Michael Jordan’s net worth is higher than yours.
I’m sorry to be the one to break this news. I know it’s shocking, but it’s true. His career as an NBA player/NBA owner/endorser of beverages and food and underwear and shoes has paid off.
Forbes released its list of billionaires, and Jordan made it. He has a real-time net worth of over $1.1 billion:
A well-timed investment in the Charlotte Hornets basketball team lifted star athlete Michael Jordan into the billionaire ranks in 2015, and is keeping him there this year. He acquired a majority stake in the Hornets in 2010 for $175 million. He increased his ownership to 90% in 2013. In 2014 NBA franchise values shot up, thanks largely to racist comments by Donald Sterling that got him banned from the league and led to a bidding war for his Los Angeles Clippers, which was sold to Steve Ballmer for a record $2 billion. The deal helped boost the value of Jordan’s Hornets stake to $500 million. MJ is widely acknowledged as the greatest basketball player of all-time, but his salary rarely matched his stature. He was the NBA’s highest-paid player only twice during his 15-year career. His total career playing salary was $90 million, but Jordan has earned another $1.2 billion (pre-tax) from corporate partners since he left North Carolina in 1984. His biggest backer has always been Nike, which generates $2 billion in revenue annually from the Jordan Brand. Nike commands 90% of the U.S. basketball shoe market, with the Jordan Brand representing more than half of that. MJ maintains his longtime endorsement relationships with Gatorade, Hanes and Upper Deck. He also owns seven restaurants and a car dealership.
Um, whoa.
Jordan “only” made $90.2 million during his NBA career, so while his yearly salaries gave him a financial springboard, they represent just a fraction of his wealth.
Forbes estimates that the Hornets are worth $750 million, so it’s possible Jordan’s stake in them is worth even more than $500 million. Not bad considering his original investment in the Hornets was only $175 million.
Throw in the all the endorsements he’s received over the last 30 years or so, and this isn’t hard to believe.
“Jordan is a billionaire” has a nice, accurate ring to it. Especially considering he is the only former pro athlete to ever make the list, and aside from team owners that were already rich before getting involved in pro sports, he is the only sport related person on the list. Jordan done good. GOAT in the business of sport as well I suppose.
