Hard work pays off, and if you ever doubt it, just observe Michael Jordan's journey, which truly is the epitome of success and achievements. Michael Jordan is a basketball star and the world's first richest athlete, having a mammoth net worth of $3 Billion. Jordan's net worth is always the talk of the town and yet again becomes a subject of interest for everybody as he enters the Forbes 400 billionaire list.
However, making such a staggering worth took his years of earnings, massive endorsement deals, and profitable investments which also shows his testament to the fact that the sky is the limit. Let's dive into his story of success, not only on the court but also in the game of life.
A Quick Overview Of Michael Jordan
| Attributes | Details |
|---|---|
| Full Name | Michael Jeffrey Jordan |
| Age | 61 |
| Birth Day | February 17, 1963 |
| Birth Place | Brooklyn, New York |
| Height | 6ft 6 inc (1.98 m) |
| Children | 5 |
| Spouse | Juanita Vanoy (1989 - 2006) Yvette Prieto (2013 - Present) |
| Nationality | American |
| Zodiac Sign | Aquarius |
| Source of Wealth | Basketball, Partnership Deals & Business Ventures |
| Net Worth | $3 billion |
Table of Contents
Michael Jordan's Early Life & Career
Early Life
The basketball icon, Michael Jordan was born on February 17, 1963, in Brooklyn, a city in New York. Later, his family moved to Wilmington, North Carolina and he grew up there. From his early childhood, he was interested in playing various types of sports. His interest in basketball developed in his sophomore year of high school. He became the star player in his varsity basketball team, which once cut him off.
A Step Toward International Career
Jordan's brilliance in-game was something extraordinary and led him to win several achievements even from the start. He received a scholarship to the University of North Carolina at Chapel Hill for his brilliant gameplay. He also aided his team to enter into the National Collegiate Athletic Association (NCAA) Division I championship.
In his freshman and junior years, Michael Jordan received the NCAA College Player of the Year. Well, it was just the start of his achievement the bigger is yet to come. He left the college after completing his junior year to join the NBA- National Basketball Association.
Michael Jordan's NBA Career & Journey To Success
Chicago Bulls
Michael Jordan started his NBA journey in 1984 when he along with two other players was chosen for the NBA draft. He was selected by the Chicago Bulls. In his premier season (1984-85), he impressed the audience with his thrilling performance, scoring 28.2 points per game and gaining the title of NBA's Rookie of the Year. Michael Jordan won seven consecutive seasons from 1986-1993 and was the only other player after Wilt Chamberlain who scored 3,000 points in a single season.
In his professional journey, Michael Jordan accompanied the Chicago Bulls to three back-to-back NBA Championships (1991 - 1993). He also led the U.S. basketball team to win the Olympic gold medals in Los Angeles in 1984 and further in Barcelona, Spain 1992. In 1993, Jordan retired from his professional career, saying he didn't have anything more to achieve.
But in 1994, he signed up to play for a minor baseball team in a league. This decision encouraged him to return to basketball again and further in 1994, he rejoined the Bull. However, after winning three consecutive championships in this team (1996, 97, and 98), he retired for the second time in 1999.
Washington Wizards
It was not the end of his professional journey, more career endeavors were waiting for him. In January 2000, Michael Jordan joined the Washington Wizards as a team president of basketball operations and also bought a share in it. However, he felt something missing, and his passion for playing led him once more to the court. Soon, he gave up his operational status and joined the Washington Wizards as a player in 2001. Here, he proved his strength and agility and became the first NBA player to score more than 40 points in a game at the age of 40 years. Ultimately, he made his final retirement in May 2003.
Michael Jordan's Achievements & Honors
Here are some major highlights of Jordan's remarkable career:
- The world's richest athlete was named the title of NBA's Most Valuable Player MVP awards 5 times in 1988, 91, 92, 96, and 98.
- He was the third player to score 32,292 points when he retired, behind other basketball legends such as Karim Abdul Jabbar and Karl Malone.
- Jordan had a scoring average of 30.12 points per game, the maximum for any other player and even the highest in NBA history.
- In 2006, Michael Jordan became a co-owner of the Charlotte Hornets and later on owned the majority of this team in 2010. Well, he was the first one to hold a major possession in a league team.
- He was honored with the Presidential Medal of Freedom award in 2016.
Estimating Michael Jordan's Overall Net Worth
A 14-time All-star, Michael Jordan is the first athlete to cross the landmark of a $1 Billion figure and now holds a net worth of $3 billion, according to Forbes. The NBA Hall of Famer's total value is not confined to his NBA salary.
Still, a substantial portion comes from lucrative endorsement deals with big giants such as Nike, Hanes, McDonald's, and Gatorade, stakes in Charlotte Hornets, other investments, and royalties from the Jordan brand. Let's explore how much he earned through all these ventures.
Fun Fact: According to Forbes, only three professional athletes acquired billionaire status including Michael Jordan, LeBron James, and Tiger Woods
Jordan's NBA Earnings
Ever since Michael Jordan entered the court, his outstanding performances and basketball mania outsized his earnings day by day, making him the highest-paid player in sports history. In his fifteen seasons with the NBA, he gained almost $94 million in salary, according to Forbes.
Furthermore, the icon joined the billionaire list in 2010 when he invested $175 million to $275 million in the Charlotte Hornets, according to Axios. ESPN also reported that he profited significantly from selling the Charlotte Hornets minority stakes worth $3 million.
Endorsements & Partnership Deals Earnings
1- Nike & Jordan Brand
Nike was Jordan's prominent source of earnings, contributing a major portion of Jordan's net worth. The NBA legend signed a five-year Nike deal worth $500,000 annually plus royalties in 1984, the first-ever athlete to do so. Moreover, according to Forbes, his earnings last year were $130 million which is four times more than LeBron James, who holds the NBA's second-largest shoe deal.
Moreover, Michael Jordan generates approximately 5% of Jordan brand sales, as a part of the license agreement with Nike, estimated to receive $256 million from the pact in 2020. However, the long partnership deal between Nike and Jordan, helped the athlete to earn over $1 billion in 2020 and it is considered one of the biggest deals in sports history. According to Bloomberg, Jordan brand generated $5.1 billion in revenue last year which also benefited Nike by 10% in its total sales.
Nike premiered the Air Jordan XXXIV Basketball shoe line last September. A lot of bigger NBA players Zion Williamson, Jayson Tatum, and Rui Hachimura, were spotted wearing them on the court. As a result, Nike's share of the US market including the Jordan brand hiked up to 86% in 2019, according to Forbes.
2- Charlotte Hornets
In 2010, the Chicago Bull GOAT earned a major portion of the stakes in the Charlotte Hornets team worth $175 million. Ultimately, he made a significant move and increased his stake to 90%, becoming the main co-owner. The investment deal proved to be very lucrative to him later.
In 2020, he generated a profit of $1.5 billion by selling a 20% stake in Charlotte Hornets. His long era of 13 years as the primary owner of Hornets came to an end in 2023 when he completed the sale of his team to Gabe Plotkin and Rick Schnall for $3 billion.
Other Significant Investments Earnings
Apart from the Nike and Jordan brand deal and Charlotte Hornets stakes, Other important ventures contributing to Michael Jordan's net worth are DraftKings, Cincoro Tequila, the NASCAR team, and Michael Jordan's Steak House.
- DraftKings - The basketball star is an investor in one of the biggest sports betting companies: DraftKings. He was opted as an advisor in the company. However, the company offered him stakes in the company for having his special advisory. As of March 2024, DraftKings has a market capital of $20 billion.
- Cincoro Tequilla - Michael Jordan also signed a partnership with four other NBA members to form his tequila brand - Cincoro. According to CNBC, the brand sold almost 1.5 million bottles in the year 2022 and also won 23 awards in spirit competitions. The price range for the bottles starts from $300 to $4,500. The price range depends on the popularity and for a limited edition stock.
- NASCAR - Jordan is also a co-owner of the NASCAR team - 23XI Racing. He co-founded this team in 2020 with Joe Gobbs and also owns a driver Denny Hamlin. According to FirstSportz, the team's estimated value is $150 million.
- Michael Jordan's Steak House - Jordan also owns a restaurant, named Michael Jordan's Steakhouse. The restaurant has outlets in Illinois, Connecticut, and Washington.
Jordan's Philanthropic Activities
Apart from Jordan's ventures and investments, he is quite actively involved in philanthropic activities and charity work. Here are some highlights of its charity work:
- In 2018, he donated millions of dollars to his children's friends in support of the organization's national expansion campaign and for their services in Charlotte.
- He also donated $2 million to help the people affected by the hurricane in Wilmington, in 2018.
- In 2020, he also opened two Jordan family clinics and donated $7 million to it.
- He also donated $10 million to the Make-A-Wish Foundation. It was considered the biggest charity gift in history by any individual.
- He also donated his complete NBA salary for the years 2001-2002 to 9/11 campaigns and charities.
Future Outlooks
Well, Michael Jordan has achieved everything and there is nothing left behind. From holding a basketball team, and owning a tequila brand, to Michael Jordan's steak house and Nascar team, he dipped his toes in the most lucrative businesses. Besides retirement from his career, the future looks promising for the legend as he has indulged in profitable businesses. In the coming years, his main source of earnings will be brand partnerships, his ventures, and 2XI racing. He can also look toward opening another brand outlet of Michael Jordan's steak house or investing stakes in another basketball team.
Michael Jordan can also look forward to media and content creation. The success of the documentary “The Last Dance” demonstrated that people have a strong appetite for sports entertainment. Moreover, Jordan's legacy and his popularity can provide a solid foundation for future content projects such as biopics, documentaries, and short movies.
Frequently Asked Questions
Who Is The Richest NBA Player Of All Time?
Michael Jordan is currently the richest NBA player of all time with a net worth of $3 billion. He beats LeBron James by selling his stakes in the Charlotte Hornets and makes himself the first American athlete to be included in America's top riches.
How Much Did Jordan Make From Nike?
Beyond anyone can ever imagine! Well, Jordan's partnership with Nike is considered to be one of the most lucrative. He earned around $150 million last year and a total of $1.5 billion since 1986.
Which Company Does Michael Jordan Own?
He is a co-owner of the Sports betting company DraftKings and of the Tequilla brand, Cincoro. Moreover, he has his restaurant - Michael Jordan's Steakhouse with three outlets. He also made a notable investment by selling his shares in the Charlotte Hornets basketball team.
What Is Michael Jordan's Net Worth In 2024?
Jordan has achieved the benchmark of the world's richest athlete with a net worth of $3 billion, according to Forbes. He achieved this title by selling his stakes in the basketball team (Charlotte Hornets) recently.
Conclusion
Michael Jordan: a name that is not only known for his basketball legacy but also for being the first athlete to rank among America's top 400 riches. With an astonishing net worth of $3 billion, Jordan not only achieved success in his basketball career but also in his personal life with lucrative entrepreneurial endeavors. His ventures indeed spin around a wide array of industries, demonstrating his diverse interests and business acumen.
Concluding, the NBA legend has pulled himself as the wealthiest athlete with such amassing fortune. Whether his net worth will plateau or continue to elevate, only time will reveal.
