Michael Jordan Net Worth 2022: How Much Money Does He earn And How He Became A Billionaire?
Michael Jordan Net Worth: Michael Jordan, often known as His Airness or Air Jordan, captured the hearts of millions with his renowned dunk shot. The basketball great had a talent for the sport even as a student. He entered the NBA Championships at the age of 21 after winning numerous accolades for his basketball skills in college.
Despite not being selected by the league’s top team, this gifted NBA player gave it his all while playing for the Chicago Bulls. He proved to be a match-changer, using his talent to alter the course of the game for his team. The Chicago Bulls turned around their poor record, started winning most of their games, and eventually won six straight titles.
This exceptional player is regarded as a joy to behold, and although retiring twice, he only ever came back to enthrall the crowd each time. He transferred from the Chicago Bulls to the Washington Wizards, where he first worked as the President of Operations before becoming a player.
Following his final retirement, Michael Jordan became a majority shareholder and part-owner of the Charlotte Bobcats. He later became the only basketball player to earn $1 billion. Also, check our trending articles David Blaine Net Worth and Mike Lindell Net Worth.
Michael Jordan Early Life
Brooklyn, New York, was the place of Michael Jeffrey Jordan’s birth on February 17, 1963. His father, James R. Jordan Sr., was an equipment supervisor, while his mother, Deloris, worked in finance. Michael’s family relocated to Wilmington, North Carolina when he was a little child.
At Wilmington’s Emsley A. Laney High School, Michael participated in basketball, baseball, and football. As a sophomore, he famously tried out for the varsity basketball team but was turned down since he was “only” 5 foot 11 tall.
MJ was furious at the rejection and gave everything he could to succeed on the Junior Varsity team. He gained four inches of height over the summer between his sophomore and junior years, earning him a position on the varsity team.
Michael set the varsity team on fire with an average of 25 points per game in both his junior and senior seasons. He earned an old spot in the 1981 McDonald’s All-American Game and contributed 30 points.
Michael Jordan’s Personal Life
After 17 years of marriage, Jordan and Juanita Vanoy divorced. Jordan and Juanita Vanoy were married in 1989. Juanita earned 168 million dollars in settlement from her ex-husband. The ex-couple has two basketball-playing sons, Jeffrey and Marcus, and a daughter, Jasmine.
At the Bethesda-by-the-Sea Episcopal Church, Michael Jordan wed model Yvette Prieto, with whom he had been dating for a while, on April 27, 2013. Victoria and Ysabel, the couple’s twin daughters, were born the following year.
This former athlete is so well-liked that many major brands have hired him as their spokesperson. Top companies, including McDonald’s, Wheaties, Chevrolet, Nike, Hanes, Coca-Cola, and Gatorade, have received his endorsement.
Michael Jordan has donated to philanthropic groups like Georgia’s Habitat for Humanity and Chicago’s Hales Franciscan High School.
Michael Jordan Career
Michael, now 6 feet 6 in height, was naturally sought after by many universities, including Syracuse, UVA, Duke, and the University of North Carolina. He ultimately decided to enroll at UNC.
He led the team to the 1982 NCAA Championship game against the Georgetown Hoyas while averaging 13.5 points per game at UNC, where he was also voted the ACC Freshman of the Year. Michael made the game-winning shot over Georgetown Center Patrick Ewing with 15 seconds remaining.
This would end up being the shot that won the game. Later, Michael would admit that this game and that particular jumper was significant turning point in his self-confidence and basketball career.
Michael earned numerous honors with the UNC Tar Heels for three seasons, including the Naismith and Wooden College Player of the Year awards in 1984. To join the 1984 draft, he departed UNC one year early.
It’s impressive that Michael finished his degree at UNC after returning there in 1986, earning a geography bachelor’s degree in the process. Amazingly, he wasn’t selected first. After Sam Bowie (#2) and Hakeem Olajuwon, he was selected THIRD overall.
The third overall pick went to the Chicago Bulls, who selected Michael. On September 12, 1984, Michael agreed to a rookie deal with the Bulls. The pact was a seven-year, $6 million agreement with an average annual salary of $850,000.
The squad barely sold out six games all year before Michael joined the Bulls. Attendance doubled during Michael’s first season. Michael and Chicago agreed on an eight-year, $25 million contract deal after his fifth season.
Up to that point, it was the biggest deal in NBA history. Michael’s annual income increased as a result to about $5 million. In 1996, when this agreement ended, Michael agreed to a one-year, $30 million contract.
He agreed to a one-year, $33.14 million contract the following year. After accounting for inflation, the latter is equivalent to about $55 million in today’s dollars. Michael left the NBA before coming back twice. He took a break from playing major league baseball once.
He made a second appearance in the NBA and spent two seasons with the Washington Wizards. As previously established, Michael’s overall pay during his NBA career was $93.7 million. He received a salary of $161 million, adjusted for inflation annually.
29 years ago, Michael Jordan shocked the world by announcing his retirement from the NBA.
— ESPN (@espn) October 6, 2022
Nike Deal And Annual Royalties
James Worthy’s $150,000 yearly deal with New Balance was the most significant celebrity shoe endorsement deal in history before Michael Jordan. Jordan broke all sponsorship records in 1984 when Nike agreed to pay him $500,000 per year for five years.
Jordan also received Nike stock options, bringing his total pay for the five years to $7 million. Michael had never had a pair of Nike shoes before signing the contract; instead, he had expected to sign with Adidas.
However, Nike’s offer was too high to refuse and too high for Adidas to match. The shoes broke the NBA’s uniformity rules when he first unveiled them. Nike paid all of the fines imposed by the league and capitalized on the uproar to increase brand awareness.
Two months after the Air Jordan shoe’s initial release in retailers in March 1985, more than a million units had been sold. Nike made $100 million from sales of Air Jordan in the first year. The Air Jordan brand currently accounts for 58% of all basketball shoe sales, bringing Nike’s annual sales to approximately $2.5 billion.
Michael received 25 cents for each pair of Jordan shoes sold in 1992. He now receives $4 for each sneaker sold. Nike gave Michael $480 million in shoe royalties between 2002 and 2012. Michael Jordan’s annual Nike royalty check is between $80 and $100 million today. But his royalty payment exceeded $100 to $120 million in a few years.
Michael Jordan has been the spokesperson for numerous significant companies throughout his successful career, including Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI.
Additionally, Jordan has agreements with Upper Deck, 2K Sports, and Five Star Fragrances. He owns seven restaurants in addition to a car dealership. Following Nike, one of MJ’s first significant endorsement deals—and one that would be a lifetime pillar for him—was with Gatorade.
Michael inked a 10-year, $18 million endorsement deal with Gatorade after the 1989 campaign. After the Bulls won their first six championships, Gatorade’s well-known “Be Like Mike” commercial aired.
The Michael/Gatorade partnership increased the appeal of both the brand and the individual. According to a 2015 lawsuit against a supermarket chain for allegedly using Michael’s image without authorization, the famous performer won’t sign contracts unless he anticipates making at least $10 million from them in the long run.
Additionally, we discovered that Michael once declined a deal worth $80 million to promote a pair of headphones since he allegedly dislikes donning them. Michael Jordan has made $1.4 billion from business partners thus far in his career as of this writing (before taxes).
Michael Jordan’s Net Worth
Michael Jordan is a former American basketball player, businessman, team owner, and product endorser. Michael Jordan has a $2.2 billion net worth. Michael made a total salary of $93.7 million during his NBA career.
He was the first athlete to earn more than $30 million annually. He achieved that accomplishment while making a $30.14 million base salary for the 1996–1997 season. The season after, he made $33.14 million, which, when adjusted for inflation, is equivalent to $53.4 million today.
Even though Michael hasn’t played professional basketball in nearly 20 years, he still makes $100 million a year from endorsements and other business activities. Please note that he made more money in one year than he did from his contract over 16 NBA seasons.
Michael receives royalties from the Nike/Jordan brands worth at least $60 million annually. Thanks to his position in the NBA team Charlotte Hornets, Michael became a billionaire. Later in this essay, we will go into more detail about this investment.
The Chicago Bulls won six NBA championships under Jordan’s leadership. He has won league MVP five times. He was inducted into the Hall of Fame on September 11, 2009, and he currently holds the record for the highest career scoring average.
Today, Michael lives in an opulent mansion in Jupiter, Florida. Within Jack Nicklaus’ ultra-exclusive Bear’s Club neighborhood, the 26,000 square foot, 11-bedroom house is situated on three acres. He paid $4.8 million for the lot in 2011, and over the next two years, he invested $7.6 million in building his ideal home.
To be close to his Hornets, he also owns a $3 million lake house in Charlotte, North Carolina, and an opulent condo. Additionally, he has a home in Salt Lake City, Utah.
Michael still possesses a sizable mansion in Highland Park back in Chicago. In 1991, Michael bought a plot of land in Highland Park and started right away on the construction of his ideal house. The final product was a 7-acre estate with a main home that is 32,683 square feet in size.
The home includes nine bedrooms, 15 bathrooms, a basketball court of NBA caliber, a pool pavilion, a 15-car garage, a card room, tennis courts, a putting green of PGA caliber, a cigar room, a wine cellar, and many other amenities. In 2013, Michael put the home on the market for $29 million. The cost was lowered to $14.8 million in May 2015.
How Michael Jordan Became A Billionaire?
Michael’s net worth in 2006 was about $450 million after paying taxes, divorce settlements, and other living expenses. In the same year, he acquired a small share in the NBA team Charlotte Bobcats.
He was the team’s second-largest individual owner, trailing only BET founder Robert Johnson in ownership. 2010 saw Michael purchase Robert’s ownership interest in the section for $175 million. Michael now controlled 80% of the team due to this deal.
Michael boosted his ownership stake again, from 80% to 89.5%, as reported in June 2014. The recently rebranded Hornets were valued at $500 million, with $135 million in debt. The Clippers, who had just been valued at $500 million, were sold around this time for $2 billion.
When paired with his $600 million outside wealth, Michael Jordan’s stake was worth $416 million, making him a first-time billionaire with a net worth of $1.016 billion. This is assuming the Hornets, at this point, were genuinely worth $600 million.
Read on for more information: A billionaire, Michael Jordan is. Michael sold a minor portion of his holding in 2019 for a valuation of $1.5 billion to hedge fund managers Gabe Plotkin and Daniel Sundheim.
Michael Jordan Awards & Achievements
This gifted player won numerous NBA honors between 1984 and 1988, including Rookie of the Year, Defensive Player of the Year, and Slam Dunk Contest Champion. Additionally, he has multiple times won the NBA Championship.
He received a gold medal in 1984 for his contributions to the Olympic basketball squad that won the gold medal. He received the Sportsman of the Year award from Sports Illustrated in 1991. The following year, he received a second gold medal for his team’s Olympic triumph.
Numerous publications, including SLAM and ESPN Sports, have named Michael Jordan one of the most significant sports figures. The Naismith Memorial and the North Carolina Museum of History have inducted him into their respective halls of fame.
We hope the details we provided to you satisfied you. This article discusses Michael Jordan’s net worth. If you liked this article, please comment below with your opinions. To find out more about Crystal Gayle, Naomi Campbell, and net worth articles, go to domaintrip.com.