Michael Jordan easily goes down in the book of history as one of the greatest basketball players. It is, therefore, not surprising that Michael Jordan’s net worth is at an estimated $1.9 billion. He continues to inspire many NBA players. Many can only hope to reach the levels he has.
Michael Jordan has retired from playing basketball professionally. However, he continues to earn up to $100 million every year, from his business ventures and endorsements. He is, therefore, one of the richest celebrities.
Michael Jordan’s Basketball Career
In the years between 1996 and 1998, Michael Jordan was one of the highest-paid athletes. His annual salary came in at $30 million per year. It would mean that he would be earning $53 million if you were to calculate it with today’s adjusted rates. That amount is mind-boggling. He would not have a problem applying for credit with such a fantastic income.
You may be wondering what made him such a great basketballer. Well, other than the apparent skills it came with, he was also the driving force behind the Chicago Bulls 6 NBA championship titles. He was voted most valuable player (MVP) 5 times. He also has the longest scoring average of all time. It was only befitting that in 2009, he gained entry into the Hall Of Fame.
Where Does Michael Jordan’s Net Worth Come From
Calculating Michael’s biggest net worth may be difficult because he has so many money-making ventures. However, he seems to have a knack for making suitable investments. He continues to get an income even in retirement. Let’s check out some of his money sources below.
The NBA Salary
Some of Michael Jordan’s Net Worth comes from his playing days. During his active years as an NBA player, he earned an estimated $97.3 million in salary.
Michael Jordan’s net worth gets a giant boost from endorsements. One of the best partnerships he ever made is with Nike. He takes home 60 million dollars annually from the brand. In one year he earns more than he took home in salaries during his entire career with the NBA.
The partnership with Nike started in 1984 when Nike agreed to pay him an annual fee of $500,000 for five years. His total compensation was more than $7 million due to stock options the company availed to him. Interestingly enough, Michael Jordan was more interested in the Adidas Brand and had never won a pair of Nikes before.
However, the Nike partnership did not come without its challenges. The first time Michael Jordan wore the shoes, he had to pay the penalty because they did not conform to NBA uniformity restrictions. Nike was only too happy to take advantage of the controversy because it generated excitement around the brand. They were even kind enough to pay all the fines imposed upon Michael Jordan by the NBA.
Air Jordan’s hit the stores in 1985, and within two months they had over 1 million customers happily wearing the shoes. In one year, Nike was able to generate over 100 million in revenue from the Air Jordans. The brand is still very popular, and to date, the company racks in 2.5 billion dollars annually from the sale of Air Jordan’s. It would explain why they are willing to part with 60 million dollars to add to Jordan’s net worth. Sometimes, the years have been so good that the company has given him royalty checks of $100-4120 million. Imagine trying to explain that net worth meaning to someone.
He has also been a brand ambassador for several corporate brands. These include McDonald’s, Coca-Cola, Ball Park Franks, Chevrolet, Rayovac, MCI, Hanes, Wheaties, and Gatorade.
He Owns A Basketball Team
Michael bought shares in the Charlotte Hornets NBA team and is the majority owner. The team has made Michael Jordan very financially successful. In 2014 Forbes announced that Jordan had reached billionaire status due to his stake in the team.
He bought his share in the NBA team from Robert Johnson, the BET founder. Insiders say that the deal cost $175 million. It was indeed a fantastic investment because the team is currently worth about $1.3 billion at a minimum. Now take into consideration the fact that Michael Jordan owns 90% of the shares. Now you can understand where his $1.9 billion net worth comes from.
He Has Invested In Real Estate
Michael Jordan lives in a 26000 square foot mansion in Jupiter, Florida. The property is in bears club community which is an ultra-exclusive area. Michael constructed there house from scratch, spending about 7.6 million in the process. The lot itself came in at the $4.8 million points.
Farther adding onto Michael Jordan’s net worth is a 3 million lake home in Charlotte, North Carolina. When he wants to be near his Hornets team, he resides at his luxury condo in the city. He also has another property in Salt Lake City Utah.
His list of properties does not end there. He has a mansion in Highland Park which seats on 7 acres. The house is 32683 square feet. It has nine bedrooms, 15 bathrooms, a basketball court that is up to the NBA standards, 15 car garage, wine cellar, tennis courts, among others.
Other Business Ventures
Michael Jordan’s net worth also gets a boost from an automotive group where he’s a co-owner. He has also tried his hand at the restaurant business. Among others, he owns a steakhouse in Grand Central Terminal in New York.
He Is An Author
Michael Jordan has several books under his belt which focus on his career and general life. The books include the 1993 Rare Air: Michael on Michael which he co-authored with Walter Looss and Mark Vancil. His second book I Can’t Accept Not Trying: Michael Jordan, on the Pursuit of Excellence, came out in 1994. He wrote it together with Marco Vancil and Sandro Miller. The third book written together with Mark Ronson came out in 1998 titled For the Love of the Game: My Story. Mark Vancil also co-wrote his 2005 book Driven From Within.
Interesting Facts About Michael Jordan
Michael Jordan’s Net Worth is at an all-time high. There are, however, other exciting things about him. Let us see some below.
Michael Jordan was born in 1963
From 1989 Michael was married to Juanita Vanoy with whom he had three children, two boys, and one girl. He, however, filed for a divorce in 2002. She earned a staggering 168 million dollars in the divorce settlement. Other than money the agreement included stocks and real estate Holdings.
A former lover, Karla Knafel, sued him for breach of contract. Apparently, Michael was to pay her $5 million to keep their relationship secret. The court did not agree with her, and she lost the case. She also lost a paternity case when DNA proved he was not the father of her baby.
He is currently married to Yvette Prieto, a Cuban-American model. They got married in 2013 and have two children together, identical twin daughters.
He goes down in history as the third richest African American. The number one and two positions go to Robert F. Smith and Oprah Winfrey.
The More You Know…
He owns a Gulfstream IV private jet valued at 50 million dollars. With all that money, we would not expect him to use public transportation; including flights
His list of professions are basketball player, spokesperson, entrepreneur, actor, and athlete
He has a love for cars and owns a wide range of classics. Such include the Ferrari 512 TR, GTB Fiorano, and Porsche 911.
He supports several charitable causes including Friends of Children, Make-A-Wish, and other school-related Projects. In 2017 Michael Jordan gave Novant health $7 million to open two health facilities in North Carolina.
Michael Jordan continues to appear on the Forbes list of billionaires to date.
He has tried acting and was in the 1996 film Space Jam as himself.
During his career he has had several nicknames including ‘His Airness’and ‘Air Jordan.’ the names are as a result of his playing style. He is a prolific scorer, has exceptional leaping abilities, and can slam dunk from the free-throw lines.
For someone who has had such a sterling career, in university at 5’11” he was deemed too short to play basketball. He did not give up on his dream though and quickly gained recognition in Laney’s junior varsity team.
Michael Jordan is an excellent example of hard work and passion, resulting in great success. Basketball is a tough game, and it requires a high level of discipline and skill. Obviously, Michael Jordan’s net worth of $1.9 billion did not come easily. He is an example of turning your passion into an income source.