Entrepreneurship

What Is Michael Jordan’s Net Worth? Your Airness, The Man Who Rose To Fame

Famous NBA player Michael Jordan is the first and richest athlete in the world today, with a whopping net worth. Read this article to find out more.

The famous and renowned NBA player Michael Jordan rose to fame with his career. Playing for the Chicago Bulls, Jordan made a name for himself when he brought countless record wins for the team. Currently retired and endorsed in various programs and deals, Jordan is the most appreciated and wealthiest athlete in the world. Many sportspeople, such as Lionel Messi, Cristiano Ronaldo, and Roger Staubach, all famous athletes have risen to fame. Michael Jordan comes under the same umbrella but has stood out for his stupendous work and career as an NBA player.

Being the wealthiest athlete today, Michael Jordan did not reach this level with just his career. He has learned the art of business management and has endorsed famous brands. He gained recognition even when he was just a rookie NBA player. But his finesse, ideas, talent, and work ethic earned him many awards, accolades, and honorable mentions. Let us look into the life of His Airness, Michael Jordan’s net worth, and how he reached such heights.

Who is Michael Jordan?

Born in Brooklyn, Michael Jeffrey Jordan is the fourth child of James R. Jordan Sr. and Deloris Jordan. With three elder siblings, two brothers and a sister, and a young sister, Jordan was born on the 17th of February 1963. He attended the Emsley A. Laney Highschool. It was in this high school that he started training for his career. He actively participated in the school’s basketball, baseball, and football teams.

Soon to be nicknamed His Airness and Air Jordan, he kickstarted his basketball career from a very young age. In his Sophomore year, he was eager to enter and tried out for the basketball varsity team. However, with a height of 5’11, he was rejected for being too short. But that did not stop him. He kept working to find his momentum and soon landed a spot on the junior varsity team.

He quickly came under the limelight when he was selected to play for the McDonald’s All-American Game in 1981. As a result, he was recruited by various college basketball programs that would aid Jordan’s career. These included colleges such as Duke, South Carolina, and North Carolina. He accepted his basketball scholarship from the University of North Carolina in 1981, majoring in cultural geography but greatly emphasizing basketball.

He played consecutively and beautifully for three consecutive years under Dean Smith in college. In the NCAA Championship game in 1982, Jordan was the one who scored the winning shot against Georgetown, bringing the trophy home. This winning jump shot became the highlight of his career, aiding his humble beginnings and making him the most prized NBA player.

With his incredible work at the NCAA Championship, he was selected to play for the sophomore and junior seasons that followed in 1983 and 1984, respectively. This was a decision made by the NCAA All-American First Team. As a result, he won against Naismith and Wooden College, awarding him the title of Player of the Year in 1984. However, soon after this success, he decided to leave college a year before graduating for an NBA draft. Despite the considerable gap, Jordan planned to and succeeded in returning to college and finishing his degree. He graduated in 1986.

Career

Starting years in the NBA

As soon as Michael Jordan was drafted into the NBA Chicago Bulls team, he became a significant and recognizable figure. He made his debut in 1984 in October and scored 16 points at the very start. He turned heads with his magnificent style and became a favorite among many basketball enthusiasts. As a result, he has been voted the NBA Rookie of the Year.

On the flip side, his success was not appreciated by many basketball players who refused to pass the ball to this rising star. What brought him back was his glass-shattering – literally – performance at the Nike Exhibition game in 1985. However, he had to sit around during his time in 1985 and 1986 when he injured his foot.

Michael’s first three-peat

Bearing the number 23, Jordan was ready to set the record straight. What marks the great success of Michael Jordan is his ability to take control of the court. Despite the losses between 1987 and 1990, Jordan won his first MVP award. He rose to power from 1991 to 1993.

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With his brilliant mindset in the 1990-1991 season, Jordan won his second MVP award in 1991. That was not the only success; due to his work, the Bulls won their first-ever game for the first time in 16 years. But this was the start. He continued to win NBA Championships in the following year, 1992 and 1993. This made him the first-ever NBA player in history to score a three-peat.

The first retirement

Soon after this success, Jordan decided to retire from basketball which he announced in 1993. In 1994, commemorating his late father’s memory, Jordan signed his career off to baseball. He joined the Chicago White Sox and became a part of Minor League Baseball.

But this, too, was short-lived. His real passion resided with basketball; he returned to the NBA in 1995. Joining the same team, Chicago Bulls, he left baseball because he saw no future and feared becoming a replacement in Major League Baseball.

The return and Michael’s second three-peat

His return to Chicago Bulls shook all the competitors because this was when Jordan set another record: his second three-peat. Between 1995 and 1998, Michael Jordan rose to great heights again. This was when he played for the Chicago Bulls and led them to victory not once but thrice. The defining moment of his career as an NBA basketball player was in 1998 while playing against Utah Jazz. Jordan made an incredible shot with only 5.2 seconds left. This marked his second three-peat, a record yet to be broken.

The second retirement

In 1991, Jordan announced his second retirement. But he stayed a part of the NBA as a part-owner and President of Basketball Operations for the Washington Wizards. This participation came to light in 2000 as he took complete control of all the ideas and aspects of the Wizards and made final decisions in all matters pertaining to its basketball operations. This control and operational business gave Michael Jordan a clear rundown of how things are done and benefited him in his future business.

Time with Washington Wizards

In 2001, Jordan made his final comeback, but not for the Chicago Bulls. He chose to play for a different team – the Washington Wizards. Jordan played a total of 2 seasons with the Washington Wizards but could not take them through the playoffs.

Regardless, this comeback was of great value and brought the fans to the court once again as they watched their hero play. With his return, Jordan claimed and donated $1 million of his salary to all those victims suffering as a cause of 9/11.

Last and final retirement

After many retirements and comebacks, Jordan settled to announce his final retirement in 2003. His last game was played on his first court in Chicago. During his last game, he could showcase all this prowess as a man who had earned innumerable awards and accolades. On his final game as an NBA basketball player, Jordan received a 4-minute long standing ovation, commemorating his work and talent.

Achievements and fame

Michael Jordan’s fame and achievements cannot be narrowed down and placed into one box. The man, the legend, His Airness, marked his brilliance and received numerous awards for his work in the court. Let us list a few.

Michael Jordan is the first and only basketball player to win the NBA Championship and NBA Finals MVP six times in a row, three before his first retirement and three before his second retirement. He has been nominated and awarded the NBA Most Valuable Player (MVP) award five times. His NBA career is filled with prizes as he won the NBA Defensive Player of the Year during the 1987-1988 season and the NBA Rookie of the Year award in 1984. In 1996, he was awarded and named one of the 50 greatest players in the history of the NBA.

His brilliant sportsmanship and exuberant style mark Jordan’s time in the NBA. As a result of his skills and expertise, Michael Jordan has also won the United States Olympic gold medal two times, in 1984 and 1992. Moreover, he was recognized by the NCAA and won a championship and the ACC Men’s Basketball Player of Year award during the 1983 and 1984 seasons. Jordan has made it to numerous Halls of Fame, including the US Olympic Hall of Fame as a Dream Team member and the North Carolina Sports Hall of Fame.

His presence has grown, and he quickly became the Associated Press Athlete of the Year three times before his first retirement and the 10-time ESPY Award winner. He was awarded the Presidential Medal of Freedom for his tireless work and effort by former President Barack Obama in 2016.

These are just some of his many accomplishments and achievements. Michael Jordan is embellished with various accolades and awards that rejoice in his work as a basketball player and social worker.

After Jordan’s final retirement

Numerous ups and downs followed Michael Jordan’s final retirement. He returned to the Washington Wizards as the president of Basketball Operations in 2003. Still, He was fired by the owner, Abe Pollin. This was a great shock and made him regret his decision to return and play for the Washington Wizards.

However, he continued his journey, participated in the Celebrity Charity Tournaments, and spent valuable time with his family in Chicago. But this was just the start. After his retirement, Jordan started to dabble with different organizations and went to the top again.

Charlotte Bobcats/Hornets

In 2006, His Airness decided to invest in the Charlotte Bobcats, later named Charlotte Hornets in 2013. With this investment, he became a minority stakeholder and soon the second-largest and prominent shareholder of the Charlotte Hornets.

As a result of his experience with the Washington Wizards. He started to manage the basketball operations of the Charlotte Hornets. Later he was announced as the Managing Member of the team’s basketball operations.

Jordan urged and demonstrated his wish to become the owner of Charlotte Bobcats on numerous occasions. In 2010, the NBA Board of Governors finally approved Jordan’s purchase from Michael Jordan Basketball Holdings and appointed him their driving figure. Thus, he is now known as the very first former NBA player to become the majority owner of an NBA team and the only African American to enter the realm of basketball operations. In 2019, Jordan acquired most of the team and appointed himself as the official Chairman of the Charlotte Hornets.

23XI Racing

Michael Jordan’s passion and appreciation for cars are not a mystery to anyone, especially his dear fans. He invested in numerous vehicles and, as a result, started his brand, the 23XI Racing, in 2020.

Alongside the famous NASCAR driver, Denny Hamlin, a fielding team under NASCAR was introduced with the title 23XI Racing bearing the entry number 23, the same number used during his NBA career with the Chicago Bulls.

What is Michael Jordan’s net worth?

Michael Jordan is the first and most famous basketball player in the history of the NBA. His net worth surpasses not just basketball players but also other sportspeople. With this in mind, Michael Jordan’s net worth is currently $1.7 billion. As of 2021, his net worth was estimated to be $1.7 billion, but in 2022, it is set to increase and reach $2.2 billion.

Compared to other basketball players, such as LeBron James, Michael Jordan is at the top. As we list the top 5 richest basketball players today, you will see Jordan’s name on the very top. The difference between the first, Michael Jordan, and the second richest basketball player, Magic Johnson, is uncanny. There is a clear difference and a vast gap between the two. Despite Lebron James reaching such heights and fame with numerous awards and even working in an animated movie, he is only at number 3. Nonetheless, he is on a consistent rise.

Basketball Players             Net Worth
Michael Jordan $1.7 billion

 

Magic Johnson

 

$620 million

 

LeBron James $610 million

 

Junior Bridgeman

 

$600 million

 

Quinn Cook $550 million

 

How did Michael Jordan’s net worth cross a billion?

Now we know that Michael Jordan is the wealthiest athlete out there, with a whopping $1.7 billion net worth; a question that might arise is, how did he reach such heights. Michael Jordan, no doubt, has a great business mind and continues to rise. He has made some sensible decisions along the way, and this is what they are.

NBA Career

One of the reasons why Michael Jordan’s net worth has reached such heights is because of his career and tremendous work on the basketball court. He has earned more than Stephen Curry and LeBron James, making him the richest and only billionaire athlete in the world today.

He has earned more than $94 million due to his career in the NBA. This includes his time spent with Chicago Bulls and the Washington Wizards. The Bulls paid him almost $4 million during his Chicago White Sox career.

His salary reached $30 million when he played with the Bulls due to his consecutive wins and MVP awards. This was the highest-paid athlete salary at the time and continues to strike out all other contenders. The late Kobe Bryant is the only other basketball player to reach such heights and earn $30 million.

Endorsements

Besides his whopping NBA career, Jordan also made his way into a billion figure through various endorsements. These endorsements are at the back end of Michael Jordan’s net worth. Here are a few of them.

Nike

In 1984, Jordan signed an endorsement deal with Nike. Because Jordan had quickly become and earned the nicknames, His Airness and Air Jordan, Nike’s new shoes perfectly encapsulated him.

Nike had created new soles solely designed for running, and Jordan was the perfect person to introduce them. Before Nike entered the chat, many basketball players in the NBA wore Converse shoes. They are still famously worn; Nike made a great leap with Air Jordan and Michael Jordan as an endorser on their side.

Nike had a target to sell $3 million worth that year. But with Jordan on their team, they made almost $125 million. This endorsement made Jordan the wealthiest basketball player. Per the deal signed with Nike, Jordan was also granted a clause for royalties that gave 5% of every Air Jordan sold, earning him a great fortune. Later on, with the ongoing success, Nike introduced the Jordan Brand, which is of great value, almost $3 billion.

With the Jordan Brand on the rise, it has paid $500,000 and more royalties to Michael. Recently, Nike has paid him more than $100 million and boosted Jordan’s net worth. The Jumpman logo on the Air Jordans is a silhouette of His Airness. As Forbes reports, Jordan Brand can create $1 billion in sales for Nike. Another very influential time for Jordan was when Nike partnered with Fortnite, the famous game, and featured the Jordan Brand.

Nike was not Jordan’s first choice. He had been trying to land an endorsement deal with Adidas initially but was rejected because of his height. Adidas only endorsed basketball players who were more than 7 feet tall. Nonetheless, working with Nike turned into a great incentive, making him the only billionaire right now. Thus, Nike, Air Jordan, and the Jordan Brand are why Michael’s net worth is rising.

Other Endorsements

Nike is Jordan’s biggest and most popular endorsement. But there are more which are listed below.

  • Gatorade: Jordan has appeared in more than 20 commercials for Gatorade since 1991. A deal was made for ten years with 13.5 million dollars. This gave rise to Jordan as he was the first and only spokesperson.
  • Wheaties: Jordan appeared for 18 commercials when dealing with Wheaties since 1993
  • Chevrolet: he landed a deal with Chevrolet during his rookie year in 1984
  • Upper Deck Company: They made autographed cards for Jordan even when he was retired
  • Hanes: Jordan signed a deal with them in 1989 and is still their most significant and prized ambassador.
  • MCI
  • McDonald’s
  • Rayovac
  • Ball Park Franks
  • Coca-Cola

These endorsements and deals have also boosted Michael Jordan’s net worth and helped him become the only billionaire athlete today.

Business, investments, and funds

Charlotte Hornets owner

After being rejected and fired from the Washington Wizards in 2003, Michael Jordan decided to take a different route. He started to invest in the Charlotte Bobcats in 2004. Later they were named the Charlotte Hornets in 2013. In 2010, Jordan showcased his desire to own the Charlotte Hornets, which was granted and came under his supervision for $175 million. As a result, a massive amount of earnings came from the NBA team.

The Charlotte Hornets raised Jordan’s stake to 90%. However, he decided to sell 20% of the team’s share to two investors in 2020, which earned him a total of $1.5 billion. Despite not winning even one championship, Charlotte Hornets are valued at $1.58 billion.

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23XI Racing

Alongside Denny Hamlin of NASCAR, Jordan has made it into the world of racing cards. The fielding team was named 23XI Racing with Jordan’s jersey entry number, 23, when he played for the Bulls. Both Hamling and Jordan opted for Bubba Wallace as their driver. The team has five sponsors on its side, such as Root Insurance, Dr. Pepper, McDonald’s, DoorDash, and Columbia Sportswear. The net worth of 23XI Racing is almost $150 million, raising Jordan’s net worth every bit.

Other investments and projects

Besides Nike, 23XI Racing, and his booming career, Michael Jordan’s rising net worth is the result of his various investments. Here is a list of some of his famous assets.

  • Sportradar: He has provided good funds to the Switzerland-based sports data providers known by the name Sportadar. Sportradar is valued at $8 billion and will continue to grow, aiding Jordan’s rising net worth.
  • Axiomatic: Jordan’s investment in Axiomatic is bringing in great profit. He joined the team in 2018, which is not valued at $320 million, raising Michael’s net worth.
  • Cincoro: Jordan introduced and created a new tequila brand called Cincoro.
  • He has car dealerships with Nissan, owns restaurants – the most famous; Michael Jordan’s Steakhouse, and invested $305 million in Dapper Labs.
  • In September 2020, he became the official investor and advisor of DraftKings.

In films and books

Michael Jordan’s expertise is not just limited to the basketball court or baseball field. He has taken part in various media-related content. He was in the movie Space Jam, a box office success in 1996. In 2000, Jordan was made the subject and prominent figure of an IMAX documentary that relayed a detailed orientation about his career with the Chicago Bulls. Lastly, he was in the Emmy Award-winning movie The Last Dance in 2020.

Several books are also written under Michael Jordan’s famous and renowned name. We shall list them below.

  • I Can’t Accept Not Trying: Michael
  • Driven From Within
  • For The Love Of The Game: My Story
  • Rare Air: Michael on Michael
  • I’m Back!: More Rare Air

Michael Jordan’s marriages and kids

Michael Jordan has made his name in the industry as a man who has stayed close to his family. He is a man of principle and has learned how to balance his fame, work, and family. Michael Jordan’s personal life has been explained and listed above. Here are some more details.

First marriage

Jordan’s first wife was Juanita Jordan, a former model. They married in 1989 and had three kids; Jeffrey, Marcus, and Jasmine. They decided to part ways in 2002 but reconciled soon after. However, in 2004 they filed for divorce and parted ways. The settlement Juanita received is one of the largest divorce settlements to date: $165 million.

Juanita’s net worth: $200 million

Second Marriage

In 2013, Michael Jordan married Yvette Prieto, his second wife, a well-known Cuban-American model. With her, Jordan has had twin daughters named Victoria and Ysabel.

Yvette’s net worth: $50 million

Kids

Jordan has five kids; three from his earlier marriage and two from his marriage to Yvette. Jeffrey Jordan, Michael Jordan’s eldest son, has a net worth of $24 million. He was a former basketball player. He co-founded a philanthropic foundation called the Heir Jordan with his brother Marcus. Other siblings, Jeffrey include Victoria, Ysabel, Marcus, and Jasmin, all have a net worth of $1.5 million.

Conclusion

Michael Jordan has made his name the most famous and richest sportsman ever. He has invested in and endorsed various brands, started businesses, and commanded the Charlotte Hornets. His indulgence in multiple activities, even after his retirement, has led him to become one of the only wealthiest athletes in the world today. The 5th richest African American today, Michael Jordan’’s net worth is $1.7 billion. It is set to increase in the coming years. With other NBA players following his footsteps, such as Stephen Curry and LeBron James, Jordan is a figure of inspiration for all.