Simone Biles Net Worth: The Olympian Gymnast Who Won Big

I’d rather regret the risk that didn’t work out than the chances I didn’t take at all. – Simone Biles

Simone Biles is an accomplished American gymnast, having won seven Olympic gold medals, which ties her with Shannon Miller for the most decorated American gymnast in history. She is considered an elite Olympian and performs at the highest level of the sport. With a net worth of $17 million, the majority of her wealth comes from numerous sponsorship deals and brand endorsements.

In addition to her Olympic success, Simone is also the only female gymnast with 19 World Gold Medals and 25 World Medals. She finished in the top five at the 2016 Summer Olympics, winning individual gold medals in the all-around vault and floor, as well as a bronze medal for the balance beam.

Simone Biles: The Facts

Simone Biles faced controversy during the 2020 Olympics in Japan when she was unable to bring her medication into the country, which caused her to experience ‘The Twisties.’ As a result, she withdrew from her events, which was a disappointment to her fans and teammates.

The Japanese government has strict rules prohibiting the use of drugs such as Ritalin and Adderall in the country, leaving Biles without access to her medication. Despite this setback, Biles remains the most successful gymnast in the sport and plans to continue competing with her sights set on the 2024 Olympics in France.

Simone Biles – The Early Years

Simone Arianne Biles was born on March 14, 1997, in Columbus, Ohio, to parents Nellie and Ronald Biles. However, she and her siblings faced a challenging childhood, moving around foster homes in the suburbs of Houston, Texas. Despite this, Simone’s grandmother played an important role in her life, and she was raised in a Roman Catholic household. Simone’s mother is from Belize, and Simone maintains her Belizean citizenship.

From an early age, Simone showed promise as a gymnast, and she was homeschooled to allow more time for training. Her hard work paid off, and she has become one of the most successful gymnasts in history, with numerous Olympic and World Championship medals to her name.

Simone Biles – Gymnastics Career

Simone Biles began her gymnastics training with renowned coaches, such as Aimee Boorman, at the age of eight. When she was 14, she participated in the American Classic competition in Houston, taking third place. In 2012, she made her international debut by winning first place in the American Classic in Huntsville, which led to her selection for the US Junior National Gymnastics Team. In 2013, she made her senior debut in the sport at the American Cup, and she won a gold medal for the US team at the City of Jesolo Trophy.

However, Biles had a disappointing performance at the 2013 US Classic, leading Márta Károlyi to invite her to attend a private training camp where she worked with a sports psychologist. After the camp, Biles’ performance improved significantly, and she earned a spot on the World Championships team. She won a gold medal at the 2013 Artistic Gymnastics Championships, becoming the first African American to win the event.

Before the 2014 season, Biles suffered a shoulder injury but returned to competition at the Chicago US Classic, winning by a wide margin. She went on to compete in the World Artistic Gymnastics Championships, earning another victory and medal for the US. By this point in her career, Simone was already demonstrating remarkable talent and outperforming more experienced gymnasts on the international stage.

Simone’s success continued in 2016 at the Summer Olympics in Rio, Brazil. She played a crucial role in the US gymnastics team’s first-place qualification and earned the top spot in four out of five individual final events. Simone won her first Olympic gold medal in the team event, followed by a gold in the individual all-around category, a bronze in the balance beam final, and a gold medal in women’s floor exercise, totaling four gold medals.

After the 2016 Olympics, Simone took a brief two-year hiatus before returning to competition in 2018. She continued her successful run before finding herself in controversy during the 2020 Olympics, but we will discuss that later.

Simone Biles – Endorsements

Simone Biles has numerous sponsorship deals with leading brands, which are a significant source of her income. In addition to appearing in a Tide commercial before the Rio Olympics in 2016, she signed a long-term deal with Nike and an endorsement contract with GK Elite Sportswear.

GK Elite Sportswear planned to use the athlete’s popularity to sell a line of leotards. Simone and her fellow “Final Five” teammates appeared on a special cover edition of the “Wheaties” box in August 2016. Her success at the 2016 Rio Olympics resulted in a flood of endorsement deals, making her a multi-millionaire.

Some of the companies that have partnered with Simone to capitalize on her success include the following brands.

• United Airlines
• The Hershey Company
• Procter & Gamble
• Mattress Firm
• Spieth America
• Beats by Dre
• Athleta
• Visa
• Oreo
• Uber Eats
• MasterClass
• Facebook Watch

In the lead-up to the 2020 Olympics in Japan, Simone Biles was officially the highest-paid Olympic athlete due to her numerous endorsement deals. She earned an estimated $20 million in endorsement deals between 2019 and 2021.

In a surprising move in April 2020, just months before the start of the Japan Olympics, Simone announced that she was dropping her deal with Nike in favor of signing with the sportswear brand ‘Athleta’. Simone explained that she no longer felt that she resonated with the Nike brand and instead chose to sign with Athleta.

Simone also stated that she was against Nike’s policies of producing its products using labor in third-world countries, which she believed harmed populations in emerging markets. She signed with Athleta with the condition that the brand would organize a national exhibition after the Olympics, in which she would compete in a competition coordinated by USA Gymnastics. Simone intends to launch a line of custom athletic wear with the brand.

Simone Biles – Controversy

Simone Biles has experienced controversy during her career, including joining a class action lawsuit against USA gymnastics physician Larry Nassar in 2018 for sexual assault. Simone accused USA Gymnastics of attempting to cover up the abuse, which had been happening for years. However, she did not appear in court during Nassar’s trial that year, citing emotional difficulties.

In the run-up to the 2020 Olympics, Simone was highly anticipated as one of the most talked-about athletes on Team USA, and she was the most endorsed athlete on the squad. However, after a year of delays due to the COVID-19 crisis, Simone had a disappointing performance, only bringing home a bronze and a silver medal.

Simone withdrew from her floor event due to experiencing “The Twisties,” where gymnasts lose their ability to coordinate their bodies in space, leading to difficulties in landing and risking serious injury.

Simone Biles has been involved in controversy during her career, including joining a class-action lawsuit against Larry Nassar, a USA gymnastics physician, for committing sexual assault. She accused USA Gymnastics of attempting to cover up the abuse by Nassar. Despite her accusations, Simone did not appear in court during Nassar’s trial in 2018, claiming that facing him in court was too emotionally overwhelming.

In the run-up to the 2020 Olympics, Simone was the most endorsed athlete on Team USA, but she had a lackluster performance. She only managed to win a bronze medal in the balance beam event and a silver medal in the team event, and she withdrew from the floor event due to a case of “The Twisties.” Simone claimed that she was dealing with mental health issues, but an analysis of her bloodwork from 2016 showed that she had tested positive for methylphenidate, commonly known as Ritalin.

Simone claimed that she was using the drug for her ADHD as a child and that it had no performance-enhancing effects. However, Ritalin is commonly used to treat ADHD in classrooms, and it supposedly allows users to develop deeper levels of concentration, which would benefit athletes. Simone filed for a “therapeutic use exemption” with the World Anti-Doping Agency in the run-up to the 2016 Olympics, allowing her to take the drug during the games despite its performance-enhancing effect.

Japan has a law prohibiting the use of drugs like Ritalin and Adderall, which are known to enhance performance. However, athletes can apply for an “import certificate” for using prohibited drugs like Ritalin when entering Japan. Whether Simone’s use or lack of use of the drug contributed to her performance at the games is unknown and is speculation.

Simone Biles – Real Estate and Assets

Simone Biles has a net worth of $17 million but does not show off her wealth on social media and lives a relatively modest lifestyle. She purchased a 4,000-square-foot home in Houston, Texas, in 2020, which features four bedrooms and three-and-a-half bathrooms.

Biles added a swimming pool to the property after moving in, and the house has a $750,000 valuation according to property records. Simone has stated that she has a “fear of going broke,” which is why she chooses to live frugally. The athlete does not buy expensive jewelry or spend her money on clothing. She owns two vehicles, a Range Rover and a Mercedes Benz, but she does not have a desire for exotic sports cars.

Simone lives in the home with her fiancé, 25-year-old Houston Texans football player Jonathan Owens. The couple also takes care of Owens’ pet English Bulldog, Zeus. Simone got engaged to Owens in February 2022, and her engagement ring is valued at $300,000 according to media sources. There is no information available about Simone’s investments.

Simone Biles Quotes

If I thought of gymnastics as a job, it would put too much stress on me … At the end of the day, if I can say I had fun, it was a good day.

I’m not the next Usain Bolt or Michael Phelps … I’m the first Simone Biles.

It feels amazing to inspire little kids to want to do gymnastics and have fun with it.

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.

Don’t wait until you’ve reached your goal to be proud of yourself. Be proud of every step you take toward reaching that goal.

It’s inspiring to young athletes that there are more records that can still be broken.

You have to make your own luck. You make it in practice and with training and conditioning.

The reaction of the public plays a very important role. It gives us an adrenaline boost, especially when people start to shout and clap their hands in time with the music. That really helps us to go on.

I feel this year gave me a voice. I tried to find my voice this year and use that to the better potential in positive manners.

Stay healthy, have fun with it, and embrace all the moments. Because anything can happen.