KEY POINTS

  • Simone Biles won four gold medals and one bronze during the 2016 Rio Olympics
  • The gymnast could take home $165,000 if she repeats her Rio performance in Tokyo
  • She has an estimated net worth of $6 million

Simone Biles could take home not only gold medals but also a hefty cash reward from the Tokyo Olympics.

Biles won four Olympic gold medals — team, all-around, vault and floor — and one bronze from the 2016 Rio Games. The 24-year-old athlete, who is the most-decorated gymnast in World Championships history, is also the favorite to win gold in four individual events in Tokyo and could add another if she leads the U.S. to victory in the team competition, according to USA Today.

If Biles repeats her Rio performance in the Tokyo Olympics, she could receive at least $165,000, Cosmopolitan reported. But if the Ohio native manages to win gold in all five events she's favored in, she could take home as much as $187,500.

The United States Olympic Committee (USOC) rewards American Olympians with bonus payouts for podium finishes. According to its website, an athlete will receive $37,500 for each gold medal earned at the Olympic Games, $22,500 for silver and $15,000 for bronze.

The bonus payout won’t be taxed if the athlete's gross income is $1 million or less, CNBC reported.

However, before the increase was introduced in 2017, the rewards were $25,000 for a gold medal, $15,000 for silver and $10,000 for bronze, which means Biles potentially received $110,000 for her Rio performance.

This, however, only accounts for a fraction of the wealth of Biles, who is estimated to be worth $6 million, according to Celebrity Net Worth.

Biles has supplemented her gymnastics income with endorsement deals over the years. In April, it was announced that she ended her partnership with Nike to team up with Athleta, Gap’s female-focused activewear brand, where she will design products and capsule collections.

She is also partnered with SK-II, Hershey’s, Uber Eats, Candid Dental, Kellogg’s, Mattress Firm and Beats by Dre, according to Cosmopolitan. Biles also has a line of leotards and gymnastics equipment with GK Elite.

Meanwhile, Biles’ Instagram account has more than 4.4 million followers, which means she could also potentially earn big from sponsored posts on the social media platform.

For those who want to see Biles' performance, the Olympic women's gymnastics team competition is set to start at 7 p.m. EDT Sunday, with the team finals taking place at 8 p.m. EDT Tuesday.

For the individual events, the qualifying round will begin at 6 a.m. EDT, while the women's all-around starts at 8 p.m. EDT on July 29. Event finals for vault, floor, balance beam and uneven bars will take place in the following days.

Reigning Olympic gymnastics champion Simone Biles warms up for the defence of her crown in Tokyo Reigning Olympic gymnastics champion Simone Biles warms up for the defence of her crown in Tokyo Photo: AFP / Loic VENANCE