Michael Phelps net worth and salary: Michael Phelps is an American Olympic swimmer who has a net worth of $55 million. Michael Phelps has won 14 Olympic Gold Medals and is considered by many to be the greatest swimmer of all time. Michael Phelps Phelps was born June 30, 1985 in Baltimore Maryland. He attended Towson High School just north of Baltimore. Michael Phelps began swimming at the age of 7 and adults quickly recognized his talent. He tried out for – and made – the U.S. Summer Olympic Team in 2000 when he was only 15 years old. Phelps broke the record set by Mark Spitz for most Gold Medals won in a single Olympics competition when he won a remarkable 8 Gold Medals (Spitz had won seven) at the 2008 Beijing Olympics. While still quite young and able to continue competing, Michael Phelps has already broken 37 world swimming records. There are many who believe he hasn't even scratched the surface of his talent and that, when finally done, he will have broken many more records, some of which currently belong to him. In his first two Olympics games Phelps won 17 medals including six gold and two silver at Athens and eight gold in Beijing. Thanks to his success, Michael has enjoyed one of the most lucrative post-Olympics careers in American history. He has dozens of sponsors and appears in commercials throughout the year, even in non-Olympics years.