Michael Jordan Net Worth 2024-An Analysis by Tycoonstory

Basketball is another popular game after football in American countries, especially in the US, which attracts more fans. Some basketball players get more famous due to their playing skills in the game. Michael Jeffrey Jordan is one of them who is well-known for his tactics and different playing abilities. He is a professional basketball player who has built his wealth through various sources. Michael Jordan net worth has made him a billionaire within the sports world because he is the highest-paid player in the whole world. Furthermore, he gains more through sponsorship and other monetary activities.

Who Is Michael Jordan?

Michael Jordan is a retired American basketball player who changed the game forever with his unmatched athleticism and competitive drive. Moreover, he is also regarded as a pioneer who took NBA basketball to the global stage.

His excelling in the basketball game inspired a generation of players, and the upcoming players can learn several things from him. He earned a high reputation in basketball, which made him generate more wealth. Through his business and endorsement deals, the player made billions, which helped propel him to the top as the wealthiest sportsperson in the world.

Early Life Of Michael Jordan

Michael Jordan was born on February 17, 1963, in Brooklyn, New York, to his parents. His mother, Deloris, was working as a bank employee, and his father, James Raymond Jordan, was an equipment supervisor. Jordan’s family moved to Wilmington, North Carolina, in 1968, when he was a toddler. He attended Emsley A. Laney High School, where he started playing games like football, basketball, and baseball.

During his school days, he tried to enter the school’s varsity basketball team during his sophomore year but was rejected because he was only 5’11” tall. Jordan worked hard during this period and gained 4 inches in his height. After showing his worth, he became the star of the junior varsity team. Michael began to blossom in his games and ended up averaging 10 points per game in his final two years at school.

The College Career Of Michael Jordan

Michael’s height went as high as 6 feet 6 inches, and he was scouted by many college programs like Syracuse, UVA, Duke, and the University of North Carolina. However, he eventually chose to study at the University of North Carolina, Chapel Hill, in 1981, upon being awarded a scholarship offer in basketball. Jordan pursued a degree in cultural geography and chose metrology to specialize further as he had planned to be a meteorologist.

He was named the ACC Freshman of the Year at UNC and averaged 53 points. Aside from this, he was able to lead the team into the 1982 NCAA Championship against the Georgetown Hoyas. The NCAA All-American first team picked Jordan by consensus for both the sophomore (1983) and junior (1984) seasons.

What Is Michael Jordan’s Net Worth?

Michael accrued his net worth through salaries, product endorsements, and business-related activities. What is Michael Jordan’s net worth? According to financial reports, his net worth will hover around $2.6 billion due to the ownership stake in the NBA team of the Charlotte Hornets.

How Much Is Michael Jordan Worth?

Michael Jordan’s earnings started increasing when he played in the NBA for various leagues and made him a billionaire. How much is Michael Jordan net worth? His net worth comes at $2.6 billion to $3 billion. He earns money from different sources that make him the richest player on the planet.

The Professional Career Of Michael Jordan

Throughout his time at UNC, Jordan won several awards, like the Naismith and Wooden College Player of the Year awards in the year 1984. He left UNC one year ahead of his projected graduation date to take part in the NBC draft and came back to the college in 1986 to complete his graduation.

Jordan started his career with the Chicago Bulls in 1984, which allowed him to build his wealth. The league selected him as the third overall pick for NBA championship matches. He made his NBA debut at Chicago Stadium on October 26th, 1984, and scored 16 points. The player helped the Bulls to enter the playoffs by scoring an average of 28.2 points per game that season.

Jordan’s second season (1985-86) was crippled by a broken foot in the third game which kept him out of action for 64 games. Yet he recovered enough from that, to set up another record in the 1986-87 season. In that season, he became the second player to score 3,000 points in a single season, the first player to do so being Wilt Chamberlain. Indeed, the athlete was an integral part of the team’s success. The Bulls achieved their third consecutive year in the playoffs, posting 40 wins, but lost to the Celtics again.

In the 1987-88 season, Jordan won his first league MVP award and made the team into the playoffs in the first round after winning over the Cleveland Cavaliers in five games.

However, the team lost to the Detroit Pistons in the finals of the same season.
Michael led the Bulls in 1989-90. He scored high points that made the team win over the Cavaliers. The team reached the finals after beating the Philadelphia 76ers and the Bucks but lost to the Pistons for the third consecutive season.

Jordan again received the MVP for the 1990-91 season, and this time the Bulls placed first in their division for the first time. The league would go to the Eastern Conference finals and defeated its archrivals, the Pistons, in a series of four games. It won its first NBA trophy when it beat the Los Angeles Lakers, and the player won his first NBA finals MPV award.

Both Jordan and the Bulls would go on combining to dominate their 1991-92 season. Triumphing over Portland in six games, Jordan seized his NBA Finals MVP and the Bull’s sophomore NBA championship trophy.

In the 1992-93 season, the Bulls won their 3rd NBA championship; Jordan scored over 30 points in every game in the series. He has won seven scoring titles and three championship titles, which got him the qualification to be one of the greatest alive.

When Did Michael Jordan Announce His First Retirement?

Jordan was very close to his father, James Raymond Jordan, who was murdered on July 23, 1993, at the age of 56. Two teenagers shot James in a highway rest area in Lumberton, North Carolina when they hijacked his Lexus car. He died on the spot, and his body was dumped in a South Carolina swamp, which was not discovered until August 3, 1993.

After his father’s murder, Michael Jordan announced his first retirement from professional basketball, and opened a Chicago-area Boys & Girls Club in his memory. Contrarily, he signed a Minor League Baseball contract on February 7, 1994.

Michael Jordan’s Re-entry Into Basketball

Michael Jordan returned to basketball in 1995 after an absence of 18 months. The player opted to quit baseball and finally returned to the NBA on March 18, 1995. He picked up his good form of playing, and the Bulls entered the playoffs, going on into the Eastern Conference semifinals against the Orlando Conference. However, Orlando took the series in six games.

He aggressively trained for the 1995-96 season, and the Bulls finished the season with the best record in NBA history. The team won an NBA championship for the 4th time, making Jordan very emotional.

In the 1996-1997 seasons, the Bulls lost their final two games, and Jorand received the Finals MVP award. It won the 6th NBA championship, which achieved a second three-peat in the decade in 1998.

Jordan’s second retirement and his return to the NBA

In 1999, Michael Jordan declared his second retirement. He informed the world that he would never again play basketball games in the NBA. Over time, he crawled back onto the court with his new team, the Washington Hazards. Jordan’s final two seasons didn’t result in playoff appearances for the Wizards, and he wasn’t satisfied with the play around him. His final game at the United Center in Chicago arrived in 2003.

How Old Was Jordan When He Retired?

Michael Jordan’s first retirement was in 1993 after his father’s murder, and his second retirement was in the year 1999. How old was Jordan when he retired? He was 30 years old during his first retirement and 36 years old when he retired from the basketball game a second time. Jordan was 40 years old after he quit the game finally in 2003.

How Much Does Michael Jordan Make From Nike?

Michael Jordan entered a contract with Nike, one of America’s top companies that designs, develops, markets, and sells athletic footwear and apparel. How much does Michael Jordan make from Nike? This is what many basketball fans would like to know, as he made a large income by signing with Nike.

In 1984, Nike agreed to pay Jordan $500,000 a year for the next five years, and the player made seven million due to the company’s stocks. The player got an offer from Addidas after some time, which the player refused due to the rich contract by Nike.

The basketball legend and Nike finally agreed to launch the Jordan brand, which is a sub-division of the company. Nike came up with Air Jordan shoes in early 1985 and appeared in stores in March. It has sold over 2 million pairs of shoes in the market and generated an income of $100 million. In 1992, Michael earned 25 cents for every Jordan shoe that was sold, and he gets $2 per shoe at present.

It paid Michael $480 million in shoe royalties from 2002 to 2012. He now generates an approximate annual royalty of $80-$100 million, which contributed to Michael Jordan net worth significantly. It is estimated that about 5% of the sales from Jordan Brand go to Michael Jordan. He reportedly grossed over a billion dollars just in 2020. He’ll net $256 million from the deal in 2022 alone.

Sources Of Income That Increased Michael Jordan’s Net Worth

Salaries from basketball

Michael Jordan’s salary did not peak in the NBA until his last two years with the Chicago Bulls. Though he is the highest-paid NBA player, the player missed on the mega contracts in the decade after his retirement. He was the first athlete to earn over $30 million per year in salary.

As a result, Michael Jordan net worth increased, which made him a millionaire. His one-year contract with the Chicago Bulls for $30.14 million on July 24, 1996, made him generate more earnings. Michael signed a seven-year rookie deal with the Bulls for $6.3 million in the 1984 NBA draft, and his second deal with the Bulls was in 1988, an eight-year extension for $25.7 million.

He signed another contract with the Chicago Bulls on October 10, 1997, for one year with a worth of $33.14 million and ultimately earned $93.7 million as pay. Michael Jordan net worth from basketball surpassed LeBron James’ earnings, which let him build his wealth. He started earning more when he purchased a minority stake in the Charlotte Bobcats NBA team.

Income Earned From Charlotte Hornets

In 2010, Michael owned a portion of the stake in Charlotte Hornets, formerly called Charlotte Bobcats. He formed part of a $175 million purchase that was financed in large part by debt. The player started increasing his stake to 90 percent, which made him generate a significant amount of money.

Jordan retained majority ownership in the Charlotte Hornets as well as chairmanship, but he later sold a minority stake to Daniel Sundheim and Gabe Plotkin. In September 2020, the sports personality was able to pocket $1.5 billion after offering a New York-based hedge firm 20 percent ownership of the team. He was the major owner of the Charlotte Hornets NBA team for 13 years.

In 2023, Michael Jordan net worth increased when he sold his franchise to Gabe Plotkin and Rick Schnall for a whopping $3 billion. He made more than ten times his initial investments in the team, and the sale ended his 13-year run as the principal owner.

Tequilla Earnings

Cincoro Tequilla is a Tequilla brand launched in 2019 by five NBA owners, Jordan being one of them. This brand became famous amongst spirit lovers and sold nearly 1.5 million bottles nationally.

NASCAR Earnings

He is the co-owner of NASCAR team 23XI, along with NASCAR driver Denny Hamlin, which allowed him to earn more money. According to Forbes, the net worth of the team will be around $3.2 billion in 2024.

DraftKings Income

Jordan became an advisor and investor in a sports gaming company called “DraftKings.” He holds a stake in the company, which he received in exchange for becoming a special advisor to DraftKings. As of 2023, the market capitalization of the company is roughly $11.8 billion.

Investments In Miami Marlins NBA Team

Michael Jordan joined the investor group that bought the Miami Marlins NBA team. Derek Peter, a longtime friend of Jordan, holds 4% of the team as a CEO, and Jordan owns 1%.

Income From Other Businesses

Jordan owns a car dealership and runs his restaurant, Michael Jordan’s Steak House. The restaurant operates in Washington, Illinois, and Connecticut, which adds value to Michael Jordan net worth considerably.

Brand Endorsement Income

As such, brand endorsement adds much to Michael Jordan net worth other than a deal with Nike. At the tail of the 1989 season, he inked a deal with Gatorade that saw him sign a 10-year contract, which further enabled him to amass more money. He also has sustained agreements with 2K Sports, Upper Deck, and Five Fragrances.

How And When Did Michael Jordan become A Billionaire?

Michael started his career with the Chicago Bulls in 1984, and his earnings started increasing gradually from then onwards. He earned more than $700 million from basketball salaries and other sources. Divorce settlement, taxes, and other expenses reduced Michael Jordan net worth to $450 million in 2006. On the other hand, he bought a minority stake in the Charlotte Bonnets NBA team in 2010.

In 2014, in June, Michael increased his stake from 80% to 90%, which made him a billionaire for the first time. He sold part of his stake in 2019 to hedge fund managers Gabe Plotkin and Daniel Sundheim at a valuation of $1.5 billion. He sold the Charlotte Bonnets franchise in 2023 for $3 billion.

Michael Jordan’s Real Estate Investments

Real estate investments magnified Michael Jordan net worth value. He has residences in many places throughout the entire U.S. The first property is the Highland Park estate in Illinois, where he had passed the foremost NBA time with the Chicago Bulls. The property is gigantic and filled with iron gates bearing his jersey number *23. It is a modern facility mansion with 56,000 square feet, a basketball court, a home theater, and a game room.

In 1992, he bought another luxurious piece of real estate penthouse worth $3 million in Chicago. The penthouse offers all modern facilities, including a lounge, a dining room, and a media room that brags about his giant humidor. The flat was positioned facing the scenic beauty of Lake Michigan. The flat offers four bedrooms and five and a half baths, plus even a private rooftop deck.

He has a glorious mansion in the peaceful landscapes of Park City, Utah. It occupies a sprawling area of 9,574 square feet, with five luxurious bedrooms and eight bathrooms. Jordan listed his great mansion as a vacation-spending property. Mansion features encompass all modern amenities, from a private balcony to breathtaking vistas of the majestic Wasatch Mountains to the very prestigious Glenwild Golf Club.

He purchased three acres of exclusive land at the Bear’s Club community in Jupiter, Florida, in 2010. He set about designing and building a fabulous mansion that would cover a whopping 28,000 square feet. The mansion houses 11 bedrooms and athletic facilities, among other amenities.

In 2011, Jordan purchased a beautiful waterfront home in Cornwall, North Carolina. This beautiful house comes with a full view of beautiful Lake Norman, which can be seen through floor-to-ceiling windows. His other property is an uptown condominium located just 22 miles north of the luxurious condo city of Cornelius, North Carolina.

Where Does Michael Jordan Live?

Jordan has residences in Utah, Illinois, Jupiter, Cornwall, and Chicago. Where does Michael Jordan live? He currently lives in Jupiter, Florida, in his newly built mansion with his second wife, Yvette Prieto, and their twin daughters.

The Personal Life Of Michael Jordan

Michael married Juanita Vanoy in 1989, and he has three children with her. He divorced Juanita in 2002 after 13 years of marriage. The divorce settlement that he had to pay to Junita was $168 million, which turned out to be one of the costliest divorces ever. He dated Yvette Prieto, a former model whom he met in 2008 at a Miami nightclub, for 5 years and got married on April 27, 2013. His wife bears him twin daughters.

He owns a $50 million, personally customized Gulfstream G550 private jet, which takes him back and forth across the world to his houses.
Michael Jordan net worth 2023

Basketball legend Jordan generated more income from different sources. Michael Jordan net worth in 2023 was about $1 billion and then increased thereafter. His major earnings come from lucrative partnerships with Nike, Gatorade, Hanes, etc.