Michael Jordon fondly known as MJ who holds the crown for the best basketball player became the world richest former athlete in May 2020. MJ gained the spot and title of the richest former athlete when his net worth reached $2.1 billion. He also holds the title of the World’s first athlete Billionaire.
Jordon is ranked 1,001 in the Forbes billionaire list. He joined the elite club of billionaires in 2014 when he increased his ownership stake in the Charlotte Hornets.
Michael Jordan even though he’s supposed to be a cocky and mean personality, MJ knows how to do business. Just as Jayz says “Jordan isn’t just a businessman — he’s a business, man.” He is a born businessman who is wise in making important decisions ! That’s why Michael holds the crown for the richest former athlete in the world with his whopping net worth of $2.1 billion.
Michael Jordan’ Businesses that made him a Billionaire
- Michael Jordan owns the Charlotte Hornetts. He bought the team in 2015 for $175 million.
Franchise values have skyrocketed in the last decade, and the Hornets are currently valued at $1.5 billion. Charlotte increased 20 percent in value over the previous year and generated $240 million in revenue
- The Air Jordan Brand. No current NBA star even approaches Jordan’s sneaker income. His estimated annual take is $130 million, four times more than second-place earner LeBron James ($32 million).
Jordan Brand brought in $3.1 billion in wholesale revenue over the previous fiscal year, and Nike reported Jordan Brand recently had its first billion-dollar quarter. With the ability to release retro models, create various colorways and increase visibility through the next generation of players — hello, Zion Williamson — Nike and Jordan Brand are in position to dominate the basketball market and stretch beyond just sports fashion.
MJ’s initial contract with Nike signed in 1984 was worth $500,000 annually over five years. It turns out that was a wise investment.
Earlier this year, Jordan and Nike’s Jordan Brand pledged to donate $100 million over 10 years to organizations fighting for ‘racial quality, social justice, and greater access to education.’ The June announcement came amid nationwide Black Lives Matter protests over the killing of George Floyd.
- In addition to the brand and his ownership stake in the Hornets, Jordan has endorsement deals in place with companies like Gatorade, Hanes and Upper Deck. He also owns multiple restaurants and a car dealership.