Roger Federer may have retired from professional tennis almost four years ago, but the 20-time Grand Slam champion's fortune is still very much tied to the sporting world.
The Swiss tennis legend, who turned 45 on August 8, has slipped out of the billionaire club after shares in the luxury sportswear brand On, in which he holds a significant stake, suffered a dramatic fall.
According to Forbes, Roger's estimated net worth dropped to $952.4 million after On Holding's share price plunged by around 19 per cent on Tuesday, wiping at least $52 million from his personal fortune in a matter of hours.
It's a remarkable fluctuation for one of the wealthiest and most commercially successful athletes of all time, but it doesn't mean Roger has suddenly lost the extraordinary fortune he built during and after his tennis career. So why is Roger no longer a billionaire, and where did his money come from in the first place?
© Getty ImagesWhy did Roger Federer's net worth fall?
The answer largely comes down to his investment in Swiss sportswear company On. Roger became involved with the Zurich-born brand in 2019, taking an equity stake and becoming closely involved in its product development. The partnership ultimately resulted in The Roger, the company's tennis-inspired footwear collection bearing his name.
On went public on the New York Stock Exchange in 2021, turning Roger's stake into an increasingly valuable part of his fortune as the company's valuation climbed.
© Simon M BrutyRoger is widely reported to own approximately 2.5 per cent of the business, meaning movements in On's share price can have an enormous effect on his estimated net worth.
That became particularly apparent this week when On reported second-quarter net sales of 850.4 million Swiss francs, up 13 per cent but below expectations of 878.4 million francs. Shares subsequently fell around 19 per cent, according to Forbes.
The publication estimates that the decline wiped at least $52 million from the value of Roger's fortune, taking his estimated net worth below the $1 billion threshold.
It is worth noting that celebrity net worth figures are estimates rather than a measure of how much cash somebody has in the bank. A significant proportion of Roger's wealth is tied to investments and other assets whose values can rise and fall.
© Getty ImagesRoger Federer's lucrative investment in On
Roger's involvement with On has been far more than a conventional celebrity endorsement. He joined the company as an investor and partner after ending his long association with Nike, and his influence can be seen most clearly in The Roger footwear collection.
The company's subsequent growth transformed his equity holding into one of the most valuable assets in his financial portfolio and helped push estimates of his wealth above $1 billion.
That also explains why his billionaire status can disappear so quickly when the stock moves in the opposite direction. Roger hasn't suddenly spent tens of millions of dollars. Rather, the estimated market value of an asset he owns has fallen.
And, of course, the reverse remains possible. Should On's share price recover, the value attributed to Roger's stake could climb again and potentially push him back above the billionaire mark.
How much did Roger Federer earn from tennis?
Roger's extraordinary wealth began with an equally extraordinary sporting career. The former world No.1 won 103 ATP singles titles and amassed $130,594,339 in official career prize money across singles and doubles, according to the ATP. That included eight Wimbledon men's singles titles, six Australian Opens, five US Opens and one French Open.
But as impressive as those figures are, Roger's earnings away from the court ultimately dwarfed his prize money. His polished image, longevity and global popularity made him one of the world's most marketable sports stars, allowing him to build an endorsement portfolio that continued to generate enormous sums even as his playing career wound down.
© Getty ImagesRoger Federer's $300 million Uniqlo deal
One of the defining financial moments of Roger's career came in 2018 when he ended his long relationship with Nike and signed with Japanese clothing giant Uniqlo.
The ten-year agreement was reported to be worth an extraordinary $300 million. The deal was particularly unusual because Roger was already approaching the latter stages of his playing career.
"We know I'm at the back end of my career, not at the beginning," Roger acknowledged at the time. Yet Uniqlo was investing not simply in a tennis player but in the Roger name and the elegant, understated image that had become associated with him around the world.
The partnership ended an association with Nike that had lasted for around two decades. Forbes previously estimated Roger earned approximately $150 million from Nike during that period.
Roger Federer's multimillion-dollar endorsement empire
Uniqlo and On are only part of Roger's commercial success. Over the course of his career, the Swiss star became associated with a string of blue-chip brands, including Rolex, Mercedes-Benz, Gillette and Lindt.
Those partnerships helped turn Roger into one of the rare athletes whose earning power extended far beyond his results on the court.
His enduring relationship with Rolex, in particular, has become part of his public image. Roger has regularly worn the luxury watchmaker's timepieces while lifting trophies and during his appearances at major sporting and fashion events.
Even retirement has done little to diminish his commercial appeal. Roger played his final competitive match at the Laver Cup in September 2022, but he has remained highly visible, making appearances at Wimbledon, the Met Gala and other major international events while continuing his partnerships with global brands.
© PoolRoger Federer's life after retirement
These days, Roger is also able to devote considerably more time to his family. He shares four children with his wife, Mirka: twin daughters Myla and Charlene and twin sons Leo and Lenny.
Roger has spoken frequently about the importance of his family throughout his career, with Mirka and their children often seen supporting him from the stands before his retirement.
And while his billionaire status may have disappeared for now, the bigger picture surrounding Roger's finances remains extraordinary. His career prize money alone exceeded $130 million, while his endorsement deals and investment in On helped transform him from one of tennis's greatest champions into a global business figure.
