highest earning female athlete in the world in 2023. She made about $8.5 million before taxes and any agent fees.
Tennis stars dominated the list of biggest earners. Led by fellow American Olympian Coco Gauff at $22.7 million, they account for seven of the first eight spots. Iga Światek of Poland was a close second, having earned $21.9 million. Freestyle skier Eileen Gu was third overall at an even $20 million.
The earnings of tennis players are bolstered by tournament prizes. Światek, for instance, earned just under $2.5 million just for winning the French Open, and Gauff made $3 million from her U.S. Open victory. In contrast to her racket-wielding counterparts, Biles earns very little money from gymnastics alone.
What does she make from gymnastics?
Unlike athletes in major sports leagues like the NFL or WNBA, Biles doesn’t earn a base salary competing for the U.S. national program. However, last year, USA Gymnastics offered a monthly stipend of up to $3,000 for medalists in the prior Olympic Games, as well as two-time defending Senior World Championship medalists. The most Biles could have received as a member of the senior national team was $36,000.
That amount is less than 0.5 percent of Biles’ 2023 earnings. So even with her record-setting haul at the 2023 World Championships, nearly all of her compensation stemmed from endorsements and speaking engagements.
This year, thanks to the Olympics, Biles will have added incentive to twist and flip her way to victory in Paris. Although the International Olympic Committee and most global sports federations, including for gymnastics, don’t award cash prizes at the Games, the U.S. Olympic and Paralympic Committee does. According to NPR, the USOPC offers athletes medal bonuses valued at $37,500 for gold; $22,500 for silver; and $15,000 for bronze. That means Simone could earn up to $225,000 by winning every gold medal available.
How much has Biles earned from endorsement deals and other projects?
Ever since her all-around title at the 2016 Summer Olympics, Biles has been a prime candidate for endorsements because of her large social media presence and amiable personality. She currently has more than 7.2 million followers on Instagram and 1.3 million on TikTok.
In July 2021, Biles’ sponsorship value—meaning the relative publicity value to a brand for working with a particular athlete or celebrity—was estimated at around $628,000, according to analysis from Hookit. By comparison, swimming legend Michael Phelps, who holds the distinction of having won the most medals in Olympic history, had a sponsorship value of only $96,000.
As a result, companies have lined up to work with Biles. She has worked out deals with major brands such as The Hershey Company, Uber Eats, Kellogg’s, Oreo, Visa, and Beats by Dre.
In April 2021, Biles ended her partnership with apparel giant Nike to work with Athleta, the athletic clothing unit of Gap Inc. The following year, Athleta and Biles collaborated on an activewear collection for girls ages 6 through 12. Biles has also lent her fashion sense to gymnastics wear, creating a line of competitive leotards with GK Elite.
The end result is big money. Biles earned at least $20 million in endorsements from 2019 through 2021. She also commands a large fee for speaking engagements, with booking agency All American Entertainment estimating a cost of at least $200,000 per event.
What is Simone Biles’ net worth?
Thanks to all these additional sources of income, Celebrity Net Worth estimates Biles’ total fortune at around $16 million as of April 2024. That figure should climb even higher if Biles can add to her already impressive Olympic medal haul—currently four gold, one silver, and two bronze—in Paris.
Tyler Piccotti first joined the Biography.com staff as an Associate News Editor in February 2023, and before that worked almost eight years as a newspaper reporter and copy editor. He is a graduate of Syracuse University. When he's not writing and researching his next story, you can find him at the nearest amusement park, catching the latest movie, or cheering on his favorite sports teams.
