Michael Jordan is a retired American basketball NBA player who made his fortune from his NBA career, endorsements, and ownership of the Charlotte Hornets. In this article, we will explore Michael Jordan's net worth, his sources of wealth, awards, and his career.
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What is Michael Jordan's net worth?
According to various sources, Michael Jordan's net worth is estimated at $2.2 billion. This makes him one of the richest athletes in the world.
| Michael Jordan's net worth | $2.2 billion |
| Full name | Michael Jeffrey Jordan |
| Gender | Male |
| Date of Birth | February 17, 1963 |
| Place of Birth | Brooklyn, New York, United States |
| Height | 6 ft 5 in (1.98 m) |
| Nationality | American |
| Profession/source of wealth | Athlete, NBA Basketball player, Entrepreneur |
Who is Michael Jordan?
Michael Jordan is a former professional NBA basketball player, team owner, product endorser and entrepreneur. He is widely considered the greatest NBA player of all time. Jordan led the Chicago Bulls to 6 NBA championship titles and was a five-time league MVP. He was inducted into the Basketball Hall of Fame twice (2009 & 2010), is a two-time Olympic gold medalist (1984 & 1992), and has several other awards.
Early Life
Michael Jeffrey Jordan was born in Brooklyn, New York, in 1963 and grew up in Wilmington, North Carolina. His mother worked in finance and his father, James R. Jordan Sr., was an equipment supervisor.
Jordan attended Emsley A. Laney High School in Wilmington, where he played basketball, baseball, and football.
Early career
As a high school sophomore, Jordan didn't make his basketball team due to his height — 5 ft 11 in. That year, he focused on other sports like baseball and football.
In junior high, Jordan grew taller to about 6 ft 3 in and made the team.
In senior year, Jordan was selected for the 1981 McDonald’s All-American Team. He helped the team win a gold medal.
Numerous colleges and universities recruited Michael Jordan, including Duke, South Carolina, North Carolina, Syracuse, and Virginia.
Jordan accepted a basketball scholarship to the University of North Carolina, in 1981, where he majored in cultural geography.
In 1984, while at the University of North Carolina Michael Jordan was drafted by the Chicago Bulls.
Professional career
Michael Jordan played 13 seasons (1984–1993; 1995–1998) with the Chicago Bulls, where he won six championships and was named Finals MVP all six times.
He retired for a year and a half (1993 - 1995) to play baseball. In 1998 Jordan again retired from the NBA after playing fifteen seasons and joined the Washington Wizards as part-owner.
In September 2001, Jordan returned to the NBA, playing for the Wizards. In the 2001–02 season, he became an MVP candidate after leading the Wizards to a winning record and playoff.
Jordan finally retired from basketball and the NBA in 2003 with five regular season MVPs, six Finals MVPs (NBA record), and three NBA All-Star Game MVPs.
National Career
Michael Jordan also played for the USA national basketball team. He made his debut at the 1983 Pan American Games in Caracas and won a gold medal in the competition. In 1984 he won another gold medal in the 1984 Summer Olympics. In 1992, Jordan and the Dream Team won two Gold medals: the 1992 Tournament of the Americas and the 1992 Summer Olympics.
What are the sources of Michael Jordan’s wealth?
Michael Jordan’s net worth is estimated at about $2.2. billion. His wealth comes from various sources:
#1. NBA Career
The Chicago Bulls drafted Michael Jordan in 1984 in a seven-year, $6 million contract, averaging to about $850,000 per season. In his fifth year with the Bulls Michael agreed to an eight-year, $25 million contract extension and his salary jumped to about $5 million per year as the highest paid NBA player in history up to that point. In 1996, Michael signed a one-year $30 million deal and in 1997 he signed another one-year $33.14 million deal. Michael earned about $93.7 million in total salary during his NBA career (about $161 million today).
#2. Nike Deal and Annual Royalties
In 1984, Michael Jordan shattered all endorsement records when Nike agreed to pay him $500,000 per year for five years. Jordan also received Nike stock options which brought his total compensation to $7 million over five years. The Air Jordan deal was the largest of any athlete-brand deal. Within the first year, Air Jordan generated $100 million in revenues. Today, 58% of all basketball shoe sales are Air Jordans and the brand generates over $2.5 billion in annual sales for Nike.
#3. Deals and Endorsements
The one deal and endorsement that has given Michael Jordan a lot of money is endorsement with Nike. In 1992, Jordan earned 25 cents for every Air Jordan shoe sold. Today he earns 5% per Air Jordan shoe sold. Between 2002 and 2012, Nike paid him $480 million in shoe royalties. Jordan's annual Nike royalty is around $80 - $100 million, sometimes up to $120 million.
Throughout his career up to now, Jordan has also been a spokesman for many corporate brands. He’s spoken for companies like:
- Nike
- Wheaties
- McDonald's
- Chevrolet
- Coca-Cola
- Ball Park Franks
- Hanes
- Rayovac
- MCI
- 2K Sports
- Upper Deck
- Five Star Fragrances
MJ also has a lifetime cornerstones deal with Gatorade, since the 1989 10-year, $18 million endorsement contract in a campaign dubbed "Be Like Mike.”
Michael Jordan has earned around $1.4 billion from corporate partners during his career.
#4. Ownership of the Charlotte Hornets
In 2006, Michael Jordan became part owner of the Charlotte Hornets NBA team. In 2010, Michael purchased a controlling interest in the Charlotte Hornets, paying $175 million to give him 80% ownership of the team. In 2014, Michael increased his ownership stake to 89.5%, making him a billionaire for the first time with a net worth of $1.016 billion. In 2019 Michael sold a piece of his Charlotte Hornets’ stake to hedge fund managers Gabe Plotkin and Daniel Sundheim at a valuation of $1.5 billion.
#5. Golf Course
Jordan loves golf and has an exclusive course, Grove XXIII, which he built in 2019, nicknamed Slaughterhouse 23.
#6. Investments
Jordan owns a car dealership and seven restaurants. He is a founding partner of 1000 North in Jupiter, Florida, and Michael Jordan’s Steakhouse in Washington, Connecticut, and Chicago.
Michael also has a controlling stake (over 89%) in the Charlotte Hornets, which made him a billionaire.
Jordan has also spent large money on tech startups such as Gigster, a startup that links companies to freelancers such as developers, project managers, and software designers.
Michael Jordan and four others opened a tequila business in 2019, called Cincoro tequila.
#7. Real Estate
Michael's primary residence today is a lavish mansion in Jupiter, Florida, sitting on 26,000 sq. ft. He bought the property in 2011 for $4.8 million, then spent two years and $7.6 million remodeling his dream home.
In March 2013, Michael purchased a large 12,310 sq. ft. compound on a lake in Charlotte, North Carolina for $2.8 million. Michael also owns a luxury condo in the city, making him close to his Hornets.
He also owns a property in Salt Lake City, Utah.
Jordan also still owns “Chicago Mansion'' in Highland Park, Chicago, as his souvenir home. He lived there during his many record breaking seasons with the Chicago Bulls.
#8. Lawsuits
Michael Jordan and his brand have been involved with several lawsuits throughout his career. He has won some of these and lost some. For instance, he won a case against two supermarket chains that used his image unauthorized and made millions.
FAQ
What is Michael Jordan's net worth?
Michael Jordan's net worth is estimated to be $2.2 billion.
How did Michael Jordan make his fortune?
Michael Jordan made his fortune through his successful basketball career, which included six NBA championships and five NBA Most Valuable Player awards. He also earned a lot of money from his endorsement deals, including the Nike deal and investments like the Charlotte Hornets.
How much did Michael Jordan make as a basketball player?
Michael Jordan earned $93.7 million in total salary during his NBA career, which spanned 15 seasons. His earnings from endorsements and investments far exceeded his salary.
How much money did Michael Jordan make from endorsements?
Michael Jordan has earned $1.4 billion from endorsements (corporate partners) during his career.
What are Michael Jordan's most famous endorsement deals?
Nike’s Air Jordan is Jordan’s most famous endorsement deal. But he’s also had other famous endorsement deals with brands like Gatorade, McDonald's, Hanes, Chevrolet, Coca-Cola, etc.
What is Michael Jordan's playoff record?
Michael Jordan has an impressive playoff record, having won six NBA championships and being named NBA Finals MVP in all of those championships.
What franchises does Michael Jordan have ownership in?
Michael Jordan is the majority owner of the Charlotte Hornets, a team in the NBA. He first became a minority owner of the team in 2006 before becoming the majority owner in 2010.
How much money did Michael Jordan make from sneaker royalties?
Michael Jordan's partnership with Nike has been very lucrative for him. Between 2002 and 2012, Nike paid Jordan $480 million in shoe royalties. Michael Jordan's annual Nike royalty today is around $80 – $100 million, sometimes up to $120 million.
What charities has Michael Jordan donated to?
Jordan has donated to numerous charities over the years, including the James R. Jordan Foundation, the Jordan Institute for Families at the University of North Carolina, and the Hurricane Katrina Relief Fund, among others.
What awards has Michael Jordan won?
Jordan has won numerous awards throughout his career, including
- Six NBA championships
- Five MVP awards
- Ten NBA scoring titles
- 2 Olympic Gold medals
- Two-time Naismith Memorial Basketball Hall of Fame
Takeaway
Michael Jordan's net worth of about $2.2 billion is a testament to his success both on and off the basketball court. Jordan has made a fortune through his playing career, endorsements, and various business ventures.
His influence on the game of basketball and popular culture is undeniable, and his legacy will continue to be felt for generations to come.
If MJ’s story inspires you to become a world-famous basketball player, you’d better hit the court and practice your skills. We can’t really help you get where you want to go, but we’ll be cheering for you!
But if his entrepreneurial spirit is what gets you going, THAT, we can help with!
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