Jordan is on the Forbes 400 list of wealthiest Americans thanks to his sale of the Charlotte Hornets – and Sotheby’s auctioned sneakers worn by the athlete for a record US$8 million
After the death of George Floyd and the Black Lives Matter protests in 2020, the athlete and Nike pledged to donate US$100 million over 10 years for racial equality
At 61 years old, Michael Jordan has broken record after record on the court, and now he’s also the only former professional athlete to accumulate a large enough wealth to make the Forbes 400.

With his iconic No 23, Jordan retired (for a third and final time) from basketball in 2003 – but his impact in the world of sport, fashion and business continues to inspire. In February, Sotheby’s sold a collection of trainers that Jordan had worn for a record breaking US$8 million, making them the most expensive game-worn trainers ever auctioned.

The Charlotte Hornets

Michael Jordan is still a minority owner of Charlotte Hornets after the 2023 sale. Photo: Getty Images

Last year, Jordan’s net worth soared to an estimated US$3 billion, with the athlete joining the Forbes 400: a list of the 400 wealthiest Americans on the planet. His sharp rise in wealth came after he sold his majority stake in the Charlotte Hornets in August 2023. The sale was nearly 17 times the value compared to when he became principal owner back in 2010.

Michael Jordan sold the Charlotte Hornets last August and joined the Forbes 400 list. Photo: @michael_jordann_/Instagram
But his transition from NBA star to sports owner wasn’t unexpected. In 1998, Jordan retired from basketball for the second time, and he first got the idea of entering the sport from a management perspective, reported ESPN. He joined a group that had bought stakes in NHL’s Washington Capitals and Washington Wizards, and took on the role of president of basketball operations.

After a brief return to the court and spreading his business interests, he bought a minority stake in the Charlotte Bobcats in 2006 (they became the Charlotte Hornets in 2014). In 2010, he became majority owner of the team, purchasing it for US$175 million.

Nike Air Jordans

Michael Jordan retired three times in total, but has since turned his interest to sports management and his businesses. Photo: AP

Nike founder Phil Knight has famously been quoted as saying that Jordan was the best decision he ever made. Back in 1984, he signed a deal with the then-NBA rookie for US$250,000 a year. The deal almost never happened, as Jordan was contemplating partnerships with other brands before joining Nike.

Forbes reported that when the Air Jordan was first released in 1985, sales were expected to sit at around US$3 million. Just two months later, sales were at a booming US$70 million. At first, Jordan signed on for five years, earning US$500,000 annually plus royalties.

The Air Jordans are marked by their iconic “swoosh” logos and bring in royalties for Michael Jordan every year. Photo: Handout

The basketball star has been credited for “revolutionising the sneaker industry”, with a Business Insider report in 2023 claiming that the Jordan brand brings in US$3.6 billion in revenue for Nike each year.

Details of the athlete’s deal with Nike and his royalties from the Jordan brand, which uses the iconic Jumpman logo, emerged late last year. Per Fox News, his 5 per cent royalties earned saw him get US$330 million in 2023 alone. Coupled with his US$94 million haul from his 15 NBA seasons, his fame on court seems to grow proportionately with his influence in the apparel world

From his savvy moves in sports management to lucrative deals with Nike that continue to bring in yearly pay cheques, here’s how the NBA legend spends and makes his money.

Nascar Cup Series

Michael Jordan owns Nascar Cup Series team 23Xl with Denny Hamlin. Photo: @23xiracing/Instagram

While Jordan still maintains a small stake in the Hornets, it’s widely speculated that he may spend more time at Nascar this year. In 2020, he co-founded Cup Series team 23Xl Racing with Joe Gibbs racing driver Denny Hamlin. Per NBC Sports, since finalising the Hornets deal, Jordan has been spending more time on the track.

Hamlin also told the publication that Jordan had not only become more involved in marketing, but also in team meetings, explaining, “He’s obviously been a part of team sports forever. He’s, at times, heard things in meetings where he’s like, ‘I don’t like that. We need to be more self-reflective on what we need to do better.’ That goes such a long way with our team.”

Cincoro, the tequila brand launched by Michael Jordan and four other NBA players. Photo: @cincoro/Instagram
As he turns his attention to Nascar, Jordan is expected to keep an eye on his other business interests, including his lucrative tequila brand Cincoro as well as sports and gaming companies DraftKings, Sportradar and Mythical Games.

Philanthropy

Michael Jordan has made large donations in 2020 alone, during the height of the pandemic and in the aftermath of George Floyd’s death. Photo: AP

In 2020, Jordan donated US$2 million to Feeding America’s food banks in Chicago and North and South Carolina. The money was from his earnings for the docuseries The Last Dance. Per NBC, he made the donation at the height of the Covid-19 pandemic, saying it was important to “pause and give thanks”.

Also in 2020, the basketball player and Nike, under the Jordan Brand, pledged to donate US$100 million over 10 years to various organisations to fight for racial equality, social justice and access to education. The move came after the death of George Floyd, which sparked countless Black Lives Matter protests across the nation.

Michael Jordan has a long history of philanthropy and is committed to social issues such as racial equality. Photo: AP

“Jordan Brand is of and by the Black community. Bigger than one man, whose will and work redefined the meaning of greatness. Bigger than the basketball court, where generations of dreams have taken flight. Bigger than any struggle, any obstacle, any fight. The fight for equal opportunity and equal justice is ours,” reads a description on Nike.com.