Update - August 12, 2016 - 115 p.m. ET: Michael Phelps ties for silver medal in the the 100-meter butterfly race (54.14) and is beat out Singapore's Joseph Schooling who wins the gold (50.39). That makes it 27 medals for Phelps throughout his Olympic career and with 23 of them gold.

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Update - August 11, 2016 - 10:15 p.m. ET: Michael Phelps wins the 200-meter individual medley race (1:54.66) and beats out rival Ryan Lochte. That makes it 22 gold medals for Phelps throughout his Olympic career. Japan's Kosuke Hagino finished 2nd (1:56.61) and Wang Shun from China finished 3rd (1:57.05). Lochte finished 5th (1:57.47).

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Michael Phelps Net Worth $55 Million

Michael Phelps is winning big. Forget for a minute the 23 (and still counting) Olympic gold medals he now has safely tucked away. Celebrity Net Worth now estimates that Phelps' net worth has soared to somewhere in the neighborhood of $55 million.

Big-Time Endorsements

Over the years, Phelps has held endorsement deals with such major brands as Visa Inc., Subway, Wheaties, and Louis Vuitton. More recently, he's added the likes of Under Armour Inc., Omega, Master Spas, Sol Republic headphones, and Aqua Sphere to his portfolio.

By the end of 2015, Phelps also signed a deal with 800razors.com, where he is also rumored to hold a "significant amount" of ownership in the company.

Phelps Compared to Usain Bolt

To put his net worth into perspective, how does Phelps compare to a fellow Olympian, Usain Bolt, who has garnered several gold medals and is a highly decorated world-renown athlete too? Bolt also has several deals and endorsements under his belt and like Phelps owns a shaving company too.

Phelps' Olympics Medal Count now at 27

And that was before the still ongoing Rio Games, which have already seen Phelps capture gold twice more, running his overall Olympic medal count to 27.

Phelps and Nicole Johnson are now rumored to be planning to wed after the 2016 Rio Olympic Games and she and their son have been on hand to cheer him on in his quest for greater immortality.

Meanwhile, Phelps and his dad have been able to work through a slew of differences that have at least partly kept them separated over the last two plus decades.

"Being able to rebuild a friendship with my father, that's something I've always wanted," Phelps recently shared. "We're starting from scratch."