Michael Jordan Net Worth: How Much Income Does He Generate in His Career?
Michael Jordan is one of the NBA’s most well-known names. He is also known for the movie Space Jam and for endorsing Nike’s Air Jordan.
ESPN has said that Jordan was the best North American athlete of the 20th century. He is now a part-owner of the Charlotte Bobcats and is in charge of how the basketball team runs.
Michael Jordan Wealth Milestone
Michael Jordan was added to Celebrity Net Worth for the first time in September 2009, when his net worth was $500 million. In 2014, six years after he first got rich, he became a billionaire. Early in 2020, he made his first $2 billion.
Michael Jordan Early Years
Michael Jeffrey Jordan was born in New York City on February 17, 1963. His mom, Deloris, worked in finance, and his dad, James R. Jordan Sr., was a supervisor of equipment. When Michael was a little boy, his family moved to Wilmington, North Carolina.
Michael went to Emsley A. Laney High School in Wilmington, where he played basketball, baseball, and football. As a sophomore, he tried out for the varsity basketball team but was turned down because he was “only” 5 feet 11 inches tall. After being turned down, MJ worked hard to do well on the Junior Varsity team. He grew four inches over the summer between his sophomore and junior years, which helped him get that coveted spot on the varsity team.
Michael set the varsity team on fire. During his junior and senior years, he averaged 25 points per game. As a senior, he was chosen to play in the 1981 McDonald’s All-American Game, where he scored 30 points.
Michael Jordan About the NBA
Michael played for the UNC Tar Heels for three years. In 1984, he won both the Naismith and Wooden College Player of the Year awards. He left UNC a year early to join the military in 1984. Michael went back to UNC in 1986 to finish his degree. He got a Bachelor’s degree in geography, which is very impressive.
The Chicago Bulls took Michael with the third pick in the whole draught. Strangely, he wasn’t the first choice. He was picked THIRD, after Hakeem Olajuwon and Sam Bowie.
On September 12, 1984, Michael signed his first contract with the Bulls. The deal was for seven years and $6 million, which averages about $850,000 per season. When Michael was a rookie, the number of fans at games doubled. In the year before Michael joined the team, only six games were sold out.
At the end of Michael’s fifth season, he and Chicago agreed to a new contract worth $25 million over the next eight years. It was the biggest deal ever made in the NBA up to that point. Because of this, Michael’s salary went up to about $5 million per year. When this deal ended in 1996, Michael signed a one-year deal worth $30 million. He signed a one-year deal for $33.14 million the following year. Considering inflation, the second one is worth about $55 million today.
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Michael left the NBA and came back twice. He retired once to play baseball in a minor league. The second time he played in the NBA, he did so for two years with the Washington Wizards.
Michael Jordan Deal with Nike and Royalties Every Year
Before Michael Jordan, James Worthy’s $150,000-a-year deal with New Balance was the largest shoe endorsement deal in the world. In 1984, when Nike agreed to pay Jordan $500,000 a year for five years, it was the biggest endorsement deal ever. Jordan was also given Nike stock options, bringing his total pay over five years to $7 million.
Michael had never worn Nike shoes before signing the deal. He had wanted 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 them, the NBA’s rules about uniformity were broken. Nike paid all of the league’s fines and used the scandal to get people interested in the brand. When the Air Jordan shoe first came out in March 1985, it sold over a million pairs in just two months. Nike made $100 million in its first year selling Air Jordan shoes. Today, Air Jordans make up 58 percent of all basketball shoe sales, and the brand brings in more than $2.5 billion in sales for Nike annually.
In 1992, every pair of Jordan shoes sold made Michael 25 cents. Today, he makes $4 for each shoe he sells.
From 2002 to 2012, Nike gave Michael $480 million for the right to use his name on shoes.
Michael Jordan’s annual check from Nike for royalties is usually between $80 and $100 million. But in recent years, his royalty check has been between $100 million and $120 million.
Settlement for Juanita Jordan’s Divorce
In September 1989, Michael married Juanita Vanoy. Together, they had three children. After 13 years of marriage, Michael filed for divorce from Juanita Jordan in 2002. Ultimately, he had to pay her a $168 million divorce settlement. The settlement gave them money, stocks, and the value of the different properties they owned. It was one of the divorces that cost the most money in history.
Since April 2013, Michael has been married to the Cuban-American model Yvette Prieto. In February 2014, she gave birth to twin girls who were the same.
What Is Michael Jordan’s Salary, and How Much Money Has He Made Over His Career?
Michael Jordan is a former American basketball player who now owns a team, promotes products, and runs his own business. The amount of money Michael Jordan has is $2.2 billion.
Michael made $93.7 million during his time in the NBA. He was the first athlete to get paid more than $30 million a year. During the 1996-1997 season, when he made $30.14 million in base salary, he did this. The following season, he made $33.14 million, which, adjusted for inflation, is the same as $53.4 million today.