Since the mid-1980s when the Nike-Jordan deal was struck and signature shoes from the Air Jordan brand were first released to the public, many have wondered what exactly Michael Jordan‘s net worth looks like over the years and how much he made from signing with the multinational sportswear company that produces what can effectively be described as the most popular shoe line in the United States.
In addition to signing the lucrative Nike deal, the legendary former Chicago Bulls player, who was one of the most effectively marketed athletes of his generation, has had various other commercial deals with big companies like Coca-Cola, Gatorade, Chevrolet, and McDonald’s, all of which have contributed to him being the financial heavyweight he is today; the third-richest African-American and the first billionaire player in NBA history.
Anyone familiar with the game of basketball can testify to Jordan’s talent. The man who is described on the NBA website as the greatest basketball player of all time, played 15 seasons in the NBA, winning six NBA championships and numerous other individual accolades and accomplishments.
Read on to find out more about how exactly the New York native made his money, what he spends his fortune on, and the current estimation of what his net worth is today.
What is Michael Jordan’s Net Worth
In 2019, Forbes estimated that Michael Jordan’s net worth was around $1.9 billion. The former athlete was able to accumulate such huge wealth despite him only being the highest-paid player in the NBA for two seasons during his career. This happened from 1996 to 1998 while he was playing for the Chicago Bulls. He was able to leverage his talent to sign what was at the time a record deal for an athlete, worth $33.14 million per year, a figure that rises to $53 million per year in salary in today’s inflation-adjusted dollars.
In total, Jordan earned $90 million in salary during his 15-year playing career. In that time, however, his dealings with corporate partners; being a spokesman for corporations like Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, MCI, and Chevrolet, among others, brought him millions more.
As talked about above, one of his most noteworthy deals was with Nike which agreed to pay him $500,000 per year for five years in 1984. He was further offered stock options which brought his total compensation to $7 million over five years, plus royalties. The partnership between Jordan and Nike has since continued, leading to the creation of the brand of basketball shoes, athletic, casual, and style clothing produced by Nike called Air Jordan, which has reportedly generated over one billion dollars.
Another notable off-court venture that helped ensure his billionaire status is his ownership of the basketball side, the Charlotte Hornets, worth a minimum of $1.3 billion. It is reported that he owns a 90% stake in the team, which is worth around $1.2 billion before taxes. Add that to his other earnings and you can see why his net worth is pegged at $1.9 billion, making him the highest-paid athlete of all time.
Read Also: Is Tiger Woods Still The Highest Paid Golfer, How Does He Spend His Money?
How Does He Make and Spend His Money?
Michael Jordan made his money as a direct result of his sporting career. He has been able to afford himself a very lavish lifestyle that includes multiple homes across the US, a private jet, and a number of flourishing businesses.
Jordan owns a Florida mansion that reportedly cost him $12.8 million to build. He further owns a $2.8 million house near Charlotte and a Chicago mansion that he has been trying to sell for a long period of time. According to reports, the mansion, which has his famous 23 shirt number on the gate, has been listed on the market for close to a decade, with its price currently placed at $14.9 million, down from its original price of $29 million. To move from one place to another, Jordan bought a $50 million customized Gulfstream IV private jet.
While enjoying the best of things that life has to offer, Jordan makes sure to reinvest his money wisely, even though he has in the past, admitted to having a huge gambling problem. He owns multiple businesses in addition to his Air Jordan brand. They include a restaurant chain that comprises of the Michael Jordan Steakhouse in New York City’s Grand Central Terminal, an automotive group that runs a number of car dealerships, and a golf course in Hobe Sound, Florida, named Grove XXIII. Jordan is also a minority owner of the baseball team, the Miami Marlins.