Michael Jordan is arguably the most famous and successful basketball player of all time. He has won six NBA championships, made 14 All-Star teams, been an MVP five times, and scored more points than any other player in history. But what about his net worth? In this blog post we’ll dive into Michael Jordan’s net worth and find out exactly how he built it up over the years.
Introduction to Michael Jordan and His Net Worth
Michael Jordan was born on February 17th 1963 in Brooklyn New York. Growing up, he played sports such as baseball, football, and basketball; but ultimately decided to pursue a career in basketball due to his extraordinary talent for the sport. Throughout his college years at University of North Carolina, where he majored in Cultural Geography, Michael continued to play with unmatched skill and determination leading him to become one of the greatest players of all time. After being drafted by the Chicago Bulls in 1984, Michael went on to dominate the NBA earning himself numerous titles and awards along the way.
At the peak of his playing career, Michael had accumulated an estimated net worth of $1 billion which was mostly derived from various investments, endorsement deals, salary earnings, and property purchases. Nowadays, even after retiring from the game in 2003, he still maintains an impressive net worth thanks to smart financial management and continued commercial activities. So let’s take a closer look at some of the key sources of income that have helped increase Michael Jordan’s net worth over the years.
How Did Michael Jordan Accumulate His Wealth?
The first source of wealth came directly from Michael’s salary as a professional basketball player for both the Chicago Bulls and Washington Wizards. During his 15 seasons in the league, he earned a total of around $90 million from team salaries alone (not including bonus payments). Another major source of income comes from endorsement deals signed throughout his career which includes companies like Nike, Gatorade, McDonalds, Chevrolet, Coca Cola, Hanes and Upper Deck. These partnerships netted him around $1 billion in additional earnings.
Michael Jordan’s Major Investments and Endorsements
Aside from his commercial activities, Michael has also invested heavily into businesses outside of sports. For example, he owns a chain of car dealerships called “Jordan Motorcars” located across several states in the US and is part owner of Charlotte Hornets Basketball Team. He also co-owns Sports Agency “Joint Effort” alongside former NFL Player Frank Talyor. Some of his most profitable endorsements include a deal with Nike which nets him an average of $80 million each year plus 10% royalties on every item sold using his Air Jordan logo.
Top 3 Sources of Income for Michael Jordan
The top three sources of income for Michael Jordan are:
1) Salary Earnings – Around $90 million dollars during his playing days
2) Endorsement Deals – Over $1 billion since signing with Nike in 1984
3) Business Investments – Joint ownership of Charlotte Hornets NBA team & Car Dealerships
Michael Jordan’s Property Investments and Assets
In addition to his business investments, Michael has also made some smart real estate moves throughout the years. He currently owns seven homes across different cities ranging from Los Angeles to Florida with combined value of over $50 million dollars. His primary residence is a 56,000 square foot mansion located in Highland Park Illinois featuring nine bedrooms and fifteen bathrooms. Additionally, he owns multiple luxury cars worth over $6 million such as Lamborghini Veneno Roadster ($4.5 Million), Ferrari 599 GTB Fiorano ($450K) and Porsche 911 Turbo S ($160K).
A Breakdown of Michael Jordan’s Net Worth in 2020
According to Forbes estimates, Michael Jordan’s current net worth sits at approximately $2.2 Billion making him one of the richest athletes alive today. However, depending on fluctuations in the stock market or other unexpected events that could potentially affect his portfolio; this number can go up or down significantly at anytime. Regardless though, you can bet that MJ will remain financially secure for many years to come given his wise investment decisions thus far.
Future Outlook For Michael Jordan’s Earning Potential
Although Michael is no longer active on the court, he continues to rake in millions through endorsements, brand deals and investments. As long as these sources of revenue remain consistent then there should be no issues maintaining his fortune going forward. It is possible that new opportunities may arise such as starring in films or becoming an ambassador for certain brands so keep an eye out!
Impact of Philanthropy on Michael Jordan’s Net Worth
Despite having such massive amounts of money at his disposal, Michael Jordan remains dedicated to helping those less fortunate than him through donations and charitable giving. Since launching The James R. Jordan Foundation back in 1992, he has donated tens of millions of dollars towards providing support for kids living in underprivileged communities across America. His philanthropic efforts have no doubt positively impacted not only society but also helped further cement his legacy as one of the world’s most iconic figures ever!
Closing Thoughts on Michael Jordan and His Net Worth
It is amazing to see just how much wealth Michael Jordan has amassed over the years despite initially coming from humble beginnings. Thanks to hard work, dedication and smart financial decisions he now stands tall as one of the wealthiest people on earth while simultaneously giving back to those who need it most. This kind of success story goes to show that anything is possible if you put your mind to it!
References
https://www.forbes.com/profile/michael-jordan/#37dacff640f7
https://www.biography.com/athlete/michael-jordan
https://moneyinc.com/michael-jordans-net-worth/