Michael Jordan is renowned for his legendary NBA career and business acumen. Jordan first stepped onto an NBA court in 1984, and almost 40 years later, he is the only former professional athlete to have wealth enough to make it to the Forbes 400.
At age 61, he has solidified his position as one of the wealthiest athletes globally. Jordan’s net worth, as of 2024, is estimated to be around $3 billion.
Michael Jordan’s net worth
Jordan’s net worth is not limited to basketball earnings but also includes his lucrative endorsements and strategic business ventures.
From his 15 NBA seasons (for the Chicago Bulls and Washington Wizards), he earned around $94 million in salary and signing bonuses. His estimated career earnings are $2.4 billion from brands such as McDonald’s, Gatorade, Hanes, and Nike.
According to People Magazine, Jordan’s net worth is estimated at around $3 billion as of 2024. He was the first professional athlete to become a billionaire, and LeBron James and Tiger Woods have since followed. Jordan achieved the billionaire milestone in 2014.
Early life and career
Michael Jeffrey Jordan was born on February 17, 1963, in Brooklyn, New York, but grew up in Wilmington, North Carolina. He attended Emsley A. Laney High School, where he tried for the basketball varsity team during his sophomore year. Standing at 5 feet 11 inches, he was deemed too short.
However, the following summer, Jordan grew four inches and trained rigorously. He was subsequently named NCAA college player of the year in his sophomore and junior years.
In 1984, he was selected by NBA team, the Chicago Bulls, and went on to help the team win three consecutive NBA championships. He was also part of the U.S. basketball team that won a gold medal in the 1984 and 1992 Olympic Games.
Jordan retired from professional basketball in October 1993, and the next year, he joined a minor-league baseball team. After one baseball season, he rejoined the Bulls and led the team to three more championships.
In January 1999, Jordan retired for the second time, but came back again in September 2001 to play for the Washington Wizards. In the 2002–03 season, he became the first player in NBA history of age 40 (or older) to score over 40 points in a game.
In May 2003, Jordan finally retired from basketball. At the time, he ranked third in career scoring, behind only Kareem Abdul-Jabbar and Karl Malone. During his NBA career, he was named the Most Valuable Player (MVP) on five occasions.
In September 2009, he was included in the Naismith Memorial Basketball Hall of Fame and received the Presidential Medal of Freedom in 2016.
Jordan has been married twice. In 1989, he married Juanita Vanoy and they have three children (Jeffrey, Marcus, and Jasmine). In 2013, he married Yvette Prieto, and they have two daughters (Victoria and Ysabel).
Jordan and Nike
Jordan and Nike came together in 1984 with a landmark deal that laid the foundation for the Air Jordan sneaker line. This brand from Nike revolutionized the athletic shoe market and became a cult icon, contributing significantly to the wealth of both parties.
When Nike released the first Air Jordan sneaker in 1985, the company expected to sell $3 million worth of merchandise. Just two months later, the sales hit $70 million and touched $100 million by the end of the year, according to a 2023 study from Temple University.
Nike’s latest annual report noted that the company raked in $6.6 billion in revenue from the Jordan Brand, an increase of 28.6% from the previous year.
Initially, Jordan signed a five-year deal with Nike for $500,000 annually plus royalties. According to Fox News, the 5% royalties clause earned the basketball star $330 million in 2023.
Jordan’s mother, Deloris Jordan, reportedly helped Jordan in negotiating the Nike deal that resulted in his signature Air Jordan brand. There is even a movie based on this – Air, released in April 2023, starring Matt Damon, Ben Affleck, and Viola Davis, who played Jordan’s mother.
Jordan didn’t act in Air, but he did try acting in the 1996 film Space Jam. The film reportedly made $250 million worldwide.
The Charlotte Hornets
After his second retirement from the NBA in 1998, Jordan began entering the management side of the sport. He reportedly made unsuccessful bids for the Hornets (renamed to New Orleans Pelicans later) and the Milwaukee Bucks.
Jordan then joined a Leonsis-led ownership group, which had stakes in NHL’s Washington Capitals and Washington Wizards. He also assumed the role of president of basketball operations.
After Jordan returned to the court for two seasons, he had to divest his ownership stake, but when he finally retired in 2003, he was quick to buy another team. In 2006, he acquired a minority stake in the Charlotte Bobcats (renamed the Charlotte Hornets in 2014).
In 2010, he became the NBA’s first player-turned-majority-owner, purchasing the team for $175 million. Jordan sold his majority stake in the Charlotte Hornets in August 2023 for nearly 17 times what he originally paid.
The sale of the Charlotte Hornets significantly raised Jordan’s net worth, earning him a spot in the Forbes 400.