Even if you aren’t a big gymnastics fan, chances are good you’ve heard of Olympic athlete Simone Biles, referred to by many sources as the greatest athlete of all time. It’s no wonder when you look at her Olympics career so far, which includes four golds and one bronze. On top of that, her World Championships career includes 25 medals — 19 golds, three silvers and three bronzes, according to The Atlantic. Biles withdrew from the 2020 Tokyo Olympics gymnastics women’s team final because of a medical issue after problems that came up during a vault. She also withdrew from the individual all-around competition. She withdrew from the finals for vault, uneven bars and floor, but she went on to win a bronze medal in the balance beam finals.
The 24-year-old is the first woman in history to attempt the incredibly hard and dangerous vault of the Yurchenko double pike, which she achieved at a recent competition in Indianapolis. Biles’ talent is so extraordinary, they have named four of her moves after her. She was poised to again make Olympic history before withdrawing from some events. She was expected to become “the most decorated American gymnast in Olympic history,” according to NBC Sports, had she tied or broken the record for most Olympic medals won by a U.S. gymnast, as well as the record for the most gold medals won by a U.S. gymnast. Shannon Miller has the most medals with seven and Anton Heida has the most gold medals with five. Biles currently holds four gold medals and six total, having earned one silver medal in 2021.
A Rough Start
Though she’s at the top of her game now, Biles’ early years were a bit rough. She and her three siblings were in and out of foster care due to her mother’s struggles with substance abuse until she was officially adopted, along with sister Adria, by her grandmother, Nellie, and grandfather, Ron, whom she considers her parents. These loving guardians have nurtured her to the success that she claims today. So, Biles has fame, she has success, how does all of this talent translate into wealth?
Simone Biles Net Worth: $6 Million
Yes, winning gold medals really does pay off. Back in the 2016 Olympics, gold medal winners took home $25,000 in cash, silver took $15,000 and $10,000 for bronze, according to Yahoo Finance. At that Olympics, Biles took home four gold medals and a bronze, racking her up at least $110,000 for that one competition alone. Though not all medals come with such big payouts, her efforts are definitely paying off since then. Celebrity Net Worth values her net worth at $6 million and that is most definitely rising.
Like many athletes, Simone Biles makes a significant portion of her income from brand endorsements. Companies that have sought her award-winning appeal are Hershey’s, Nike and Kellogg’s, to name a few, according to Yahoo Finance. She recently signed a deal with the athleisure company Athleta, leaving Nike behind, which has lost several high-profile female athletes over its bad maternity leave policy, according to The New York Times. Athleta will sponsor her “Gold Over America” tour. Biles told The Wall Street Journal, “I think they [Athleta] stand for everything that I stand for.” With Athleta, she will not only develop her own activewear line, but their sponsorship of her tour positions her to pull attention from U.S.A. Gymnastics, the organization rocked by revelations that the national team doctor, Larry Nassar, had been accused of sexual abuse of many young female gymnasts over the years, Biles included. If she wins big at the 2020 Olympics in Tokyo, those endorsements, and paychecks could get even bigger.
A Frugal Mindset
Despite making millions of dollars, Biles keeps a frugal head about her, driven in part by some anxiety over her humble origins. She admitted in a 2018 interview with CNBC, “I have a fear of going broke.” She challenges herself to spend no money at all on some days unless she absolutely has to and says she’ll only splurge “if I earned it.”
Biles has years ahead of her to invest in real estate, but she did make a new home purchase in 2020, according to Celebrity Net Worth. She announced it on social media and showed off some pictures of herself posing against the outside, revealing a large pool and a potentially spacious place, but not much more is known. Biles sold her childhood home in Houston in 2017, listing it at $289,000.
Since August 2020, Simone has been dating Jonathan Owens, an NFL safety with the Houston Texans. He revealed that he had no idea who she really was in terms of her gymnastics fame when they started dating but admired her work ethic. He’s since come to realize that he’s dating the “GOAT” (greatest of all time).
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About the Author
Jordan Rosenfeld is a freelance writer and author of nine books. She holds a B.A. from Sonoma State University and an MFA from Bennington College. Her articles and essays about finances and other topics has appeared in a wide range of publications and clients, including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for numerous business clients. As someone who had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and live a better quality of life.