|Birth name||Michael Jeffrey Jordan|
|Born on||February 17, 1963|
|Michael Jordan net worth||$1.2 billion|
|Source of wealth||Endorsements, basketball, Charlotte Hornets|
|Education||University of North Carolina, Chapel Hill|
|Nickname (s)||MJ, Black Cat, Air Jordan, His Airness|
According to Forbes, Michael Jordan net worth stands at $1.7 billion as of 2022. He’s an entrepreneur, actor, author, and a former basketball player who retired in 2003. Michael Jordan aka MJ is regarded as the greatest basketball player of all time. In 2014 he became the first billionaire player in the history of the NBA. Today Jordan is ranked the 1931st world’s wealthiest person by Forbes.
Michael Jordan is a six-time NBA champion and is the world’s richest athlete ever. He’s also the 5th richest African-American after Robert Smith, David Steward, Oprah Winfrey, and Kanye West. MJ’s fortune comes from his stake in Charlotte Hornets, multi-million endorsement deals from companies like Nike, his chain of restaurants, among other investments.
So how did Michael Jordan start and how does he make and spend his fortune?
Early life, education, and career beginnings
Michael Jeffrey Jordan was born on February 17, 1963, in Brooklyn, New York. His father, James R. Jordan Sr. was an equipment supervisor while his mother Deloris was a banker. He has 4 siblings; one older sister Deloris, 2 older brothers, Larry Jordan and James R. Jordan Jr., and one younger sister, Roslyn.
Jordan grew up in North Carolina and attended Emsley A. Laney High School in Wilmington, where he began playing football, basketball, and baseball. He became a basketball star for his high school’s junior varsity team and scored 40 points per game on several occasions. After training hard and growing a little taller, he joined Laney’s varsity team and averaged 25 points per game.
After completing high school, Michael Jordan joined the University of North Carolina at Chapel Hill where he won the ACC Freshman of the Year award during his first year in college. During his junior year in 1984, Jordan won the Wooden and Naismith College of the Year awards. He graduated in 1986 with a Bachelor of Arts degree in geography after leaving college in 1984 to enter the 1984 NBA draft.
The billionaire began his professional career with the Chicago Bulls in 1984. He continued to shine in the NBA winning the championship with the Bulls in 1991, 1992, and 1993. On October 6, 1993, 3 months after his father was murdered, Jordan announced his retirement stating that he had lost his desire to play basketball. In 1995 he returned to the NBA helping the Bulls win the championship in the years 1996, 1997, and 1998 before his second retirement in 1999.
In spite of stating that he was 99.9% sure that he would not play another NBA game, Michael returned to the NBA in 2001. He played for the Washington Wizards until his 3rd retirement in 2003. MJ averaged a record 30.1 points per game during his entire professional career. He was the lead scorer for 10 seasons, a record that’s yet to be broken by any other NBA player. Jordan is a five-time NBA MVP, six-time NBA Finals MVP, a 14-time NBA All-Star, a three-time NBA steals leader among many other honors.
It’s interesting to note that Michael Jordan made Chicago Bulls one of the most valuable teams in the NBA. The team which was worth just $16 million in 1985, a year after Jordan was drafted became NBA’s most valuable team by 1999. Today the franchise remains one of the world’s most valuable sports teams with a valuation of about $3.3 billion.
How Michael Jordan made his fortune
Michael Jordan has a net worth of $1.7 billion. According to Forbes, MJ earned a total of $1.8 billion from partnerships with firms such as Nike, Gatorade, and Hanes during his 15-year career. His total playing salary was just $90 million. The billionaire has been in partnership with Nike since 1984 helping the company’s sales skyrocket since then. MJ reportedly takes home more than $100 million in royalties every year from Nike. Other companies that he has endorsed include Chevrolet, Coca-Cola, Rayovac, MCI, McDonald’s, Wheaties, and Ball Park Franks.
Most of Michael Jordan’s fortune comes from his stake in Charlotte Hornets, the NBA franchise he owns. He first bought a minority stake in the team in 2006 and later purchased a majority stake in 2010 for $175 million. He then increased his stake to 90%. In 2019, he sold a 20% stake in the franchise to Daniel Sundheim and Gabe Plotkin in a deal that valued the team at $1.5 billion. According to Forbes, his 70% stake is worth about $940 million.
After acquiring a majority stake in Charlotte Hornets, MJ became NBA’s only African-American majority owner and the first former player to become the majority owner of an NBA franchise. Jordan also owns a stake in the Miami Marlins of Major League Baseball. MJ owns the NASCAR team 23XI Racing that competes in the NASCAR Cup Series. According to Rebound, the team is valued at approximately $25 million.
Michael Jordan together with other NBA owners — Wes Edens who co-owns Milwaukee Bucks, Jeanie Buss who has a stake in the Los Angeles Lakers, and Wyc Grousbeck who co-owns Boston Celtics — launched a tequila brand known as Cincoro. The brand is one of the most expensive tequila brands in the market today with its most expensive bottle going for about $1,600. The six-time NBA champion also has investments in aXiomatic, Gigster, Muzik, as well as Sportradar.
MJ owns is a part-owner of Michael Jordan Nissan, a Nissan dealership based in Durham, North Carolina, which he bought in 1990. In 2020 he invested in DraftKings, an American sports betting company. He’s also a special advisor to the board of the firm. MJ owns the Grove XXIII golf course in Hobe Sound, Florida. He also owns Michael Jordan’s Steak House, a restaurant chain with locations in Connecticut, Washington, Oak Brook, Chicago, and IL.
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How does Michael Jordan spend his fortune?
Michael Jordan has an estimated net worth of $1.7 billion. How does he spend all this fortune?
MJ owns a $29 million mansion in Chicago which he built in 1995. The 56,000 square-foot mansion features an NBA-size basketball court, 9 bedrooms, 19 bathrooms, and a 15-car garage. It also includes a home cinema, a vast patio, a big wine cellar, an infinity pool with a small island in the middle as well as a cigar room in the basement.
He owns another mansion in Jupiter, Florida which he built in 2012. The $12.8 million property has 11 bedrooms, a full-size basketball court, a cigar room and is located near the prestigious Bear’s Cub golf course. The billionaire is also the owner of a $7.5 million 10,000 square-foot mansion in Park City, Utah which features 5 bedrooms, 8 bathrooms, a home theatre, an infinity pool, a gym among other amenities. One of the least expensive properties that MJ owns is a mansion in his hometown of Charlotte, North Carolina. It is worth $2.8 million and is surrounded by water on three sides.
Cars, private jet
Michael Jordan owns a car collection of about 40 automobiles which are estimated to be worth more than $5.7 million. His most expensive ride is the $2.2 million Bugatti Veyron Sang Noir. The car is so rare that only 12 of them exist in the whole world. He also owns a Mercedes-Benz McLaren 722 Edition which costs about $625,000, and a $212,000 Ferrari 512 TR which he acquired back in the 1990s. One of his oldest cars is his C4 Corvette which goes for about $40,000. As listed by FadeAway World, other vehicles in Jordan’s garage include a $330,000 Ferrari Pista, a $310,000 Ferrari 599 GTB Fiorano, and a $207,000 Porsche 911 Turbo S among many others.
Michael Jordan owns a Gulfstream G550 private jet worth about $61.8 million. After acquiring it, he spent more than $350,000 to have it customized. The jet bears a call sign of N236MJ which is a combination of his jersey number, the number of NBA championship titles he has, and his initials. According to Marca, the billionaire also owns an $80 million yacht known as Joy and an $8 million fishing boat called Catch 23. His yacht is one of a kind and features a fully equipped gym, a full-size basketball court, a jacuzzi on the deck, a movie theatre, a beach club, as well as an impressive dining room. The 70-meter-long super yacht reportedly costs MJ about $800,000 every week to maintain. It even comes with its own rescue boat and three speed boats.
Michael Jordan owns the Grove XXIII golf club in Hobe Sound, Florida. The $15 million property features a golf course, an extensive clubhouse, dining facilities and sits on a 226-acre piece of land. You will even find a cigar roller who rolls cigars for Michael Jordan and other visitors as they golf. Grove XXIII also has a drone service that delivers drinks to visitors. The golf course is invite-only and only the most famous and the world’s richest people are allowed to visit and golf here.
Michael Jordan is a well-known philanthropist. In 2019, the former basketball star built two Novant Health Michael Jordan Family Clinics in Charlotte, North Carolina at a cost of $3.5 million each. In 2021 he funded two similar clinics in New Hanover County, North Carolina at a total cost of $10 million. During the mass protests following the killing of George Floyd in 2020, Jordan pledged to donate $100 million in the course of 10 years to institutions that advocate for social justice, social equality, and greater access to education. Michael Jordan has donated more than $5 million to the Make-A-Wish Foundation. The foundation assists children between the ages of 2.5 and 18 years — with a critical illness to fulfill their wishes.
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Michael Jordan is married to Yvette Prieto, a Cuban-American model. The two have been married since 2013 and have 2 identical twin daughters who were born in 2014. This is MJ’s second marriage. He was previously married to Juanita Vanoy from 1989 until their divorce in 2002. They later reconciled and divorced again in 2006 with Vanoy receiving $168 million as a divorce settlement, making this the most expensive divorce at the time. The billionaire has 3 children from his first marriage. Michael Jordan has authored several books such as I Can’t Accept Not Trying: Michael Jordan on the Pursuit of Excellence and For the Love of the Game: My Story.
Michael Jordan net worth is about $1.7 billion. He’s the world’s richest athlete ever and one of the wealthiest people on the planet. MJ continues to make millions every year from his partnership with Nike for the Jordan Brand which generates more than $3 billion in annual sales revenues. Below are some quotes from Michael Jordan which could inspire you.
- “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
- “I can accept failure; everyone fails at something. But I can’t accept not trying.”
- “Some people want it to happen, some wish it would happen, others make it happen.”
- “Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.”
- “Sometimes, things may not go your way, but the effort should be there every single night.
- “I’ve never been afraid to fail.”
- “My father used to say that it’s never too late to do anything you wanted to do. And he said, ‘You never know what you can accomplish until you try.’”
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