What is Michael Jordan net worth?
|Net Worth:||$2.1 Billion|
|Date of Birth:||February 17, 1963|
|Age:||57 years old|
|Source of Wealth:||Basketball Player, Entrepreneur, Actor, Spokesperson|
Michael Jordan is a retired NBA player who devoted 15 seasons in the National Basketball Association (NBA) thrilling fans with his dynamic and unique style of play.
During his 15 seasons of basketball in the NBA, Jordan, who started from his rookie season as a prolific figure, was determined for success that even the surge of attention young Jordan received in his rookie season wasn’t enough to derail the star from his path. That ironclad determination established him as one of the best players ever seen in the NBA.
With an emphasis on Michael Jordan’s worth, we’ll review his early life, career, salary, earnings, endorsements, facts, and lessons from his wealth and success.
Michael Jordan Early Life
Born to a middle-class family in Brooklyn, his father worked as a supervisor for General Electric while his mother worked in the banking industry. Jordan’s childhood much revolved around sports. As a young boy, while in high school, Jordan enjoyed sporting activities, which led him to play not just basketball but football as well as baseball.
Before this, Jordan had been subjected to the basic principle for success by his parents, especially is hard work. In high school, Jordan, who sought to play for his school’s team, could not make the team because he wasn’t tall enough. Though disappointed, Jordan’s performance for the school’s junior team, as well as his increase in height, made it almost impossible for him to be turned down for a spot in the school’s senior basketball team.
His performance for his school’s senior basketball team made him a notable high school basketball player, which made him heavily recruited for his college career.
Michael Jordan Career, Contracts & Accomplishments
Following his decision to leave college in 1984 after claiming the John R. Wooden and Naismith College Player of the Year awards, Jordan signed a deal with the Chicago Bulls, which saw him receive as much as $1.9 million in his first three seasons in the NBA. Though he wasn’t the first player drafted in the league, he went on to dominate in his rookie season, winning the Rookie of the year award and earned his first All-star game appearance.
As he struggled to win the NBA Championship between 1988 to 1990, though his efforts were futile, Jordan earned awards such as the 1988 NBA Defensive Player of the Year and MVP awards. During those seasons, Jordan earned about $5 million in salary. In 1991, Jordan struck big, by winning his maiden NBA championship. He didn’t just win the tournament, but he did it in styles by winning the NBA Finals MVP award defeating significant contenders such as Magic Johnson.
For the next two seasons, Jordan repeated the feat, thus elevating his status as the best Basketball player on the planet in the last decade of the 20th century. He was accordingly rewarded with a $9.75 million salary during these periods of his first three championship wins. After his 1993 championship win and a gambling scandal, Jordan bowed out of basketball due to his loss of interest in the sport he had come to dominate.
He thus ventured into the world of baseball, where he played in the Southern League for the Birmingham Barons and the Arizona Fall League for the Scottsdale Scorpions. After the Major League Baseball strike in 1995, Jordan declared his intention to return to the NBA with his famous “I’m back” expression. His return to the league sparked a new sense of excitement in the NBA as fans looked forward to Jordan replicating his success in the NBA after his first retirement.
Following his first championship win after his retirement, he earned $30.14 million, in the 1997 season which rose to $33.14 million in 1998 as he claimed his sixth NBA Championship. After his 1998 NBA Championship, he retired once again.
He went on to dabble in the administrative affairs of running a basketball franchise by becoming the president of basketball operations and partial owner of the Washington Wizards.
His return to basketball in 2001, saw him earn $2 million as a Washington Wizard player. He played until the last NBA game of his career in April 2003, with about 21,257 fans and teammates bidding him farewell, with a three-minute-long standing ovation, marking the end of an incredible era in NBA history.
Below are some of the best Michael Jordan’s career highlights.
- Six-times NBA Champion
- Six-times NBA Finals MVP
- Five-times NBA MVP
- Fourteen-times NBA All-star
- Three-times NBA All-star MVP
- Ten-times All-NBA First Team
- NBA Rookie of the Year (1985)
- NBA Defensive Player of the Year (1988)
- NBA Slam Dunk Contest win (1987, ’88)
Michael Jordan Net Worth in 2020
As of 2020, Michael Jordan’s net worth is valued at a whopping $2.1 billion, making him the first basketball player who ever became a billionaire and the fourth richest African American. As of May 2020, Jordan ranks among the Forbe’s list of billionaires as the No. 1,001 richest in the world. Jordan’s worth received a boost when he first achieved billionaire status in June 2014, when his stake in NBA franchise, Charlotte Hornets, shot up to 80%. Jordan is the principal owner of Charlotte Hornets.
His business dealings extend vastly into other sports aside from basketball, such as baseball, where he is a part-owner of MLB franchise, Miami Marlins. He also has business dealings in the automotive industry, with a company that bears his name and owns a car dealership with automobile giant Nissan. Jordan also owns a restaurant in New York.
Jordan has written several books such as his 1998 For the Love of the Game: My Story and 2005 Driven from Within. He is a highly sought after sports personality. According to a report by CNN, his agent revealed he once turned down $100 million for a two-hour appearance at an event.
Michael Jordan Career Earnings
Michael Jordan earned an approximated $93.2 million in salary throughout his basketball career in the NBA as a player for the Bulls and Wizards. Jordan received more than $60 million of that total sum from his last two seasons with the Bulls. Several pundits believe that Jordan was grossly underpaid considering his performance during his prime and his value to the Chicago Bulls.
Michael Jordan Endorsements & Sponsorships
Now retired and away from the basketball scene as a player, he holds no active endorsement and Sponsorship deals except for his signature Nike Jordan shoe “Air Jordan.” However, during his days as a basketball player, Jordan had a very lucrative endorsement deal with top brands, famous of which is Nike. Aside from Nike, Jordan endorsed brands such as McDonald’s, Coca Cola, Chevrolet, Wheaties, and many others.
Michael Jordan Shoe (Air Jordan)
In 1984, Nike released the Air Jordan shoe, a signature shoe with Jordan’s endorsement. The sale of the shoe has seen rapid success, and since being released in 1984, constant follow-up models that meet ever-changing fashion styles have seen the shoe brand continue to experience market success. According to Forbes, wholesales revenue from the shoe is as much as $3.14 billion as of May 2019. Michael Jordan thus receives as much as $130 million from the Air Jordan deal with Nike.
Michael Jordan Luxury Life
Houses & Real Estate
Michael Jordan owns a mansion in Chicago which covers 56,000 square foot and has 15 bathrooms, nine bedrooms, four half-bathrooms and a garage which is capable of sheltering 14 luxury cars. The home has an aquarium, a game room, a cigar room, a library, and a gym room. Since 2012, Jordan has sought to sell the home, but buyers have not been forthcoming. The house has a high property tax, and since he decided to sell the house, Jordan has paid about $700,000 in tax.
The real estate, which was first listed for $29 million, was reduced to $21 million, but still, buyers weren’t coming. Even after Jordan revealed that the buyer would receive every edition of the luxury Jordan shoe in his size, Jordan still didn’t get a buyer. He also has another home in North Carolina, a lakefront mansion estimated to be worth $2.8 million.
For a man like Michael Jordan with a $2 billion-plus fortune, owning a private jet is a walk in the pack. Jordan is the classy owner of a Gulfstream IV jet valued at $50 million.
Jordan’s line of luxury cars includes the Aston Martin Volante DB9, Porsche 911, Ferrari 599 Fiorano GTB, Mercedes-Benz SLR Mclaren 722 Edition, Aston Martin Volante DB7, Ferrari TR 512 and several more.
Michael Jordan owns a mega yacht, dubbed, Mr Terrible.
3 Takeaways from Jordan’s Worth & Rise to Fame
Now that you know the exciting story about Michael Jordan’s rise to success and worth, here are two lessons from the NBA legend.
Michael Jordan lives the life of a superstar, but the journey to that sort of life was not an easy path for him. During his high school years, Jordan was dropped from his school’s basketball first team due to height issues. Rather than becoming discouraged, Jordan tried hard and won a place in the first team. That sort of attitude stayed with him throughout his career.
Upon his return from his first retirement, Jordan trained exceedingly hard ahead of the 1995/96 season. That training led him to win his second set of three successive NBA Championships. Michael Jordan is a hard worker who uses his talents with extended hours of practice to become the best at what he does.
When he was new to the NBA, Jordan did not get carried away by the vanity of media attention but was focused on becoming the best. Even when he tried to win the NBA Championship in 7 successive seasons but failed, he stuck with his franchise because he was determined to work things out and thus he succeeded.
For you to be the best, fuse your talents with relentless training and cultivate a warrior mindset while remaining humble. Those things you love to do, chase them, do them so well, and you would become a sensation.
What are your thoughts about Michael Jordan’s net worth? Please share in the comments section below.