Michael Jordan earned “only” $90 million as an NBA player for the Chicago Bulls during his winning basketball career. But Forbes values his current net worth at $1.6 billion, making him the richest retired athlete in the world, according to Forbes’ 2020 Billionaires List. How did he make his money, and where does he spend it?
Net worth: $1.6 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.
This year, 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.
Smart Negotiating: Biggest Sports Contracts Ever
But the bulk of his earnings, today, come from his NBA team, the Charlotte Hornets. He purchased it in 2010 for $175 million. In spite of not yet winning a championship, the team carries a $1.5 billion valuation, with 97% ownership belonging to Jordan.
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, last summer, 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.
See the List: Most Successful Athlete From Every Decade
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