Michael Phelps net worth

American competition swimmer Michael Phelps has an estimated net worth of £42 million ($55 million).

Born June 30, 1985 in Baltimore, Maryland, Phelps began swimming at the age of seven. When Phelps was in the sixth grade, he was diagnosed with attention deficit hyperactivity disorder (ADHD).

How did Phelps grow up to become a millionare?

By the age of 10, Phelps held a national record for his age group (in the 100-meter butterfly, and began to train at the North Baltimore Aquatic Club under coach Bob Bowman. More age group records followed, and as of 2016 Phelps still holds 12 age group records (nine in long course and three in short course).
In 2000, Phelps qualified in the 200-meter butterfly in Sydney, Australia, At 15, he was the youngest male Olympian the United States had presented in nearly 70 years. While he did not medal at the meet, he competed in the finals against Tom Malchow, touching fifth.
The following year, during World Championship Trials at the Phillips 66 Nationals, Phelps broke his first world record in the same event in which he had competed at the Sydney Games, the 200-meter fly. He became the youngest male swimmer to break a World Record. Phelps went on to the 2001 World Championships in Fukuoka, Japan, where he broke his record again.
At the Athens Olympic Games in 2004, he earned six gold and two bronze medals. On the first day of the meet, Phelps won the 400 meter I.M., in record time.
During the period between the 2004 and 2008 Olympics, Phelps amassed a number of world records, thoroughly displacing Ian Thorpe as the nucleus of the swimming universe.
Phelps competed in eight events at the 2007 World Championships. The 4×100 medley relay team was disqualified, and did not compete in the final. However, Phelps won his seven other events, five of them in world record time.
Eight of his 18 gold medals were won at the 2008 Beijing Olympics, where Phelps took Spitz’s record.
At the 2009 World Championships in Rome, Phelps returned from Rome with a total of six international meet medals.
He won two silver medals at the 2011 World Championships in Shanghai. Phelps also gathered four gold medals, including his fifth 200-meter butterfly championship, and steadied his focus on London.
Phelps finished the 2012 Olympic games with another six medals, for a total of 22 Olympic medals. He also took part in a Louis Vuitton fashion shoot that was released shortly after the Olympics ended. Phelps then retired, having collected a total of 71 medals in major long-course competition. At that point he held six long-course world records, including that of his signature event, the 200 fly.
Phelps returned to competition at the Arena Grand Prix in Mesa, AZ on April 24th. His first race was the 100-meter butterfly, an event in which he holds the world record. After successful appearances at the Arena Grand Prix in Charlotte and the Bulldog Grand Slam in Athens, Georgia, Phelps’ came in seventh in his first event, the 100-meter freestyle, only medalling in the 100-fly and 200 individual medley – both silver. However, second place finishes were all he needed to secure a spot at Pan Pacific Championships later that month. His Speedo sponsorship over, Phelps signed a multi-year contract with AquaSphere in August.
Phelps fared better in the international spotlight, collecting five medals despite the rain in Gold Coast, Australia. He reclaimed his hold on the 100-fly, helped both the 4 x 200 free relay and the 400-medley relay to victory, and took second in the 200 individual medley and 4 x 100 free relay. He remarked that he and Bowman had begun looking ahead at long-term goals, mentioning the 2015 World Championships.
Phelps won his 23rd Olympic medal in his first event in Rio, 4×100 meter freestyle, and it was his 19th gold. He is still competing in the 2016 Rio Olympics.