Michael Jordan is a retired professional basketball player widely regarded as one of the greatest basketball players of all time, and it is not surprising why many are also interested on his net worth. He played the majority of his illustrious career with the Chicago Bulls in the National Basketball Association (NBA).
Throughout his career, Jordan achieved numerous accolades, including six NBA championships with the Bulls and five NBA Most Valuable Player (MVP) Awards. He was known for his scoring prowess, athleticism, and competitive spirit. Jordan won two Olympic gold medals with the United States basketball team, first in 1984 and again as part of the “Dream Team” in 1992. Over time, Michael Jordan net worth continued to increase, with the biggest leap in 2023.
Michael Jordan Net Worth
Latest data in Forbes shows that Jordan has an estimated net worth of $3 billion. He also made it to The Forbes 400, marking the first time a professional athlete has ranked among America’s wealthiest individuals.
He built his wealth through a combination of a successful basketball career, endorsement deals, business ventures, and ownership in sports franchises.
He had an illustrious career in the NBA, playing the majority of it with the Chicago Bulls. His salary during his career totaled $90 million, however, he has earned $2.4 billion (pre-tax) from corporate partners like Nike, Hanes and Gatorade.
Staggering Endorsement Deals
One of the sources of Jordan’s wealth comes from endorsement deals. He famously signed a groundbreaking deal with Nike to create the Air Jordan sneaker line, which became incredibly popular and remains one of the most successful and iconic athletic shoe lines in history. It was launched by Nike in 1984 and revolutionized athletic shoe marketing and became a cultural phenomenon.
The success of the Air Jordan brand propelled Michael Jordan net worth. At the time, his earnings went beyond his basketball salary. His association with Nike has been characterized by numerous signature shoe releases, each contributing to the brand’s success and his personal financial gain.
In January 2022, Forbes estimated that Michael Jordan earned over $130 million from his Jordan Brand royalties and endorsements in 2020 alone.
Business Ventures help Net worth
Beyond basketball and endorsements, Jordan has been involved in various business ventures. He has been a successful businessman, with investments and ownership stakes in different companies. His entrepreneurial ventures include ownership of the Charlotte Hornets, an NBA team, and involvement in the ownership of the Jordan Brand.
The Jordan Brand
The Jordan Brand, a subsidiary of Nike, has been a major contributor to Jordan’s net worth. The brand not only includes basketball shoes but also a wide range of athletic apparel and accessories. It has maintained its popularity over the years, and the Air Jordan shoes are considered iconic in the world of sports and fashion. As per FourWeekMBA, the Jordan Brand made the company $5.1 billion in 2022 alone. The cut of Jordan amounts to 5%, which was worth $256.1 million.
Ownership of the Charlotte Hornets
In 2010, Jordan became the majority owner of the Charlotte Hornets. His ownership has contributed to his wealth, and it also reflects his continued involvement and influence in the world of professional basketball. In 2023, he sold his majority stake in the Charlotte Hornets, a deal that was worth $3 billion, increasing Michael Jordan net worth several fold.
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Other Business Ventures
Jordan has been involved in various other business ventures, including ownership stakes in restaurants, car dealerships, and an equity interest in the Miami Marlins, a Major League Baseball team.
The combination of these factors has greatly contributed in increasing Michael Jordan net worth. It also made him one of the wealthiest athletes in the world. His ability to leverage his success in basketball into a global brand and business empire has been a key factor in his financial success.
The Childhood of a Basketball Superstar
Michael Jordan was born on February 17, 1963, in Brooklyn, New York, and grew up in Wilmington, North Carolina. He was the fourth of five children in the Jordan family.
His family was sports-oriented, and his father, James Jordan Sr., worked at an electric plant, while his mother, Deloris Jordan, worked at a bank. His older brother, Larry, played an important role in inspiring Michael’s interest in sports.
Michael Jordan developed a love for sports at an early age. He played baseball, basketball, and football with his siblings and friends. His competitiveness and drive were evident even in his youth.
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He entered the NBA in 1984 after being selected by the Chicago Bulls as the third overall pick in the draft. His impact on the league was immediate, and he quickly became a rising star in the NBA.
Michael Jordan’s childhood laid the foundation for his exceptional work ethic, competitiveness, and love for sports. These qualities, combined with his natural talent, played a crucial role in his journey to becoming one of the greatest basketball players in history.
Michael Jordan’s Marriages
Jordan’s first marriage was to Juanita Vanoy. The couple got married on September 2, 1989. They have two sons, Jeffrey Michael and Marcus James, and a daughter, Jasmine. However, Jordan and Juanita Vanoy filed for divorce in 2002 but later reconciled. Unfortunately, their reconciliation was short-lived, and they filed for divorce again in 2006. The divorce was finalized in 2007.
Jordan’s second marriage is to Yvette Prieto. The couple got married on April 27, 2013, in a ceremony in Palm Beach, Florida. Yvette Prieto is a Cuban-American model. They have twin daughters, Victoria and Ysabel, born in February 2014.
Michael Jordan 2024: Continued Growth of the Jordan Brand
After selling his stakes in Charlotte Hornets, which propelled Michael Jordan’s net worth to several billions, and with his involvement in the Jordan Brand, 2024 could be an even more profitable year for the legendary player. His brand will continue to expand its reach, and kick in sales, giving Jordan the financial wealth that many athletes can only dream of.