Michael Jordan, better known as MJ, was an American professional basketball player, businessman, and the chairman of the Charlotte Hornets. He was a member of the National Basketball Association for 15 years (NBA).
How much is the Salary and Net worth of Michael Jordan?
Michael Jordan is a retired basketball player, team owner, product endorser, and entrepreneur from the United States. Michael Jordan’s net worth is $2.2 billion as of 2022.
He earned a total of $93.7 million in compensation during his NBA career. Also He was the first athlete in history to be paid more than $30 million a year. He did so during the 1996-1997 season, when he earned $30.14 million in basic salary. After adjusted for inflation, he made $33.14 million the next season, which is equivalent to $53.4 million today.
Despite the fact that he has not played professional basketball in nearly two decades, Michael now earns $100 million per year from endorsements and other business activities. Please keep in mind that he made more in a single year than he did in 16 NBA seasons. Nike/Jordan brand royalties net Michael at least $60 million each year.
Michael became a billionaire as a result of his ownership share in the Charlotte Hornets of the NBA. This investment will be discussed in further depth later in this essay.
Jordan guided the Chicago Bulls to six NBA titles. He has won the league MVP award five times. On September 11th, 2009, he was inducted into the Hall of Fame for having the highest career scoring average of all time.
“In my career, I’ve missed over 9,000 shots. I’ve lost nearly 300 games. I’ve been trusted to take the game-winning shot 26 times…and each time I’ve failed. In my life, I’ve failed over and over again. That is why I am successful.”
Michael Jordan
Wealth Achievements
Michael Jordan was added to Celebrity Net Worth in September 2009, with a net worth of $500 million. Six years later, in 2014, he became a billionaire for the first time. In early 2020, he crossed the $2 billion mark for the first time.
Net Worth Milestones
Year
Net Worth
2009
$500,000,000
2013
$650,000,000
2014
$1,000,000,000
2016
$1,100,000,000
2017
$1,200,000,000
2018
$1,500,000,000
2019
$1,900,000,000
2020
$2,200,000,000
Childhood and Early life of Michael Jordan
Michael Jeffrey Jordan was born in Brooklyn, New York on February 17, 1963. His mother, Deloris, was a financial professional, and his father, James R. Jordan Sr., was an equipment supervisor. Michael’s family relocated to Wilmington, North Carolina, when he was a toddler.
Michael attended Emsley A. Laney High School in Wilmington, where he participated in basketball, baseball, and football. As a sophomore, he famously tried out for the varsity basketball team but was turned down because he was “only” 5 feet 11 inches tall. Enraged by the rejection, MJ dedicated himself to excelling on the Junior Varsity team. During the summer between his sophomore and junior years, he grew four inches and won a seat on the varsity team.
Michael lit up the varsity team, averaging 25 points per game his junior and senior years. He was chosen as a senior to play in the 1981 McDonald’s All-American Game, where he scored 30 points.
Michael Jordan’s Career in College
Not surprisingly, Michael, who is now 6 feet 6 inches tall, was pursued by a slew of collegiate programs, including Syracuse, UVA, Duke, and the University of North Carolina. He eventually decided to attend UNC.
He averaged 13.5 points per game at UNC and was awarded ACC Freshman of the Year, helping the team win the 1982 NCAA Championship against the Georgetown Hoyas. With 15 seconds remaining in the game, Michael scored a game-winning shot against Georgetown Center Patrick Ewing. This would end up being the game-winning shot. He would subsequently say that this game, and specifically that shot, marked a watershed moment in his personal confidence and future basketball career.
Michael Jordan’s Career in the NBA
Michael played three seasons for the UNC Tar Heels, garnering numerous trophies, including the Naismith and Wooden College Player of the Year in 1984. He left UNC a year early in order to enter the 1984 draft. Michael returned to UNC in 1986 to complete his degree, and he finished with a Bachelor’s degree in geography.
Surprisingly, he was not the first choice. After Sam Bowie (#2) and Hakeem Olajuwon, he was the THIRD pick. The Chicago Bulls selected Michael with the third overall pick.
On September 12, 1984, Michael signed his rookie contract with the Bulls. The contract was a seven-year, $6 million pact with an annual salary of roughly $850,000. The Bulls barely sold out six games the year before Michael joined the club. Attendance more than doubled during Michael’s debut season.
Michael and Chicago agreed to an eight-year, $25 million contract extension at the end of his sixth season. It was the biggest deal in NBA history at the time. As a result, Michael’s compensation increased to roughly $5 million each year. When Michael’s contract expired in 1996, he negotiated a one-year $30 million agreement. The next year, he agreed to a one-year contract worth $33.14 million. After adjusting for inflation, the latter is worth roughly $55 million today.
Returned to the NBA
Michael retired and returned to the NBA on two occasions. He briefly retired to play minor league baseball. When he returned to the NBA for the second time, he spent two seasons with the Washington Wizards.
As previously stated, Michael received a total salary of $93.7 million during his NBA career. He received $161 million in compensation after adjusting for inflation each year. Michael’s NBA salary history is broken per year by year below:
Season
Salary
Inflation Adjusted
1984-1985
$550,000
$1.4 million
1985-1986
$630,000
$1.5 million
1986-1987
$737,500
$1.7 million
1987-1988
$845,000
$1.9 million
1988-1989
$2,000,000
$4.4 million
1989-1990
$2,250,000
$4.7 million
1990-1991
$2,500,000
$5 million
1991-1992
$3,250,000
$6.2 million
1992-1993
$4,000,000
$7.4 million
1993-1994
$4,000,000
$7.4 million
1994-1995
$3,850,000
$6.7 million
1995-1996
$3,850,000
$6.7 million
1996-1997
$30,140,000
$50 million
1997-1998
$33,140,000
$53.41 million
2001-2002
$1,000,000
$1.5 million
2002-2003
$1,030,000
$1.5 million
$93,772,500
$161 million
CAPTION Michael Jordan Photo by Jonathan Daniel (Getty Images)
Michael Jordan’s Nike Agreement And Annual Royalties
Prior to Michael Jordan, James Worthy’s $150,000 annual deal with New Balance was the world’s highest celebrity shoe endorsement contract. Jordan broke all sponsorship records in 1984 when Nike agreed to pay him $500,000 per year for five years. Jordan also got Nike stock options, bringing his total pay to $7 million over the course of five years.
Michael had never worn a pair of Nike sneakers in his life and had hoped to sign with Adidas, but Nike’s offer was too good to pass up and too much for Adidas to match.
When he first wore the sneakers, he broke the NBA’s conformity rules. Nike paid all of the league’s fines and leveraged the incident to increase brand awareness. The Air Jordan shoe debuted in stores in March 1985 and sold over a million pairs within two months. Nike made $100 million in income from Air Jordan in its first year. Air Jordans now account for 58 percent of all basketball shoe sales, and the brand generates more than $2.5 billion in annual sales for Nike.
Michael received 25 cents for every Jordan shoe sold in 1992. He now earns $4 each shoe sold. Nike paid Michael $480 million in shoe royalties between 2002 and 2012.
Today, Michael Jordan’s annual Nike royalty check is between $80 and $100 million. However, over the course of several years, his royalty check has reached $100 – $120 million.
Endorsements of Michel Jordan
Michael Jordan has been a spokesperson for several major products, including Nike, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Ball Park Franks, Rayovac, Hanes, and MCI, throughout his outstanding career. Jordan also has endorsement agreements with Upper Deck, 2K Sports, and Five Star Fragrances. He is the owner of a vehicle dealership as well as seven eateries.
Following Nike, one of his most significant early endorsement partnerships, one that would become a lifelong cornerstone for MJ, was with Gatorade. Michael signed a 10-year, $18 million endorsement contract with Gatorade at the end of the 1989 season. Gatorade’s famous “Be Like Mike” ad first aired after the Bulls won their first of six championships. The Michael/Gatorade collaboration catapulted both the brand and the individual to new heights of popularity.
According to a 2015 lawsuit against a grocery chain that allegedly exploited Michael’s image without authorization, the celebrity does not sign partnerships unless he expects to earn at least $10 million from the partnership. We also heard that Michael once turned down $80 million to endorse a set of headphones because he doesn’t like wearing them.
Michael Jordan has earned $1.4 billion from corporate partners during his career as of this writing (before taxes).
CAPTION Michael Jordan Streeter Lecka(Getty Images)
Settlement of Juanita Jordan’s Divorce
In September 1989, Michael married Juanita Vanoy. They were the parents of three children. After 13 years of marriage, Michael Jordan filed for divorce from Juanita Jordan in 2002, and he was eventually ordered to pay her a $168 million divorce settlement. It was one of the priciest divorces in history. Cash, stocks, and the value of their different real estate assets were included in the settlement.
Since April 2013, Michael has been married to Cuban-American model Yvette Prieto. In February 2014, she gave birth to their identical twin girls.
Michael’s net worth in 2006 was estimated to be over $450 million after taxes, divorce payments, and other lifestyle costs. The same year, he purchased a minority investment in the Charlotte Bobcats of the NBA. He was the team’s second-largest individual owner at the time, after only BET founder Robert Johnson. Michael spent $175 million to buy out Robert’s ownership in the team in 2010. Michael now controlled 80% of the team as a result of this deal.
In June 2014, it was discovered that Michael had expanded his ownership stake once more, this time from 80% to 89.50%. At the time, the newly rebranded Hornets were valued at $500 million, with $135 million in debt. The Clippers, who had just been valued at $500 million, were sold for $2 billion around this time.
Assuming the Hornets were worth $600 million at the time, Michael’s interest after debt was worth $416 million, which when combined with his $600 million outside fortune made Michael Jordan a billionaire for the first time, with a net worth of $1.016 billion. More information can be found here: Michael Jordan has a fortune of billions of dollars.
Highlights
Here are some of the best highlights of Michael Jordan’s career:
Most Valuable Player (1987-88, 1990-91, 1991-92, 1995-96, 1997-98)
Defensive Player of the Year (1988)
Rookie of the Year (1984-85)
All-Star Game MVP (1988, 1996, 1998)
Favorite Quotes from Michael Jordan
“I’ve failed over and over and over again in my life and that is why I succeed.” – Michael Jordan
“I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan
“Talent wins games, but teamwork and intelligence wins championships.” – Michael Jordan
“Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.” – Michael Jordan
“One day, you might look up and see me playing the game at 50. Don’t laugh. Never say never, because limits, like fears, are often just an illusion.” – Michael Jordan
“You have to expect things of yourself before you can do them.” – Michael Jordan
“I’ve always believed that if you put in the work, the results will come.” – Michael Jordan
Frequently Asked Questions
How much is Michael Jordan worth?
Michael Jordan’s net worth is estimated to be $2.2 Billion.
How old is Michael Jordan?
Michael Jordan was born on February 17, 1963, and is currently 59 years old.
How tall is Michael Jordan?
Michael Jordan’s height is 1.98 m, which is equal to 6 ft 6 in.
Michael Jordan’s Biography Summary
His ambition to succeed and determination to help others has kept in him the game for years.
He is a recognizable face in sports, as well as in marketing for products such as Nike’s Air Jordans. His drive and passion for basketball have led to his large net worth and have inspired many other players, and his philanthropy helped thousands of kids across the US achieve their goals and dreams.
As of November 2022, Michael Jordan’s net worth is $2.2 Billion.
