Simone Biles’ Olympic Success vs. Paycheck Shock: How Winning Four Medals at Paris 2024 Earned Her Far Less Than Expected, and Why Endorsements Are Where the Real Money Is

Simone Biles with four medals around her neck

Simone Biles (Photo by Jamie Squire/Getty Images)
Simone Biles is set to leave France with four Olympic medals, having won three gold and one silver in this year’s competition, but she won’t be significantly richer for it.

Biles won gold in the Women’s Artistic Individual All-Around, Women’s Artistic Individual All-Around, and the Women’s Vault last week. She won silver in the Women’s Floor event on Monday.

According to Forbes, Americans at the Olympics will receive $37,500 for each gold medal won and $22,500 for silver, while bronze medalists will get $15,000. The superstar gymnast is due a total of $135,000 based on Team USA’s payout system, which is considerably less than the $750,000 signing bonus her husband, Jonathan Owens, got paid upon inking his last NFL contract.

It appears fans expected her to make a lot more, and they could be forgiven for harboring the notion given how lavishly American athletes get paid.

“The Olympics makes billions of dollars every four years, name a bigger scam, I’ll wait!” one fan raged.

“Do you know the Olympics pays athletes nothing?” another asked.

“The best athletes in the world! NOTHING!” another declared.

“I was just reading about Olympian salaries and it’s honestly disgusting that the Olympics don’t pay more,” someone else wrote.

I was just reading about olympians salaries and it’s honestly disgusting that the Olympics don’t pay more….. it seems like if you’re not winning medals you get no money. https://t.co/Nx6dVqrKFD

— ✨3993 ✨ (@auntieChrissyyy) August 1, 2024

“It’s shameful,” another comment read.

Simone Biles Is Still Worth Millions

Despite making what many consider to be a meager sum from her exploits at the games, Simone Biles has a net worth of $25 million, per Celebritynetworth.com.

Like most Olympic athletes, Biles makes most of her money through brand endorsements and is believed to have made around $20 million between 2019 and 2021.

Forbes notes that the 27-year-old brought in $7.1 million in 2023, with $7 million coming from endorsements and the rest from gymnastics. She was the 14th highest-paid female athlete last year.

Simone Biles has proven herself once again as a dominant force in gymnastics, bringing home four Olympic medals from the 2024 games in France. Despite the lackluster financial rewards from the Olympics themselves, Biles continues to amass wealth outside of the competition. With a net worth of $25 million, she stands as one of the most successful and well-compensated athletes in the world.It is noteworthy that Biles’ earnings primarily come from lucrative brand endorsements, rather than direct payouts from competitions. This is a common trend among Olympic athletes, who often rely on sponsorship deals to secure their financial future. In the case of Biles, her endorsement deals have brought in an estimated $20 million between 2019 and 2021.Forbes reports that in 2023 alone, Biles earned an impressive $7.1 million, with the majority of those earnings stemming from sponsorships. Her success both on and off the gymnastics mat has solidified her as the 14th highest-paid female athlete of the year.While the disparity between Olympic earnings and endorsement income may be stark, it underscores the importance of building a strong personal brand in the world of sports. Biles’ ability to leverage her athletic achievements into lucrative sponsorship deals speaks to her business acumen and market appeal. As she continues to excel in her career, it is likely that her net worth will only continue to grow.In conclusion, Simone Biles may not receive substantial financial rewards directly from her Olympic performances, but her entrepreneurial spirit and endorsement deals have secured her a comfortable financial standing. The lesson here is clear: success in sports goes beyond just medals and accolades, but also involves smart business decisions and strategic partnerships. Follow us for more insights on the intersection of sports, finance, and success.

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Source: Los Angeles Times (edited)