Simone Biles Net Worth – Already A Multi-Millionaire From Her Career?
Simone Biles, an Olympic medalist, is not only killing it on the gym floor, but also in her bank account. Since her participation in the 2016 Olympic games in Rio de Janeiro, Brazil, she has captured the hearts of millions of gymnastics enthusiasts across the world. Fans are eager to learn more about Biles, including her complete net worth, after she performed a difficult and perilous vault during the certifying competition for the 2020 Olympics in Tokyo.
Simone Biles’ net worth is estimated to be around $6 million, according to Celebrity Net Worth and other similar sources. So, how did the athlete collect such a large sum of money? Let’s find out everything here.
Her Olympic Medals Have Earned Her a Lot of Money
Simone Biles’ net worth can be attributed in part to the medals she has won in previous World Championships and Olympics. Simone Biles began her professional career at the 2011 American Classic in Houston, where she finished third in the all-around competition.
The next year, she was nominated to the United States Junior National Team by a committee led by gymnastics coach Marta Karolyi.
Biles was promoted to senior elite in 2013. Simone Biles had previously won 14 World Championship gold medals by 2015. Biles was chosen to represent her country, the United States, at the 2016 Olympics for the first time two years later. She earned one bronze medal and four gold medals at the summer games.
According to a CNBC story from 2018, American Olympians are compensated handsomely for winning gold, silver, or bronze medals. It implies that for each gold medal, $22,500 for each silver medal, and $15,000 for each bronze medal, Olympians earned $37,500.
Furthermore, according to CNBC, the figure has increased by 50% during the 2016 Olympics. Nonetheless, Simone’s four gold and one bronze medals at the 2016 Olympics might have earned her at least $100,000. Furthermore, if she wins a few gold medals at the current Olympics, she may be able to earn even more money.
In addition, Simone Biles added to her bank account by winning medals at the World Championships. She has competed in five world championships and earned 19 gold medals, 3 silver medals, and 3 bronze medals.
Endorsement Deals Earnings
Simone Biles, the world champion, has a number of endorsement deals with famous businesses that help her augment her gymnastics income.
Athleta, Beats by Dre, Uber Eats, Sk-II, Kellogg’s, GK Elite, Candid Dental, and Hershey’s are just a few of the major companies with which Biles is currently associated.
Simone Biles has previously been a Nike athlete in the past. In November 2015, she reportedly confirmed her Nike partnership on her Twitter account. She did, however, recently leave the brand for a new apparel deal with Gap’s Athleta line.
In this new business, the Texas native gymnast will have her own performance clothing line, according to Athleta. It will feature items that can be worn to and from the gym.
As a result, Simone Biles has amassed a sizable income through endorsements and sponsorship partnerships. Unfortunately, no information about Biles’ contracts with any of the above-mentioned companies is available to the public.
Hopefully, Biles or the brands who promote her will reveal the number soon so that her followers can see how much she earns from endorsements.
Makes a living as a social media sponser
Simone Biles gets a large amount of money from advertising items via her Instagram page, in addition to sponsorship deals and her Olympic gold.
Simone Biles’ Instagram profile has 4.7 million followers, which should come as no surprise to anyone. As a result, many companies choose to advertise their products through her and her social media page.
Simone Biles makes a lot of money by promoting various brands’ items on her social media platforms. Simone Biles’ Facebook page is the source of this image.
Biles’ Instagram feed is frequently flooded with sponsored content, including adverts for United Airlines, Core Power, Oreo, and a variety of other brands.
As a result, a large part of Simone Biles’ net worth can be attributed to her immensely popular Instagram profile, which helps her attract sponsors who pay her a large money to advertise their products.
Real Estate And Other Assets of Simone Biles
Simone Biles’ projected $6 million net worth provides her with all of the pleasures and a wealthy life that she missed as a child. Despite spending some of her toddler years in foster care, she now has a mansion that she paid for with her own money.
Furthermore, Biles travels in the most recent convertible models. She may also be able to assist her parents, who adopted her and raised her.
Simone stated on her Instagram page in 2020 that she had purchased a new property in Texas. Along with the same statement, she also shared a few photos of her new home.
Unfortunately, there aren’t many facts about her new home available on the internet. However, everyone can tell from the photos that it is huge and luxurious.
In addition, Simone Biles’ brother sold the family house where they grew up in 2017. According to the Houston Chronicle, the house was sold in December 2017 for between $250K and $285K.
As a result, Simone Biles has enough money to live a luxury lifestyle while also paying all of her goods’ insurance fees and taxes. Her net worth is currently estimated to be $6 million, but it is expected to increase significantly following the Tokyo Olympics.
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