NBA legend Michael Jordan continues to score points on the court and continues to amass wealth in retirement.
Jordan, 60, made history on Monday by becoming the first athlete to appear at the annual awards ceremony Forbes List of the 400 Richest Americans. His current net worth is estimated at $3 billion.
While Jordan is best known for his mastery of the hardwood, his growing net worth is largely due in part to his savvy as a businessman. Here’s a detailed breakdown of how Jordan’s wealth reached goat-like proportions.
Jordan profits from Hornets sale
Jordan’s net worth took a huge leap in August when he completed the sale of a majority stake in the Charlotte Hornets.
Jordan bought the NBA team (then known as the Charlotte Bobcats) in 2010 for the absolute bargain price of $275 million. While the team was unsuccessful during his tenure, making the playoffs only three times and never winning a series, Jordan saw the team’s value steadily increase. That culminated in a sale in August, when a group led by finance chiefs Gabe Plotkin and Rick Schnall paid an estimated $30, according to CBS Sports. Purchased the Hornets from Jordan for $100 million.
Not a bad investment, right? In addition, after the transaction is completed, Jordan will still be a minority owner of the team.
Jordan’s remaining wealth
Michael Jordan punches driver Bubba Wallace during qualifying for a NASCAR race at Nashville Superspeedway in June 2023.
according to ForbesThe six-time champion and five-time MVP only made $94 million during his career with the Chicago Bulls and Washington Wizards. Much of his net worth comes from his long-standing relationships with Nike and other businesses.
Last year, Jordan made about $260 million from Nike royalties alone. However, combining all of his off-court partnerships with the shoe giant and other brands like McDonald’s, Gatorade and Hanes Underwear, Jordan has earned a staggering $2.4 billion in pre-tax earnings throughout his career and to date .
Jordan also owns NASCAR team 23XI Racing, which he runs with minority partner Denny Hamlin. Their drivers, Tyler Reddick and Bubba Wallace, qualified for this year’s playoff series and the team is sponsored by McDonald’s, Monster Energy, Dr Pepper, Columbia and Doordash.
Who else is on the 400 list?
Jordan is very rich, but he is only ranked 379th on the 16-man list. Forbes 400, well behind some familiar top names. Each person on the list is estimated to have at least $2.9 billion in assets to their name.
Tesla founder Elon Musk has become the richest man in the United States with a valuation of $251 billion, far ahead of runner-up Amazon founder Jeff Bezos ($161 billion). Oracle Chairman Larry Ellison ($158 billion), famed investor Warren Buffett ($121 billion) and former Google CEO Larry Page ($114 billion) rounded out the top five.
Other celebrities include Bill Gates (No. 6), Mark Zuckerberg (No. 8), Alice Walton, daughter of Walmart founder Sam Walton (No. 14), Nike United Founders Phil Knight and his family (No. 18) and Rupert Murdoch and his family (No. 40).
Deputy News Editor, Biography.com
Tyler Picotti joins biography network He became a staff member in 2023, after nearly eight years as a newspaper reporter and copy editor. He graduated from Syracuse University and was an avid sports fan, frequent movie watcher and trivia enthusiast.