When talking about basketball and NBA players, Michael Jordan is probably the first one that comes to mind. Everyone on this planet knows him or ever heard about his name at least once. This legend is still iconic and is still popular as ever, even though he has retired from the thing that made him well-known, basketball.
According to Forbes, the net worth of Michael Jordan is estimated to be $1.6 billion as per 2021, making him the richest retired athlete in the world. His earnings over the years come from the Jordan brand salary as well as some big endorsement deals. Apart from being an excellent NBA player, he is also expert at investing. He has a good eye for investments and he has good money management. It is why he is counted as one of the richest athletes in the world with the net worth of $2.1 billion dollars. Below are the net worth milestones of Michael Jordan:
- 2009: $500,000,000
- 2013: $650,000,000
- 2014: $1,000,000,000
- 2016: $1,100,000,000
- 2017: $1,200,000,000
- 2018: $1,500,000,000
- 2019: $1,900,000,000
- 2020: $2,200,000,000
Earnings from his job as a basketball player
During his time as a professional NBA player, Michael Jordan earned a total of $93.7 million in salary. This one was the first one to collect more than $30 million each year in salary. Here is the detail of the salary when he was active as a basketball player.
The other sources of income
After retiring in nearly two decades, Michael Jordan still earns a ton. The retired player earns $100 million each year from endorsements and a few other businesses that he has. His earnings after his retirement are more than in the single year that he collected from his salary in 16 NBA seasons.
The legend named Michael Jordan has been the face of many brands, including Nike, McDonald’s, Coca Cola, Gatorade, Wheaties, Ball Park Franks, Chevrolet, Rayovac, Hanes, and MCI. He also has some other deals with 2K Sports, Upper Deck, and Five Star Fragrances.
Michael Jordan signed a contract with one of the biggest sport products called Nike. He made them pay him $500,000 per year for the five year contract. Apart from the money, he was also given Nike stock. There is actually an interesting story about him and Nike. Apparently, the player had never worn a pair of the product before and he was eager to collaborate with Adidas. However, Nike knew the market and the chance. They offered him tons of cash, making it too hard for him to turn down the offer.
The effort made by Nike was paid off. The first shoe series of Air Jordan had sold more than a million pairs. Within just a year, the special thing resulted in $100 million for Nike. Even now, Air Jordan is still one of the best selling Nike’s products, generating more than $2.5 billion in annual sales for the company.
In the first year, the athlete earned 25 cents for each product named after him that was sold. Now, he gets $4 per shoe that is sold. Between the early 2000 and 2012, Michael was paid $480 million in shoe royalties by Nike. Today, he at least gains $60 million each year from Nike/Jordan brand royalties.
In addition to these endorsements, Michael Jordan is also the owner of a car dealership and seven restaurants, the ones where he makes a partnership with Cornerstone Restaurant Group. He is also the major investor in Hornets and the Jordan Brand. Besides, he joined a group consisting of the investor that purchased MLB’s Miami Marlins for $1.2 billion in 2017. He knows the club as it is owned by his longtime friend named Derek Jeter.
The things Michael Jordan spend his money on
Michael Jordan has a total of 5 houses in America. Two of them are located in North Carolina, the place where the NBA team owned by him, the Charlotte Hornets, is based. The third one is in Jupiter, Florida, while the rest two are currently in Illinois and Utah.
Michael Jordan is such a smart investor. The man has taken a part of a sport data provider that is based in Switzerland named Sportradar, a headphone brand named Muzik, a marketplace for freelance tech talent that is based in San Francisco named Gigster, and aXiomatic. Not only that, he, along with the other fellow owners of NBA teams launched a tequila brand known as Cincoro. The most pricey one that they sold is Extra Anejeo, which costs $1,600.
As stated before, Michael Jordan owns an NBA team called Charlotte Hornets. He has the biggest share in the team with 90%. It was such a good movement as he gained from this investment. In September 2020, he sold 20% of what he has at $1.5 billion to a hedge fund that is based in New York.
The life of Michael Jordan does not only revolve around money and investment. He also has done some charity work. There is a documentary aired on Netflix featuring his last championship with Chicago Bulls. The earnings from this show will all go to the charity, such as to the non-profit organization named Friends of the Children in support of the national expansion.
His kindness is not limited to this. He and some other NBA owners agreed to pay the workers in the arena for missed games during the pandemic. He also made a donation to Bahamas and the Carolinas. In addition to these, he has been taking part in the Make-A-Wish foundation for about three decades as a donor.