How Michael Jordan, the first billionaire athlete, makes and spends his $2.1 billion fortune

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How Michael Jordan, the first billionaire athlete, makes and spends his $2.1 billion fortune
Michael Jordan is known as the greatest basketball player of all time. He's also the richest.Jordan Brand via Getty ImagesRead the original article on Business Insider
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The beginning of ESPN's highly anticipated docuseries about Jordan's time on the 1997-1998 Chicago Bulls team drops on Sunday, April 19.

The beginning of ESPN's highly anticipated docuseries about Jordan's time on the 1997-1998 Chicago Bulls team drops on Sunday, April 19.

Source: Business Insider

"Everyone always wants to talk about the comparisons between he and I," Jordan said at the memorial. "When Kobe Bryant died, a piece of me died."

"Everyone always wants to talk about the comparisons between he and I," Jordan said at the memorial. "When Kobe Bryant died, a piece of me died."

Source: Business Insider

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Jordan provided a moment of levity at the memorial service for Kobe and Gigi Bryant in February 2020: "Now he's got me — I'll have to look at another crying meme for the next three years."

Jordan provided a moment of levity at the memorial service for Kobe and Gigi Bryant in February 2020: "Now he's got me — I'll have to look at another crying meme for the next three years."

Source: Business Insider

Jordan has been been a preferred meme for years — many still post this photo of Jordan crying during his 2009 Basketball Hall of Fame induction speech all over social media.

Jordan has been been a preferred meme for years — many still post this photo of Jordan crying during his 2009 Basketball Hall of Fame induction speech all over social media.

Source: Know Your Meme

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In addition to winning six NBA championships, Jordan had won other prestigious awards. In 2016, President Barack Obama awarded him with the Presidential Medal of Freedom because, as Obama joked, Jordan is "more than just an Internet meme."

In addition to winning six NBA championships, Jordan had won other prestigious awards. In 2016, President Barack Obama awarded him with the Presidential Medal of Freedom because, as Obama joked, Jordan is "more than just an Internet meme."

Source: Sports Illustrated

His post-basketball career is already influencing the next generation. Kevin Garnett has talked about following in Jordan's footsteps and buying the Minnesota Timberwolves.

His post-basketball career is already influencing the next generation. Kevin Garnett has talked about following in Jordan's footsteps and buying the Minnesota Timberwolves.

Source: USA Today

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At age 57, he still works out. In 2013, he declared he was going to get down to his playing weight of 218 pounds — it is unknown if he reached the goal.

At age 57, he still works out. In 2013, he declared he was going to get down to his playing weight of 218 pounds — it is unknown if he reached the goal.

Source: ESPN

Jordan is well known for his love of cigars and told Cigar Aficionado magazine that he smokes six a day.

Jordan is well known for his love of cigars and told Cigar Aficionado magazine that he smokes six a day.

Source: Cigar Aficionado

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Since his rise to fame, he's been spotted in all kinds of cars, from Ferraris to Land Rovers.

Since his rise to fame, he's been spotted in all kinds of cars, from Ferraris to Land Rovers.

Source: Cheat Sheet

The very first cars Jordan bought after he received his reported $10 million signing bonus from the Chicago Bulls were a collection of Mercedes and Pontiacs. He bought seven cars at once for himself and his family members.

The very first cars Jordan bought after he received his reported $10 million signing bonus from the Chicago Bulls were a collection of Mercedes and Pontiacs. He bought seven cars at once for himself and his family members.

Source: D Magazine

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The yacht is complete with its own branding.

The yacht is complete with its own branding.

Source: LaserAdvertising

Other travel setbacks include this 154-foot rented mega yacht named Mr. Terrible.

Other travel setbacks include this 154-foot rented mega yacht named Mr. Terrible.

Source: Business Insider, ESPN

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Jordan reportedly never travels overseas without a security team, which sets him back a cool $1,000 to $1,500 per hour. His codename is reportedly "Yahweh," a Hebrew word for God.

Jordan reportedly never travels overseas without a security team, which sets him back a cool $1,000 to $1,500 per hour. His codename is reportedly "Yahweh," a Hebrew word for God.

Source: ESPN, Money

Jordan reportedly took Love's driver for a test-run once and ended up breaking the club completely. Love had to replace it, and it seems to have worked out in his favor — he went on to win 12 PGA Tour events during the 12 years he was using the replacement driver.

Jordan reportedly took Love's driver for a test-run once and ended up breaking the club completely. Love had to replace it, and it seems to have worked out in his favor — he went on to win 12 PGA Tour events during the 12 years he was using the replacement driver.

Source: Business Insider

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He started playing the game while at UNC in a threesome with his then-roommate and Davis Love III.

He started playing the game while at UNC in a threesome with his then-roommate and Davis Love III.

Source: Business Insider

Jordan plays a lot of golf. But, as Barkley put it, what's the point in playing the sport if not for some cash?

Jordan plays a lot of golf. But, as Barkley put it, what's the point in playing the sport if not for some cash?

Source: Dan Patrick Show

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He's also reportedly competitive at other kinds of games. He reportedly won $500 beating his business manager Estee Portnoy in sudoku.

He's also reportedly competitive at other kinds of games. He reportedly won $500 beating his business manager Estee Portnoy in sudoku.

Source: ESPN

And he reportedly cheated in some bets with his teammates to make sure he won. ESPN's Amin Elhassan said Jordan would bet his teammate, Scottie Pippen, on the outcome of mid-game, animated Jumbotron races, even though Jordan already knew which animated character would win.

And he reportedly cheated in some bets with his teammates to make sure he won. ESPN's Amin Elhassan said Jordan would bet his teammate, Scottie Pippen, on the outcome of mid-game, animated Jumbotron races, even though Jordan already knew which animated character would win.

Source: CBS Sports

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He even took $500 from a fan at a charity golf tournament when the fan said Jordan couldn't land the ball on the green.

He even took $500 from a fan at a charity golf tournament when the fan said Jordan couldn't land the ball on the green.

Source: deepac66 via YouTube, Golf Digest

He also used to play $100 post-practice shooting games. One source said Jordan's taunting of Rodney McCray may have ruined McCray's career.

He also used to play $100 post-practice shooting games. One source said Jordan's taunting of Rodney McCray may have ruined McCray's career.

Source: Business Insider

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Jordan is also a famous gambler. Charles Barkley told Dan Patrick Jordan used to wager hundreds of thousands of dollars on a single hole when he played golf. While others, like Barkley himself, would wager a few hundred dollars.

Jordan is also a famous gambler. Charles Barkley told Dan Patrick Jordan used to wager hundreds of thousands of dollars on a single hole when he played golf. While others, like Barkley himself, would wager a few hundred dollars.

Source: Business Insider, Dan Patrick Show

He is also a minority owner of an MLB team — the Miami Marlins — having been part of Derek Jeter's investment group.

He is also a minority owner of an MLB team — the Miami Marlins — having been part of Derek Jeter's investment group.

Source: Business Insider

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Jordan has invested some of his fortune in tech startups. He was reportedly one of several celebrities who invested heavily in Gigster — a Silicon Valley startup connecting companies to freelance software developers, designers, and project managers.

Jordan has invested some of his fortune in tech startups. He was reportedly one of several celebrities who invested heavily in Gigster — a Silicon Valley startup connecting companies to freelance software developers, designers, and project managers.

Source: Business Insider, Gigster

Jordan married Yvette Prieto in 2013, and they welcomed twin daughters, Victoria and Ysabel, in 2014.

Jordan married Yvette Prieto in 2013, and they welcomed twin daughters, Victoria and Ysabel, in 2014.

Source: USA Today

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Marcus, Jordan's second child, opened a boutique sneaker shop in Disney World called Trophy Room inspired by the trophy room in his house growing up.

Marcus, Jordan's second child, opened a boutique sneaker shop in Disney World called Trophy Room inspired by the trophy room in his house growing up.

Source: Business Insider, Bleacher Report

Jordan's three oldest children have all followed their father into the shoe business. Jeffrey, the oldest, works at Nike in Oregon, and Jasmine, the youngest, has worked for her father's NBA team as well as being an Air Jordan representative in Charlotte.

Jordan's three oldest children have all followed their father into the shoe business. Jeffrey, the oldest, works at Nike in Oregon, and Jasmine, the youngest, has worked for her father's NBA team as well as being an Air Jordan representative in Charlotte.

Source: Business Insider

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The pair married in 1989 and divorced in 2006. The 17-year marriage cost Jordan a whopping $168 million in the settlement.

The pair married in 1989 and divorced in 2006. The 17-year marriage cost Jordan a whopping $168 million in the settlement.

Source: Biography, NBC Chicago

Jordan has three children from his first marriage with Juanita Vanoy.

Jordan has three children from his first marriage with Juanita Vanoy.

Source: Biography

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In 2019, he pledge $7 million to open two medical clinics in Charlotte.

In 2019, he pledge $7 million to open two medical clinics in Charlotte.

Source: Business Insider

In 2018, he donated $2 million to Hurricane Florence relief efforts.

In 2018, he donated $2 million to Hurricane Florence relief efforts.

Source: Chicago Tribune

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In 2016, Jordan also pledged two large donations to the NAACP Legal Defense Fund and the International Association of Chiefs of Police's new Institute for Community-Police Relations. This came after a string of police-involved shootings.

In 2016, Jordan also pledged two large donations to the NAACP Legal Defense Fund and the International Association of Chiefs of Police's new Institute for Community-Police Relations. This came after a string of police-involved shootings.

Source: Business Insider

Instead, he donated millions to 23 charities benefiting the children of Chicago.

Instead, he donated millions to 23 charities benefiting the children of Chicago.

Source: Business Insider

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Jordan sued and won millions. But he didn't keep all the money.

Jordan sued and won millions. But he didn't keep all the money.

Source: Business Insider

That's not the only lawsuit he's been involved in though pertaining to his name and branding. Two supermarkets, Dominick's and Jewel-Osco, associated themselves with Jordan without his permission.

That's not the only lawsuit he's been involved in though pertaining to his name and branding. Two supermarkets, Dominick's and Jewel-Osco, associated themselves with Jordan without his permission.

Source: Business Insider

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The company had been using a logo similar to Jordan's Air Jordan logo, and the symbols used spell out his name in Chinese — Qiaodan Sports. He first sued the company in 2012, but lower-level courts ruled in favor of the company.

The company had been using a logo similar to Jordan's Air Jordan logo, and the symbols used spell out his name in Chinese — Qiaodan Sports. He first sued the company in 2012, but lower-level courts ruled in favor of the company.

Source: Business Insider

In 2016, Jordan won a case against a Chinese sportswear company that was using his Chinese name.

In 2016, Jordan won a case against a Chinese sportswear company that was using his Chinese name.

Source: Business Insider

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They also list the mismatch of location and price as a possible reason — homes in the Highland Park area have a median value of $476, 391. Homes at the price point Jordan is listing are typically located closer to Lake Michigan.

They also list the mismatch of location and price as a possible reason — homes in the Highland Park area have a median value of $476, 391. Homes at the price point Jordan is listing are typically located closer to Lake Michigan.

Source: Business Insider, Zillow

Luxury real estate brokers think the amount of customization the house has undergone in order to become Jordan's personal palace is one of a few reasons why the property hasn't sold yet.

Luxury real estate brokers think the amount of customization the house has undergone in order to become Jordan's personal palace is one of a few reasons why the property hasn't sold yet.

Source: Business Insider

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And he still pays a full-time staff to keep it up and running.

And he still pays a full-time staff to keep it up and running.

Source: Business Insider

It is estimated that Jordan has paid more than $680,000 in property taxes since he put the house up for sale.

It is estimated that Jordan has paid more than $680,000 in property taxes since he put the house up for sale.

Source: Business Insider

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It has its own basketball court, as well as a pool with a patch of lawn in the middle of it.

It has its own basketball court, as well as a pool with a patch of lawn in the middle of it.

Source: Business Insider

But eight years later, the house is still on the market and the price is down to $14.9 million.

But eight years later, the house is still on the market and the price is down to $14.9 million.

Source: Business Insider, Zillow

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He's selling his compound in Chicago, which was originally listed for $29 million. The estate's gate is emblazoned with his jersey number.

He's selling his compound in Chicago, which was originally listed for $29 million. The estate's gate is emblazoned with his jersey number.

Source: Business Insider

It has some incredible lake views.

It has some incredible lake views.

Source: Business Insider

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He also has a $2.8 million house near Charlotte.

He also has a $2.8 million house near Charlotte.

Source: Business Insider

Jordan even has a custom, Carolina-blue golf cart with the Jumpman logo.

Jordan even has a custom, Carolina-blue golf cart with the Jumpman logo.

Source: Business Insider

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The Hobe Sound, Florida, course is called Grove XXIII — keeping with his obsession with the No. 23 — and opened in the fall of 2019.

The Hobe Sound, Florida, course is called Grove XXIII — keeping with his obsession with the No. 23 — and opened in the fall of 2019.

Source: Golf Digest

He reportedly decided to build a private golf course because he was annoyed by the pace of play at his previous country club.

He reportedly decided to build a private golf course because he was annoyed by the pace of play at his previous country club.

Source: GOLF.com

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He spent $12.8 million building his dream house in Florida in 2012.

He spent $12.8 million building his dream house in Florida in 2012.

Source: Yahoo, Business Insider

He has a private jet. It's painted Carolina blue, and the ID number contains his jersey number (23) and number of titles (6).

He has a private jet. It's painted Carolina blue, and the ID number contains his jersey number (23) and number of titles (6).

Source: Business Insider

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That steady stream of income lets him live a pretty amazing lifestyle.

That steady stream of income lets him live a pretty amazing lifestyle.

In 2019, many billionaires lost money — but not Jordan. His net worth rose by $300 million.

In 2019, many billionaires lost money — but not Jordan. His net worth rose by $300 million.

Source: Forbes

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He also owns a Nissan dealership in Durham, North Carolina.

He also owns a Nissan dealership in Durham, North Carolina.

Source: Business Insider, Michael Jordan Nissan

... and Michael Jordan's Restaurant in Chicago, an upscale restaurant serving "elevated American classics."

... and Michael Jordan's Restaurant in Chicago, an upscale restaurant serving "elevated American classics."

Source: Michael Jordan's Restaurant

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... Michael Jordan's Steakhouse, which has locations in Connecticut, Washington, and Chicago ...

... Michael Jordan's Steakhouse, which has locations in Connecticut, Washington, and Chicago ...

Source: Michael Jordan's Steakhouse

He owns several restaurants including 1000 North in Jupiter, Florida ...

He owns several restaurants including 1000 North in Jupiter, Florida ...

Source: Business Insider, Eater

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Jordan told Playboy, "How can I stand in front of a camera and say I'll eat Beanee Weenees?" He said the deal was close to $1 million per year — at the time, he had made less than $5 million in career earnings.

Jordan told Playboy, "How can I stand in front of a camera and say I'll eat Beanee Weenees?" He said the deal was close to $1 million per year — at the time, he had made less than $5 million in career earnings.

Source: Playboy

Jordan said he has always been picky about his endorsements because he wanted to be genuine and also build his own brand. He once rejected a huge endorsement deal with Beanee Weenees because he didn't like the name.

Jordan said he has always been picky about his endorsements because he wanted to be genuine and also build his own brand. He once rejected a huge endorsement deal with Beanee Weenees because he didn't like the name.

Source: Playboy

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... and Hanes. He's been a spokesman for the company for nearly 30 years.

... and Hanes. He's been a spokesman for the company for nearly 30 years.

Source: Business Insider

... trading card company Upper Deck, ...

... trading card company Upper Deck, ...

Source: Business Insider

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He has several endorsement deals with companies like Gatorade ...

He has several endorsement deals with companies like Gatorade ...

Source: Business Insider

Jordan reportedly wanted to sign with Adidas in 1984, but they passed because they preferred NBA players who were 7 feet tall.

Jordan reportedly wanted to sign with Adidas in 1984, but they passed because they preferred NBA players who were 7 feet tall.

Source: Business Insider

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Nike's Jordan Brand has even partnered with the popular video game "Fortnite."

Nike's Jordan Brand has even partnered with the popular video game "Fortnite."

Source: Business Insider

The popularity of Air Jordans has resurged in recent years thanks to celebrity partnerships to connect to a younger audience and new versions of retro styles to reconnect to the older fans.

The popularity of Air Jordans has resurged in recent years thanks to celebrity partnerships to connect to a younger audience and new versions of retro styles to reconnect to the older fans.

Source: Business Insider

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Nike's Jordan Brand alone now brings in roughly $3 billion in revenue each year.

Nike's Jordan Brand alone now brings in roughly $3 billion in revenue each year.

Source: Business Insider, Los Angeles Times

Nike founder Phil Knight called signing Jordan the best decision he ever made, nabbing the NBA rookie for $250,000 a year in 1984.

Nike founder Phil Knight called signing Jordan the best decision he ever made, nabbing the NBA rookie for $250,000 a year in 1984.

Source: Business Insider

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For comparison, LeBron James is estimated to earn less than $90 million a year from salary, winnings, and endorsements.

For comparison, LeBron James is estimated to earn less than $90 million a year from salary, winnings, and endorsements.

Source: Forbes

According to Forbes, Jordan's yearly earnings were roughly $145 million.

According to Forbes, Jordan's yearly earnings were roughly $145 million.

Source: Forbes

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Jordan is still waiting for the day the Hornets win a championship. He has said that winning a championship as an owner would be more gratifying than any of the six rings he won as a player.

Jordan is still waiting for the day the Hornets win a championship. He has said that winning a championship as an owner would be more gratifying than any of the six rings he won as a player.

Source: Business Insider

Jordan did sell a minority stake in the club in 2019, but he reportedly has no interest in giving up control of the team.

Jordan did sell a minority stake in the club in 2019, but he reportedly has no interest in giving up control of the team.

Source: Charlotte Observer

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The team is now worth more than $1.5 billion, and he owns 97% of the equity in the club.

The team is now worth more than $1.5 billion, and he owns 97% of the equity in the club.

Source: Forbes

... and he officially became a billionaire in 2014 when the NBA franchise value rose.

... and he officially became a billionaire in 2014 when the NBA franchise value rose.

Source: Business Insider

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He bought the Charlotte Hornets in 2010 for $175 million ...

He bought the Charlotte Hornets in 2010 for $175 million ...

Source: Forbes, Business Insider

... and the Jordan Brand.

... and the Jordan Brand.

Source: Forbes

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His net worth is now believed to be $2.1 billion thanks to the skyrocketing value of his NBA team, the Charlotte Hornets ...

His net worth is now believed to be $2.1 billion thanks to the skyrocketing value of his NBA team, the Charlotte Hornets ...

Source: Money

And his income now is way more than his total playing salary during his career. He earned $90 million total in NBA salary, and about $63 million of that came in his final two seasons with the Chicago Bulls.

And his income now is way more than his total playing salary during his career. He earned $90 million total in NBA salary, and about $63 million of that came in his final two seasons with the Chicago Bulls.

Source: Forbes, Spotrac, Basketball-Reference

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As of 2015, he was reportedly making $100 million a year from Nike royalties alone.

As of 2015, he was reportedly making $100 million a year from Nike royalties alone.

Source: Business Insider

Jordan is the world's first athlete billionaire.

Jordan is the world's first athlete billionaire.

Source: Daily Mail

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