Simone Biles is the most awarded U.S. gymnast of all time. She has 30 Olympic and World Championship medals to her name, making her the third most accomplished gymnast in world history. Many people consider her the greatest gymnast of all time. But what exactly is Simone Biles’ net worth?
Biles’s success has accrued her a sizable fortune. Exactly what size? And what has she done with all of her wealth? Continue reading to find out all you need to know about Simone Biles’ net worth.
Journey to the Top
All of her success and wealth might make it seem like Simone Biles comes from a background of privilege. But Biles didn’t grow up with wealth. In fact, her childhood was just the opposite.
Simone Biles was born in Columbus, Ohio in March of 1997. Biles and her siblings spent the formative years of their lives in foster care while their mother focused on battling addiction.
The Biles children’s grandmother was able to take over their care in the year 2000. They moved to Houston, Texas, and continued to grow up in her care.
It was during these childhood years with her grandmother that Biles discovered her love of gymnastics.
A Fateful Field Trip
While in daycare, Biles attended a field trip to Bannon’s Gymnastix. At one point during the field trip, Biles successfully pulled off a back tuck while standing on the floor. An older gymnast encouraged her to try it on the balance beam.
Not realizing the gymnast was making a joke, Biles ran up to the balance beam to attempt the back tuck. Realizing that this could lead to injury, the older gymnast explained that she had been kidding.
But coaches at the gym had already taken notice of Biles. They sent a letter home with her asking her family to consider enrolling her in gymnastics classes. And that’s exactly what they did.
Gymnastics Early Years
From a very young age, it was clear that Biles was no average gymnast. She was exceptionally skilled and had a natural talent that astonished her coaches.
When she was eight years old, Biles started training with gymnastics coach Aimee Boorman. Aimee would continue to coach Biles all the way to the 2016 Olympics as head coach of the U.S. women’s gymnastics team.
From that point onward, Biles began winning major competitions. She took home a World Championship medal in 2013. It was clear Biles was destined for greatness and needed to devote as much time as possible to gymnastics.
In order to have more time to train, Biles stopped attending public high school and spent the rest of her secondary education in homeschool. This enabled Biles to compete at the Olympics before she was even old enough to attend university.
Making a Name for Herself
At the age of 14, Biles took third in the American Classic in Houston. In 2012 she finished first at the American Classic in Huntsville. She joined the U.S. Junior National Team that same year.
Then in 2013, Biles made her debut at the American Cup. She followed this accomplishment by contributing to team USA winning a gold medal at the City of Jesolo Trophy.
Since then, Biles has won 19 World Championship gold medals, three silver medals, and three bronze medals. She holds the Guinness World Record for most gymnastics World Championship medals won.
Then in 2016, Biles helped lead the U.S. women’s gymnastics team to victory at the Rio Olympics. Biles took home four gold medals and one bronze medal in Rio. She became recognized as one of the best gymnasts in the world.
In 2021, Biles gained global attention and criticism when she decided to pull out of the women’s gymnastics team event at the Tokyo Olympics. Biles made this decision to focus on her mental health and physical safety.
As if competing in the 2020 Olympics during a global pandemic weren’t stressful enough, Biles was also still recovering from the trial of Larry Nassar who sexually abused her and at least 70 other young athletes.
Add to that the trauma Biles experienced as a child growing up in foster care and the intense stress of competing in the world’s most extreme athletic competition. It’s no wonder Biles needed a break.
Yet, Biles received intense criticism for her decision to focus on her health. So-called fans called her a quitter. This criticism highlighted the problematic sense of ownership fans feel toward Olympic and professional athletes.
It also paved the way for other athletes to make similar decisions to protect their mental health and started an important conversation around the topic.
Simone Biles’ Net Worth
Biles’ career success and enigmatic personality have enabled her to accrue a sizable fortune at just 24 years old.
Sources estimate Simone Biles’ worth at somewhere around $6 million. Though others estimate her fortune to be as much as $10 million.
The most obvious source of Biles’ wealth stems from her career success. The Olympics offers cash bonuses to athletes as an incentive to compete.
At the 2016 Rio Olympics, the U.S.’s standard incentive for each gold medal an athlete won was $37,500. It is very likely the standard incentives have increased considerably since 2016.
Brand Endorsements & Sponsors
Biles supplements her gymnastics income through a variety of endorsement deals. Many sponsors benefit from partnering with star athletes.
Biles was in a Tide commercial alongside fellow gymnasts Dominique Dawes and Nadia Comaneci leading up to the Rio Olympics.
Since then, she has partnered with brands like Uber Eats, Oreo, Hershey’s, and Beats by Dre. Biles was also a Nike-featured athlete before aligning herself with Athleta instead.
In addition to endorsements, Biles also has a vast social media following. Her Instagram followers number 4.8 million, while her Twitter feed reaches 1.3 million followers.
Biles has done an excellent job of leveraging her following into paid sponsorship. Many major companies are eager to advertise on her social media feeds.
Supporting Children in Foster Care
So, what has Simone Biles done with her fortune? As with many celebrities’ net worth, she invests her wealth back into the community.
In 2018, Biles formed a partnership with the non-profit online school University of the People. As a global ambassador, Biles offers special scholarships to children in the foster care system.
Having spent part of her childhood in foster care, Biles is familiar with the reality that once children age out of the system, they lack access to opportunities to pursue higher education.
Biles hopes to provide these children with opportunities like the ones she had growing up.
More on Simone Biles
Simone Biles’ net worth comes from her incredible success as a record-setting gold medal Olympian. She also earns money through brand endorsements and social media sponsorships.
Biles has used her wealth to start a university scholarship program for children in foster care. To stay up-to-date on the latest in sports news and stories, follow Total Pro Sports on Instagram, Facebook, and Twitter.