Her medal cabinet must be falling short of accommodating her earnings. But does that reflect on Simone Biles’ bank accounts? Probably not.

In Paris, Simone snagged the 5th, 6th, and 7th Olympic gold medals of her career. One silver was also added to the kitty. But how did it look on the paycheck? Peanuts, to say the least. For the Paris Games, the USOPC paid athletes $37,500 for every gold medal, $22,500 for silver, and $15,000 for bronze. That means Simone earned a lackluster $135,000 for her heroics. This unfortunate reality was once again reiterated as Sportico released its list of the Top 10 highest-paid female athletes worldwide in 2024.

On December 4, Inside Gym revealed in an Instagram post that Simone Biles has made it to Sportico’s list of the Top 10 highest-paid female athletes worldwide. “2024 was a golden year for Simone Biles in many ways! Sportico releases its list of the 15 highest paid female athletes worldwide, and Simone Biles tanked 9th on the list, with an estimated $11 million in earnings. Congrats, Simone! Very well deserved, and it’s great to see a gymnast on the list,” it revealed.

While that is commendable given the fact that Simone is the only gymnast to make the cut, a look at the breakups of the payments will tell you the sad story. Here it is for you to figure out.

Yes, you got that right. Among the top 10 athletes, Simone is second last in prize money earnings. And why not? Take the instance of Coco Gauff. Her $4,805,000 cheque for winning the WTA Finals this year was the highest payout ever for a tour event. In contrast to that, where does the gymnastics landscape stand?

International Gymnastics Federation president Morinari Watanabe was asked ahead of the Olympics if FIG would award prize money to the Olympic medalist gymnasts. The question came at the wake of World Athletics announcing earlier in April its plan to give $50,000 to gold winners in Paris. Watanabe straightaway dismissed the idea.

While declining to comment on how each international federation’s allocated funds should be used, Watanabe said, “The FIG uses this revenue to support the development of gymnastics around the world, and in developing countries in particular. Many developing countries do not have enough gymnastics apparatus, or are using out-of-date apparatus.” FIG’s thought of all-encompassing development is indeed commendable, but that can be demoralizing for the athletes. Notably, Sportico’s list was no different last year as well. In fact, it was more terrible. Take a look.

Sportico’s list for 2023:

“0”. Can you imagine that for a gymnast of her caliber? like all of us, Australian gymnast Heath Thorpe could not. “It is wild to me that you can be as successful as Simone Biles in gymnastics and earn essentially ZERO dollars from prize money,” Thorpe had written in shock. Up for an even more shocking stat?

According to reports, during NBC’s live broadcast of the team final in Paris, 12.7 million viewers tuned in to watch Team USA compete. Despite that, no U.S. Olympic athlete was compensated purely for their athletic performance on the world’s biggest stage. With a greater viewership than every NBA Finals since 2019, it is unfortunate that gymnasts were not paid for their appearance on a national broadcast. Looking at this sorry state of affairs, fans were quick to express their frustration, pointing out that Simone’s decade-long dominance in gymnastics—along with her Olympic golds and World Championship titles—should’ve earned her a much higher spot.

Simone Biles’ rank on the list doesn’t do justice to her accolades, fans argue

Simone Biles is the GOAT, no question about it. But when it comes to cashing in on that GOAT status? Well, gymnastics just doesn’t pay like other sports. One fan summed it up perfectly: “The prize pool for gymnastics is nonexistent, so it speaks volumes on how Simone’s net worth is close to $30 million without relying on being paid for her sport while competing. The sum is too small to compare to other sports.” But is it the situation everywhere?

Some countries, like China and Russia, have state-funded systems that provide salaries to gymnasts. However, these systems are primarily aimed towards developing international champions rather than ensuring long-term financial stability for athletes. In the US, gymnastics gets big TV coverage and sponsorship deals, but there’s no government funding for elite gymnasts.

With the governing body of the sport itself not coming up with any cash benefit, gymnasts lose out hugely to athletes from other sports. Take Iga Swiatek, who earned around $2.5 million for her French Open win—talk about a difference! So how does Simone stack up financially?

Well, she’s had to rely on endorsements—and let’s be honest, those deals have kept her rolling in cash. She’s signed with brands like Athleta, Eli Lilly, GK Elite, K18, MasterClass, Nulo, Powerade, Spieth America, and Visa. But even so, gymnastics fans aren’t thrilled about the whole situation. One fan pointed out, “Maybe I’m biased, but she should honestly be #1. She makes all of her money from endorsements If NIL existed before she went pro, she would’ve been the most paid athlete in college for sure.” 

Imagine if NIL had been around when Simone was in college—her social media presence and dominance in gymnastics would’ve made her an endorsement queen. She could’ve easily racked up similar numbers to LSU gymnast Olivia Dunne, who has earned a jaw-dropping $9.5 million through NIL. A fan expressed hope for the future, saying, “Maaaan, this is crazy that all her earning is through endorsements. It makes me sad to think that gymnasts had to really debate going pro to make money vs. going to college. So glad that has changed and these gymnasts can have endorsements while shooting for college!!”

Despite the frustrations over gymnastics’ pay structure, fans are at least seeing some progress. As one put it: “The fact that there is a gymnast on this list is progress. It would be bizarre if multiple gymnasts could make that staggering sum. It requires longevity for starters, and few gymnasts have the level of dominance across a long period.” Fans are right—Simone’s been the world’s best for nearly a decade. It’s high time the sport recognized that. Still, making it to the top 10 is an incredible achievement, even if she’s been underpaid for her greatness.