Newsflash: Michael Jordan is really rich.
While the fact that Jordan is wealthy may not be surprising given his status as the most celebrated legend in NBA history, his prominence within Nike and his ownership stake in the Charlotte Hornets, MJ’s wealth has reportedly hit new highs.
Jordan is one of 290 individuals who became billionaires within the past year, according to Forbes magazine.
The most famous rookie on the billionaires list? Michael Jordan, arguably the greatest basketball player of all time and indisputably the best-paid athlete of all time. Most of his cash comes from Nike payouts on his iconic brand. The Jordan brand grossed an estimated $2.25 billion in 2013, earning his Airness some $90 million. But his most valuable asset is his stake in the Charlotte Hornets, worth more than $500 million. When ex-Microsoft CEO Steve Ballmer bought the Los Angeles Clippers for a stunning $2 billion, values of all NBA teams skyrocketed, creating three new billionaires. Jordan’s old boss Jerry Reinsdorf, owner of the Chicago Bulls, joined the list with a fortune of $1.3 billion, and Houston Rockets owner Leslie Alexander boosted his net worth to $1.6 billion.
Out of everyone in the world, Jordan ranks as the 1,741st richest person on the planet. A report from ESPN notes that Jordan’s 89 percent stake in the Hornets is the main reason that his net worth has skyrocketed in recent years. Back in 2010, Jordan bought 80 percent of the then-Bobcats for $275 million and he bought another nine percent of the team in 2013. The Hornets are now worth $700 million. In hindsight, buying the Hornets was the best decision that Jordan has made since he chose to come back from his first NBA retirement.
Hopefully, MJ will be able to update his wardrobe now that he’s officially a billionaire.
by Ryan Wong