How ex-NBA star Michael Jordan makes and spends his US$3 billion net worth – from new Nascar ventures to his steady Nike Air Jordan income stream and his tequila brand, Cincoro

Feb 27 , 2024

Michael Jordan has joined the ranks of Forbes 400, with a net worth of US$3 billion. Photo: @cincoro/Instagram

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.

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.

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.