Michael Jordan earned “only” $90 million as an NBA player for the Chicago Bulls during his winning basketball career.
Read: 10 Best Countries To Live on Just a Social Security Check
Cash App Borrow: How To Borrow Money on Cash App
But Forbes values his current net worth at $1.7 billion, making him the richest retired athlete in the world, according to Forbes’ 2022 Billionaires List. How did he make his money, and where does he spend it?
- Net worth: $1.7 billion
- Date of birth: Feb. 17, 1963
- Primary sources of wealth: Sports, brand deals
- Career highlights: Six NBA championships
Rising Net Worth Thanks to Investments and Endorsements
Michael Jordan was equally known for his jump shots on the basketball court as for his famous sneakers. As Nike Air Jordans rose in popularity, so did the athlete’s net worth. He makes about $100 million a year from Nike royalties, Business Insider reported.
In 2020, the billionaire purchased an equity stake in sports betting company DraftKings. As a result, the stock jumped 12%, making it a great investment right out of the gate for Jordan.
Live Richer Podcast: How To Get Free Rent and Retire Early
But the bulk of his earnings today come from his NBA team, the Charlotte Hornets. He purchased it in 2010 for $175 million and controlled 97% of the team before selling a chunk of it to two investors in 2019. Jordan remains majority owner. In spite of never winning a championship, the team is valued at $1.575 billion, Forbes reported.
How Michael Jordan Spends His Billions
Jordan built his billions through wise investments, and he spends just as wisely. Although he does hold several sprawling properties and a golf course, he donates substantial amounts to causes he believes in. Business Insider reported that he donated $2 million to food banks in Chicago and the Carolinas, and, in 2020, he pledged to donate $100 million over 10 years to various organizations in support of racial equality, social justice and greater access to education for the Black American community.
A Winning Attitude
Jordan has traits that helped leverage his success over the years: perspective and perseverance. As Jordan himself said, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game-winning shot…and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
More From GOBankingRates
- 8 Purchases Retirees Almost Always Regret
- 10 Affordable Places To Retire in the Desert
- Looking To Diversify in a Bear Market? Consider These Alternative Investments
- 6 Hidden Ways To Help You Boost Your Credit Score
Jami Farkas contributed to the reporting for this article.