|Birth name||Simone Arianne Biles|
|Born on||March 14, 1997|
|Net Worth||$16 million|
|Source of wealth||Endorsements, salary|
|Education||University of the People, ongoing|
Simone Biles net worth is an estimated $16 million. Biles is an American gymnast. She’s considered one of the greatest gymnasts of all time. With 7 Olympic medals, Biles holds the record for the most Olympic medals won by an American gymnast, a record also held by Shannon Miller. Last year, she was named the world’s most influential person by Time. This year, Forbes ranked her the 4th highest-paid female athlete with combined earnings of $10.1 million from salary and endorsements.
So, how did Simone Biles start? How does she make and spend her millions? Continue reading to find out.
Early life and education
Simone Biles was born in Columbus, Ohio on March 14, 1997, along with Ashley, Adria, and Tevin. At the age of 5, Biles was adopted by her grandfather Ron Biles because her mother struggled to raise Simone together with her 3 siblings.
The gymnast attended Benfer Elementary School before joining a homeschooling program in 2012 so that she could increase her training hours. She graduated from high school in 2015 and decided to forego college so as to concentrate on her gymnastics career. In 2018 she began taking online classes in business administration at the University of the People.
Simon Biles began gymnastics training at the age of eight. She began her junior career at the age of 14. She placed 3rd all-around during the 2011 American Classic in Houston. In her next competition, the 2011 American Classic in Chicago she placed 20th all-around. In 2012 she placed 1st all-around in the 2012 American Classic in Huntsville, Texas.
She was then chosen to participate in the 2012 USA Gymnastics National Championships due to her excellent performance in the American Classic. Biles would later be named to the United States Junior National Team due to her promising performance. She made her senior international debut during the 2013 American Cup, a Federation of International Gymnastics (FIG) world cup competition. In the same year, she competed in the 2013 City of Jesolo Trophy where she placed 1st all-around as well as winning a gold medal with the USA national team.
One of the best moments of her career was during the 2016 Rio Olympics where she won 4 gold medals and 1 bronze medal. She has so far won a total of 7 Olympic medals, 4 gold, 1 silver, and 2 bronze medals. The 25 year old gymnast is coached by Laurent Landi and Cecile Canqueteau-Landi. Aimee Boorman is her former coach.
How does Simone Biles make her millions?
Simon Biles pockets money for every medal she wins. Having won a total of 32 Olympic and World Championship medals, she definitely has made a lot of money from her winnings. Lets take a look at some numbers. In August 2021, during the 2020 Tokyo Olympics, she won one silver and one bronze medal. According to Cosmopolitan, United States Olympians earn $22,500 for a silver and $15,000 for a bronze medal. This means that she took home $37,500 after the event. During the 2016 Rio Olympics, Biles won 4 gold medals and 1 bronze medal. This means that she pocketed $165,000 from the event.
Surprisingly, Simone Biles does not make as much money from winning medals as she does from endorsements. In fact, her earnings from her winnings do not even account for half of what she makes. This year she appeared 4th on the Forbes ranking of the highest-paid athletes taking home a total of $10.1 million. $10 million was from endorsements while her winnings accounted for only $100,000.
Nike has sponsored Biles since 2015. In 2021, she ended the partnership in favor of Gap. Some of her other sponsors include Visa, Beats By Dr Dre, United Airlines, The Hershey Company, Procter & Gamble GK Elite as well as Mondelez International. The millionaire, in partnership with Spieth America has invested in her own line of gymnastics attire and equipment. She also owns a skincare brand, SK-II.
Related: Oprah Winfrey Net Worth
How does Simone Biles spend her fortune?
Simone Biles net worth stands at $16 million as of 2022. How does she spend her millions? Despite her huge fortune, Biles has stated that she’s not an extravagant spender and only uses her money on things she needs. Nevertheless, the gymnast still lives a lavish life.
Simone Biles lives in a $1 million mansion in Spring, Texas which she bought in 2019. The 4,000 square foot mansion has four bedrooms and three and a half bathrooms. Biles renovated the home after moving in and spent about $50,000 to install a massive pool. She also installed an adult swing set which according to TheRichest cost her an estimated $6,450. The house also has a 3-car garage and a small outdoor kitchen.
Simone Biles owns a convertible blue Range Rover Evoque worth about $40,000. She nicknamed the car “Tiff”. In 2018 she bought a Mercedes SUV for her grandmother Nellie Cayetano as a Christmas gift. Nellie adopted Simone Biles at the age of five.
Biles owns two adopted French bulldogs named Lilo and Rambo. The dogs have their own Instagram which has more than 85,000 followers. Going by the photos posted to social media it’s evident that she spoils her dogs with anything they could possibly need including having their own dog-sized furniture.
Simone Biles was placed in foster care at the age of 3 because her mother was addicted to alcohol and drugs. This is the reason why she partnered with Mattress Firm Foster Kids, a program that gives donations to foster kids and their families. The program has donated over 610,000 items including school supplies and clothing some of which came from Simone Biles. She’s the program’s spokesperson.
Last but not least, it’s obvious that Simone Biles also spends her money to keep fit. She has to go to the gym, eat the right foods and of course, hire personal trainers.
Last year, Biles was named one of the 100 most influential people in the world by Time. In 2017, at the age of 20, she was featured by Forbes as one of the Top 30 under 30 individuals in sports. According to Forbes, Simon Biles being the 4th best paid female athlete this year is the first gymnast to rank among the world’s highest-paid female athletes in not less than 12 years.
Simone Biles is the most decorated gymnast of all time with a total of 32 Olympic and World Championship medals. 25 of them are gold medals while 3 are silver and 3 are bronze medals. She’s a 5-time World all-around champion, 5-time World floor exercise champion, 3-time World balance beam champion, and a 2-time World vault champion.
Simone Biles began dating Stacey Ervin Jr, a fellow gymnast in August 2017. They split in March 2020. Biles is now engaged to Jonathan Owens, an American football player who she has been dating since August 2020.
According to usagym.org, her favorite food is Italian, her favorite tv shows are Finding Carter and the Pretty Little Liars while her favorite school subject was History. Biles loves to go shopping and hang out with friends. Hunger game series is the book she loves most. She has 1.7 million followers on Twitter and 6.9 million followers on Instagram. Jordan Chiles (20), a fellow American gymnast is her best friend. Check out our list of the most-followed people on Twitter. The seven-time Olympic gold medalist spends 6 to 7 hours in the gym six days a week.
Simone Biles net worth is about $16 million. At just 25, she’s a great inspiration even to the older folks like me. I collected a few quotes by Biles that could inspire you.
- “I would say to always follow your dream. And dream big because my whole career, including any of the things that I’ve accomplished, I never thought in a million years that I would be here. So, it just proves that once you believe in yourself, and you put your mind to something, you can do it.”
- “I’m always trying to push myself to the limit to see what I can do. It’s my strong will that I’ve always had since I was a kid.”
- “If they said, ‘Do five pull-ups,’ I would always want to do 10.”
- “A successful competition for me is always going out there and putting 100 percent into whatever I’m doing. It’s not always winning. People, I think, mistake that it’s just winning. Sometimes it could be, but for me, it’s hitting the best sets I can, gaining confidence, and having a good time and having fun.”
- “It was a very long and hard decision. My dad kept telling me, ‘You can always go to college, but you can’t always go pro.’ That made sense to me.”
- “If you ever have a mistake, you try to just kind of forget about it because if you carry that with you for the rest of the routine, then the rest of your routine might not go as planned. So, you just kind of shake it off, and you just continue your routine like you didn’t fall.”
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