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Michael Phelps of the US has the most olympic gold medals (14 total in 2004 and 2008) and the most medals by a male athlete (16 including his 2 bronze medals).
So far, China I believe has won the most Gold, but US has most medals.
As far as the USA is concerned, that honor would go to Colonel Matt Urban of Buffalo, NY (deceased 1995). He was called the most decorated combat soldier the USA has ever had.
That is swimmer Michael Phelps who has won 16 Olympic medals (14 gold, 2 bronze). With regard to U.S. athletes, indeed, Michael Phelps has won the most Olympic medals. However, taking all international athletes into consideration, the one with the most Olympic medals overall is a Russian-Ukranian, Larissa Latynina. A former Soviet gymnast, she won more Olympic medals than anyone in history, male or female, in any sport. She won 18 medals; nine gold medals, five silver and four bronze.
North America has the most. With the US and Canada both in the top, that makes North America have the most.