Michael Jordan Net Worth: How He Became a Billionaire?

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Michael Jordan is a retired basketball player, team owner, product endorser, and entrepreneur from the United States. Michael earned a total of $93.7 million in salary during his NBA career. He was the first athlete in history to be paid more than $30 million per year.

He achieved this feat during the 1996-1997 season, earning $30.14 million in base salary. After adjusting for inflation, he earned $33.14 million the following season, which is equivalent to $53.4 million today. Despite the fact that he has not played professional basketball in nearly two decades, Michael now earns $100 million per year from endorsements and other business ventures.

Please keep in mind that he earned more in a single year than he did in 16 NBA seasons. Nike/Jordan brand royalties net Michael at least $60 million per year. Michael became a billionaire through his ownership of the Charlotte Hornets NBA team. This investment will be discussed in greater detail later in this article.

Jordan led the Chicago Bulls to six NBA titles. He has won the league MVP award five times. On September 11th,2009 he was inducted into the Hall of Fame for having the highest career scoring average of all time.

Net Worth: $1.7 Billion
Age: 59
Born: February 17, 1963
Gender: Male
Height: 1.98 m (6 ft 6 in)
Country of Origin: United States of America
Source of Wealth: Professional NBA Player/Entrepreneur

Early Life

Michael Jeffrey Jordan was born in Brooklyn, New York on February 17, 1963. His mother, Deloris, was a finance professional, and his father, James R. Jordan Sr., was an equipment supervisor. Michael’s family relocated to Wilmington, North Carolina when he was a toddler.

Michael attended Emsley A. Laney High School in Wilmington, where he participated in basketball, baseball, and football. He famously tried out for the varsity basketball team as a sophomore but was turned down because he was “only” 5 feet 11 inches tall.

Enraged by the rejection, MJ dedicated himself to excelling on the Junior Varsity team. He grew four inches over the summer between his sophomore and junior years, earning him a spot on the varsity squad. Michael lit up the varsity team, averaging 25 points per game in his junior and senior years. He was chosen as a senior to play in the 1981 McDonald’s All-American Game, where he scored 30 points.

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Michael Jordan’s Net Worth 

According to sportsbrief  In 2022, his net worth is expected to be around $1.7 billion. Because it is still early in the year, this figure may have changed by the time you read it. Between 2020 and 2021, his value fell by $500 million. More on this shortly.

Michael Jordan has a net worth of $2.1 billion in 2020, making him the world’s wealthiest former professional athlete. In 2014, he also became the first billionaire athlete and joined the three-comma club, according to Business Insider. Believe it or not, the six-time NBA champion earned only about $90 million in his career, with $63 million coming from his final two seasons with the Chicago Bulls.

He also made a living from endorsement deals with Nike, Gatorade, Hanes, McDonald’s, and Upper Deck. As evidenced by his basketball earnings, he amassed the majority of his fortune after retiring. He is still an ambassador for Nike and has his own clothing line, Jordan Brand, under their umbrella. According to Business Insider, his royalties from Nike alone total more than $100 million.

How Michael Jordan Became a Billionaire?

Michael’s net worth in 2006 was around $450 million after taxes, divorce settlements, and other lifestyle costs. The same year, he purchased a minority stake in the Charlotte Bobcats of the NBA. He was the team’s second-largest individual owner at the time, trailing only BET founder Robert Johnson.

Michael paid $175 million to buy out Robert’s stake in the team in 2010. Michael now owned 80% of the team as a result of this transaction. Michael increased his ownership stake yet again in June 2014, this time from 80% to 89.5%. At the time, the newly renamed Hornets were valued at $500 million, with $135 million in debt.

The Clippers, who had recently been valued at $500 million, were sold for $2 billion around this time. Assuming the Hornets were worth $600 million at the time, Michael’s stake after the debt was $416 million, which, when combined with his $600 million outside fortune, made Michael Jordan a billionaire for the first time, with a net worth of $1.016 billion.

Real Estate and Private Jet

Today, Michael’s primary residence is an opulent mansion in Jupiter, Florida. The 26,000-square-foot, the 11-bedroom mansion sits on three acres in Jack Nicklaus’ ultra-exclusive Bear’s Club community. He paid $4.8 million for the lot in 2011, then spent two years and $7.6 million building his dream home.

He also owns a $3 million lake house in Charlotte, North Carolina, as well as a luxury condo in the city to be close to his Hornets. He is also said to own property in Salt Lake City, Utah. Michael still owns a large mansion in Highland Park, Chicago. Michael bought a lot in Highland Park in 1991 and immediately began construction on his dream home.

The end result is a 7-acre estate with a main house that is 32,683 square feet. The home has nine bedrooms, 15 bathrooms, an NBA-quality basketball court, a pool pavilion, a 15-car garage, a card room, tennis courts, a PGA-quality putting green, a cigar room, and a wine cellar, among other amenities. Michael listed the house for $29 million in 2013. The price was reduced to $14.8 million in May 2015.

Michael Jordan owns a $50 million customized Gulfstream IV private jet that whisks him around the world. The tail of the jet bears Michael’s famous “Jumpman” logo. Here’s a video of the plane taking off from a Canadian airport.

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Michael Jordan’s Cars

Because he is the most elegant athlete to ever grace a basketball court, he is expected to be fashionable off the court. Here is Michael Jordan’s iconic automobile collection, which includes one-of-a-kind vehicles that will be difficult to find elsewhere in the world

  • Chevrolet Corvette C4 (1984)
  • Porsche 930 Turbo Cabriolet ‘Flat Nose’ (1989)
  • Toyota Land Cruiser J80 (1991)
  • Ferrari 512TR (1992)
  • Chevrolet Corvette ZR1 40th Anniversary Edition (1993)
  • Mercedes W140 S600 Coupé By Lorinser (1996)
  • Porsche 993 Turbo S (1998)
  • Aston Martin DB7 Volante (2001)
  • Bentley Continental GT (2005)
  • Cadillac XLR-V (2006)
  • McLaren-Mercedes SLR 722 (2007)
  • Bugatti Veyron Sang Noir (2010)
  • 23XI Racing Toyota (2021)

Michael Jordan’s Charity Work

Michael Jordan has made significant contributions to numerous charitable organizations. Proceeds from “The Last Dance,” Netflix’s recent documentary about Jordan’s final championship run with the Bulls, will all go to charity, including the Friends of the Children nonprofit, which will support the group’s national expansion and add Charlotte and Chicago as new beneficiaries.

Jordan graciously joined the majority of NBA owners in pledging to compensate arena workers for missed games during the coronavirus halt, and the club has donated to relief efforts in the Carolinas. In recent years, he has written seven-figure checks to aid hurricane relief efforts in both the Bahamas and thus the Carolinas, and he has been a donor and grantor of hundreds of wishes for the Make-A-Wish foundation for three decades.

Frequently Asked Question

How Much Money Does Michael Jordan Make From Nike?

Jordan currently earns $150 million per year from his brand, which is four times more than any other NBA player. We could be telling a different story right now, but Nike must be pleased that Hatfield took a chance, MJ liked it, and the relationship with the player only improved from there.

How Many Cars Does Michael Jordan Own?

According to Jordan’s biography on the NBA website, “By acclamation, Michael Jordan is the greatest basketball player of all time.” In his garage, he has “12” cars in stock. Because of his signature number, you might think he has a total of “23” cars in his garage.

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