Michael Phelps and Mazda! Michael Phelps has inked a $1 million Mazda 6 endorsement deal. Phelps’ Mazda advertisement campaign while at $1 million may not sound like a lot of money, it’s the highest ever made by a Chinese company to a Western ever.

Dynamic Marketing Group’s DMG Entertainment issued a statement today explaining Phelps will back the Mazda 6 in print and tv.

“The people of China have been very supportive of me and my efforts to help promote swimming,” Phelps said. “I am excited to begin 2009 with my first return trip to Beijing since the Games.”

Current reported endorsements by Phelps include:

Visa
PowerBar
Omega
AT&T Wireless
Speedo
Kellogg’s

Some reports put Phelps’ net worth already at $50 million. Do you think that figure is accurate?