Michael Phelps has an estimated net worth of $55 million. With a $55 million net worth, Phelps ranks among other Olympic competitors, including Usain Bolt, Serena Williams, Carmelo Anthony, Kevin Durant and Neymar Jr.

Phelps is considered to be one of the highest paid Olympic athlete, which leaves fans with the question how much does the Olympic goldmedalist actually earned for the past years. In this generation when people get more connected and the distribution of content grows increasingly everywhere, famous people like Phelps could turn their fame to riches easier than in the past, Money Nation reported.  

The Olympic swimmer's earnings is believed to have come from many of his endorsements because of his Olympic career.  It was revealed that a big chunk came  from advertisers who have used the Olympic swimmer in promoting a variety of products. For instance, he earned $1 million worth of bonus from his sponsor Speedo, following the 2008 Olympics, Go Banking reported.

The Olympic athlete is also believed to have earned an estimated total of $95.8 million in his life, with $94 million of that coming straight from advertisers. Phelps' taxes definitely cut into his earnings substantially. His taxes sink at nearly $43.5 million while his expenses pull under another $14.4 million.

Phelps exact net worth of $44,288,336 is twice as big as Olympic Gold Medal champion runner Carl Lewis. This net worth is also twice as big as nine time Gold Medal swimmer Mark Spitz' net worth. Further, Phelps' net worth is nine times more than Olympian Jesse Owens and six times more than Olympic swimmer Matt Biondi.

Phelps has made more millions out of his impressive Olympic career considering he held a number of endorsement deals for Wheaties, Corn Flakes, Louis Vuitton and more over the years. Meanwhile, watch Michael Phelps as he wins 20th Gold 200m butterfly at Rio Olympics 2016.