Simone Biles Net Worth 2024: The Reigning Queen Of Gymnastics

Simone Biles, a force to be reckoned with in the realm of artistic gymnastics, distinguishes herself as the wealthiest gymnast worldwide, underscoring her dominance both in and out of the arena. Her unmatched skill, unwavering determination, and extensive list of accomplishments have solidified her legacy in gymnastic history. As the epitome of gymnastic excellence and unparalleled success, Biles not only boasts numerous world records and accolades but also surpasses her counterparts from around the world in terms of net worth.

Origins

Biles was born on March 14, 1997, in Columbus, Ohio, to Shannon Biles and Kelvin Clemons. Her biological father was absent from her life from the start. Shannon faced the challenge of supporting four children while battling alcoholism and drug addiction, resulting in young Biles and her siblings spending years in foster care. However, three years later, her maternal grandfather, Ron Biles, adopted the siblings.

At the age of six, Biles witnessed teenage gymnasts practicing in a gymnasium during a daycare field trip. Captivated by their movements, she began mimicking their actions. Observing her potential, the coaches at the gym took notice and recommended enrolling her in a training center. Thus, Biles embarked on her journey at Bannon's Gymnastix Center, laying the foundation for her illustrious gymnastics career.

Her achievements

With a remarkable tally of 30 World Championship medals -- comprising 23 gold, four silver, and three bronze -- Biles stands as the most decorated gymnast in the history of World Championships. Her collection of seven Olympic gymnastics medals ranks her ninth on the all-time list. In 2019, Biles shattered the record for the most World Championship medals in gymnastics; securing her 24th and 25th medals at the event, surpassing Vitaly Scherbo's previous record of 23 World medals. Her dominance in national competitions was evident until 2013, when she made history as the first Black woman to clinch the all-around gold at the World Championships.

Earnings avenue

During her debut in Rio, Biles earned considerably less compared to today's Olympians. Each of her four gold medals brought her $25,000, and she received $10,000 for the bronze, summing up to $110,000. By 2021, her earnings increased to $37,500, with $22,500 for silver and $15,000 for bronze. Altogether, she has amassed $147,500 for her seven Olympic medals.

Brand partnerships and endorsements

Like many Olympic athletes, Biles doesn't receive a conventional salary. Biles primarily earns her income through endorsement deals. Her fortune, totaling around $16 million, has been predominantly built through these partnerships. As per a 2021 estimate by Forbes, she garners a minimum of $5 million annually through endorsements.

Among the companies she's collaborated with are Athleta, Visa, United Airlines, MasterClass, and UberEats. At the age of 18, Biles sealed a deal with Nike, the specifics undisclosed, and their partnership spanned six years until Biles opted to switch to the inclusive brand Athleta just before the Tokyo Games.

She aligned herself with the Octagon sports agency, which also represents notable figures like Aly Raisman and Michael Phelps. Nike announced their sponsorship of Biles via Twitter in November 2015. Shortly thereafter, she struck a deal with GK Elite Sportswear to launch her own line of leotards. Biles also served as a spokesperson for Core Power's Everyday Awesome team of athletes.

Kellogg's featured the "Final Five" on the Gold Medal Edition of Special K cereals, with Biles prominently featured on the back of the box with one of her Rio gold medals. Following the Rio Games, Biles secured endorsement deals with Procter & Gamble, The Hershey Company, and United Airlines. She further engaged in philanthropic endeavors, becoming a spokesperson for Mattress Firm's initiative supporting foster homes and collaborating with Spieth America to develop gymnastics equipment. Additionally, Biles endorsed Beats By Dr. Dre.

In April 2021, Biles announced her transition from Nike to Athleta, a brand under Gap, for apparel sponsorship.

In 2022, Biles ranked No. 10 on Forbes' list of highest-paid female athletes. With ventures like a Super Bowl commercial, new campaigns for Subway and Powerade, and an activewear collection with Athleta, among others, Biles amassed an estimated $10 million.

Conquering health hurdles

At the Tokyo Olympics, she encountered the challenge known as "the twisties," prompting her withdrawal from the event. "Twisties" refer to a condition where a gymnast loses control of their body during aerial twists. Overcoming this setback represented a significant milestone on her path to the upcoming Olympic Games. Now fully prepared, Biles is poised to compete at the 2024 Olympic Games in Paris.

Outside sporting arena

Following the 2016 Rio Games, Biles collaborated with journalist Michelle Burford to co-author an autobiography titled "Courage to Soar: A Body in Motion, A Life in Balance." In the book, she expressed her desire to inspire others to pursue their dreams, acknowledging the support she received from countless individuals along her journey. The autobiography soared to the top of The New York Times best sellers Young Adult list and was later adapted into a biopic by Lifetime.

Biles also showcased her talents on season 24 of "Dancing with the Stars," where she partnered with professional dancer Sasha Farber. Despite being a favorite to win, she faced elimination one week before the finals, ultimately finishing in fourth place.

In April 2023, Biles married NFL safety, Jonathan Owens.

Symbol of resilience

Biles stands as a symbol of resilience, embodying the unwavering determination and strength required to overcome adversity and reach the pinnacle of success in the world of gymnastics. Despite facing numerous challenges and obstacles throughout her journey, she has consistently risen above them with grace and tenacity, inspiring countless individuals around the globe. Biles' ability to overcome adversity and achieve greatness serves as a beacon of hope and inspiration for all.

Biles exemplifies the notion of careful indulgence, showcasing a balanced approach to success and wealth. Despite her tremendous riches, she maintains a frugal mindset, reserving splurges only for moments she deems truly earned. "I will only splurge if I earned it," Biles famously stated.